Kornitzer Capital Management Inc. KS Has $11.69 Million Stake in Live Nation Entertainment, Inc. (NYSE:LYV)

Kornitzer Capital Management Inc. KS grew its position in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 430.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 124,837 shares of the company’s stock after buying an additional 101,300 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Live Nation Entertainment were worth $11,685,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Bank of Nova Scotia raised its stake in shares of Live Nation Entertainment by 6.9% in the 3rd quarter. Bank of Nova Scotia now owns 560,768 shares of the company’s stock valued at $46,566,000 after acquiring an additional 36,298 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Live Nation Entertainment by 13.2% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 567,995 shares of the company’s stock valued at $53,164,000 after acquiring an additional 66,390 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Live Nation Entertainment by 77.5% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 34,198 shares of the company’s stock valued at $3,201,000 after acquiring an additional 14,928 shares in the last quarter. Synergy Asset Management LLC bought a new position in shares of Live Nation Entertainment in the 4th quarter valued at approximately $1,151,000. Finally, Cary Street Partners Investment Advisory LLC raised its stake in shares of Live Nation Entertainment by 9,800.0% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 495 shares of the company’s stock valued at $41,000 after acquiring an additional 490 shares in the last quarter. 74.52% of the stock is currently owned by institutional investors and hedge funds.

Live Nation Entertainment Stock Performance

Shares of NYSE:LYV traded up $0.32 during trading on Friday, hitting $89.96. 2,697,148 shares of the stock were exchanged, compared to its average volume of 2,231,335. Live Nation Entertainment, Inc. has a 1-year low of $64.96 and a 1-year high of $107.24. The company has a market capitalization of $20.76 billion, a price-to-earnings ratio of 67.65 and a beta of 1.30. The company’s fifty day simple moving average is $99.01 and its 200-day simple moving average is $91.39. The company has a debt-to-equity ratio of 9.30, a quick ratio of 0.96 and a current ratio of 0.96.

Live Nation Entertainment (NYSE:LYV) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($1.22) earnings per share for the quarter, missing the consensus estimate of ($1.13) by ($0.09). Live Nation Entertainment had a return on equity of 118.42% and a net margin of 2.48%. The firm had revenue of $5.84 billion for the quarter, compared to analyst estimates of $4.72 billion. Sell-side analysts expect that Live Nation Entertainment, Inc. will post 1.63 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on LYV. JPMorgan Chase & Co. raised their price objective on Live Nation Entertainment from $124.00 to $126.00 and gave the company an “overweight” rating in a research note on Friday, February 23rd. Morgan Stanley lifted their price target on Live Nation Entertainment from $110.00 to $120.00 and gave the stock an “overweight” rating in a research report on Friday, February 23rd. TD Cowen reaffirmed a “buy” rating and issued a $108.00 price target on shares of Live Nation Entertainment in a research report on Tuesday. Roth Mkm raised Live Nation Entertainment from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $92.00 to $114.00 in a research report on Friday, January 12th. Finally, Roth Capital raised Live Nation Entertainment from a “neutral” rating to a “buy” rating in a research report on Thursday, January 11th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $115.70.

Insider Activity at Live Nation Entertainment

In related news, Director Jeffrey T. Hinson sold 1,001 shares of the business’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $100.50, for a total value of $100,600.50. Following the sale, the director now owns 59,374 shares of the company’s stock, valued at approximately $5,967,087. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.85% of the stock is owned by insiders.

About Live Nation Entertainment

Live Nation Entertainment, Inc operates as a live entertainment company worldwide. It operates through Concerts, Ticketing, and Sponsorship & Advertising segments. The Concerts segment promotes live music events in its owned or operated venues, and in rented third-party venues. This segment operates and manages music venues; produces music festivals; creates and streams associated content; and offers management and other services to artists.