Pinnbrook Capital Management LP Takes $1.54 Million Position in Live Nation Entertainment, Inc. $LYV

Pinnbrook Capital Management LP bought a new position in Live Nation Entertainment, Inc. (NYSE:LYV) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 8,400 shares of the company’s stock, valued at approximately $1,538,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Leonteq Securities AG bought a new stake in Live Nation Entertainment in the 4th quarter worth approximately $25,000. Burkett Financial Services LLC purchased a new position in shares of Live Nation Entertainment in the second quarter valued at $26,000. Kilter Group LLC bought a new stake in Live Nation Entertainment in the second quarter worth $27,000. Meeder Asset Management Inc. purchased a new stake in Live Nation Entertainment during the second quarter valued at $27,000. Finally, Elyxium Wealth LLC purchased a new stake in Live Nation Entertainment during the fourth quarter valued at $30,000. 74.52% of the stock is owned by institutional investors.

Live Nation Entertainment Stock Performance

Shares of NYSE:LYV opened at $182.28 on Friday. The company has a market capitalization of $42.95 billion, a price-to-earnings ratio of -161.31 and a beta of 1.12. Live Nation Entertainment, Inc. has a 12 month low of $125.34 and a 12 month high of $189.24. The firm’s 50-day moving average is $180.20 and its 200 day moving average is $166.31. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 8.25.

Live Nation Entertainment (NYSE:LYV) last announced its quarterly earnings data on Thursday, July 30th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.39. Live Nation Entertainment had a net margin of 0.34% and a return on equity of 54.61%. The business had revenue of $7.67 billion during the quarter, compared to the consensus estimate of $7.56 billion. During the same quarter last year, the firm earned $0.41 earnings per share. The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. Research analysts predict that Live Nation Entertainment, Inc. will post 1.05 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Morgan Stanley boosted their target price on shares of Live Nation Entertainment from $185.00 to $200.00 and gave the stock an “overweight” rating in a report on Wednesday, June 10th. UBS Group lifted their price target on Live Nation Entertainment from $181.00 to $208.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Sanford C. Bernstein boosted their price objective on Live Nation Entertainment from $200.00 to $215.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Wells Fargo & Company upped their price objective on Live Nation Entertainment from $199.00 to $222.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Finally, Citizens Jmp lifted their target price on Live Nation Entertainment from $190.00 to $215.00 and gave the stock a “market outperform” rating in a report on Wednesday, July 22nd. Twenty analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $197.19.

About Live Nation Entertainment

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.