iA Global Asset Management Inc. Buys New Position in Live Nation Entertainment, Inc. $LYV

iA Global Asset Management Inc. purchased a new position in shares of Live Nation Entertainment, Inc. (NYSE:LYV) in the 1st quarter, HoldingsChannel reports. The firm purchased 64,680 shares of the company’s stock, valued at approximately $9,864,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ameriflex Group Inc. increased its position in shares of Live Nation Entertainment by 102.4% during the third quarter. Ameriflex Group Inc. now owns 166 shares of the company’s stock worth $27,000 after buying an additional 84 shares during the period. Leonteq Securities AG acquired a new position in Live Nation Entertainment in the fourth quarter valued at $25,000. Nvest Wealth Strategies Inc. acquired a new position in Live Nation Entertainment in the fourth quarter valued at $26,000. Elyxium Wealth LLC bought a new stake in Live Nation Entertainment during the fourth quarter valued at $30,000. Finally, DV Equities LLC acquired a new stake in Live Nation Entertainment during the 4th quarter worth about $31,000. Institutional investors and hedge funds own 74.52% of the company’s stock.

Insider Buying and Selling

In related news, EVP Michael Rowles sold 63,776 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $164.24, for a total value of $10,474,570.24. Following the transaction, the executive vice president directly owned 204,716 shares in the company, valued at $33,622,555.84. This trade represents a 23.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP John Hopmans sold 93,078 shares of Live Nation Entertainment stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $166.07, for a total transaction of $15,457,463.46. Following the completion of the sale, the executive vice president directly owned 188,751 shares of the company’s stock, valued at approximately $31,345,878.57. The trade was a 33.03% decrease in their position. The SEC filing for this sale provides additional information. 2.89% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on LYV. The Goldman Sachs Group boosted their price objective on Live Nation Entertainment from $190.00 to $192.00 in a research note on Wednesday, May 6th. Morgan Stanley raised their target price on Live Nation Entertainment from $185.00 to $200.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 10th. Deutsche Bank Aktiengesellschaft boosted their price target on Live Nation Entertainment from $180.00 to $185.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Jefferies Financial Group restated a “hold” rating on shares of Live Nation Entertainment in a report on Monday, March 9th. Finally, Zacks Research raised shares of Live Nation Entertainment from a “strong sell” rating to a “hold” rating in a research report on Friday, May 8th. Twenty investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $188.50.

Live Nation Entertainment Stock Performance

Shares of LYV opened at $183.90 on Thursday. Live Nation Entertainment, Inc. has a one year low of $125.34 and a one year high of $187.64. The company has a market cap of $43.32 billion, a PE ratio of -103.90 and a beta of 1.11. The stock has a 50-day moving average of $166.55 and a 200-day moving average of $156.60. The company has a debt-to-equity ratio of 13.93, a current ratio of 0.88 and a quick ratio of 0.88.

Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($1.85) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.35) by ($1.50). Live Nation Entertainment had a return on equity of 45.92% and a net margin of 0.15%.The firm had revenue of $3.79 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same period last year, the company posted ($0.32) earnings per share. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. On average, equities research analysts predict that Live Nation Entertainment, Inc. will post 1.09 EPS for the current fiscal year.

Live Nation Entertainment Profile

Live Nation Entertainment is a global live entertainment company that promotes, operates and sells tickets for live events. The company’s core activities include concert promotion and production, venue operations and management, ticketing services through its Ticketmaster platform, artist management and development, and sponsorship and advertising services tied to live events. These integrated businesses are designed to connect artists, fans and commercial partners across the live event ecosystem.

The company in its current form was created following the 2010 merger of Live Nation and Ticketmaster, combining a promoter and venue operator with one of the industry’s largest ticketing platforms.