Live Nation Entertainment, Inc. $LYV Shares Bought by CIBC Asset Management Inc

CIBC Asset Management Inc grew its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 65.6% during the 4th quarter, Holdings Channel.com reports. The firm owned 39,681 shares of the company’s stock after acquiring an additional 15,713 shares during the period. CIBC Asset Management Inc’s holdings in Live Nation Entertainment were worth $5,655,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Bessemer Group Inc. boosted its position in shares of Live Nation Entertainment by 70.0% in the 4th quarter. Bessemer Group Inc. now owns 1,843,750 shares of the company’s stock worth $262,733,000 after buying an additional 759,363 shares in the last quarter. Profund Advisors LLC raised its stake in Live Nation Entertainment by 51.1% in the 3rd quarter. Profund Advisors LLC now owns 11,141 shares of the company’s stock valued at $1,820,000 after purchasing an additional 3,767 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Live Nation Entertainment by 8.5% during the 3rd quarter. Envestnet Asset Management Inc. now owns 334,934 shares of the company’s stock valued at $54,728,000 after acquiring an additional 26,116 shares during the last quarter. L2 Asset Management LLC increased its stake in shares of Live Nation Entertainment by 70.4% during the 3rd quarter. L2 Asset Management LLC now owns 35,019 shares of the company’s stock valued at $5,722,000 after acquiring an additional 14,470 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Live Nation Entertainment by 1.8% during the 3rd quarter. Vanguard Group Inc. now owns 20,679,128 shares of the company’s stock valued at $3,378,970,000 after acquiring an additional 372,715 shares during the last quarter. 74.52% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Live Nation Entertainment

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 completion of the transaction, the executive vice president owned 204,716 shares in the company, valued at $33,622,555.84. This trade represents a 23.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP John Hopmans sold 93,078 shares of the stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $166.07, for a total value of $15,457,463.46. Following the completion of the transaction, the executive vice president owned 188,751 shares of the company’s stock, valued at $31,345,878.57. This trade represents a 33.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 157,798 shares of company stock worth $26,088,615 in the last quarter. 2.89% of the stock is owned by company insiders.

Live Nation Entertainment Trading Down 0.5%

Shares of LYV stock opened at $160.13 on Friday. The stock has a 50-day simple moving average of $160.87 and a 200 day simple moving average of $151.46. Live Nation Entertainment, Inc. has a fifty-two week low of $125.34 and a fifty-two week high of $175.25. The stock has a market capitalization of $37.72 billion, a P/E ratio of -90.47 and a beta of 1.12. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 13.93.

Live Nation Entertainment (NYSE:LYV) last announced its earnings results on Tuesday, May 5th. The company reported ($1.85) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($1.50). Live Nation Entertainment had a net margin of 0.15% and a return on equity of 45.92%. The firm had revenue of $3.79 billion for the quarter, compared to the consensus estimate of $3.57 billion. During the same period in the prior year, the business earned ($0.32) EPS. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. On average, sell-side analysts expect that Live Nation Entertainment, Inc. will post 1.13 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

LYV has been the subject of a number of research analyst reports. Wells Fargo & Company dropped their target price on shares of Live Nation Entertainment from $203.00 to $199.00 and set an “overweight” rating for the company in a research report on Wednesday, May 6th. Weiss Ratings upgraded Live Nation Entertainment from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, March 9th. Deutsche Bank Aktiengesellschaft increased their target price 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. Sanford C. Bernstein raised their price objective on Live Nation Entertainment from $185.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, February 20th. Finally, Roth Mkm restated a “buy” rating and set a $190.00 price objective on shares of Live Nation Entertainment in a research note on Friday, February 20th. Twenty equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $187.75.

Live Nation Entertainment Company 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.