L2 Asset Management LLC Takes Position in Live Nation Entertainment, Inc. $LYV

L2 Asset Management LLC purchased a new position in shares of Live Nation Entertainment, Inc. (NYSE:LYV) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 36,058 shares of the company’s stock, valued at approximately $6,603,000.

Several other hedge funds also recently added to or reduced their stakes in LYV. Leonteq Securities AG acquired a new stake in Live Nation Entertainment during the fourth quarter worth $25,000. Burkett Financial Services LLC acquired a new position in shares of Live Nation Entertainment in the 2nd quarter valued at $26,000. Kilter Group LLC purchased a new position in shares of Live Nation Entertainment during the 2nd quarter worth $27,000. Meeder Asset Management Inc. acquired a new stake in shares of Live Nation Entertainment during the 2nd quarter worth about $27,000. Finally, Elyxium Wealth LLC purchased a new stake in Live Nation Entertainment in the 4th quarter valued at about $30,000. 74.52% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on LYV. Zacks Research raised shares of Live Nation Entertainment from a “strong sell” rating to a “hold” rating in a research report on Monday, August 17th. Oppenheimer set a $100.00 price target on shares of Live Nation Entertainment in a research note on Tuesday, July 28th. Weiss Ratings upgraded shares of Live Nation Entertainment from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, August 17th. Roth Capital set a $208.00 price objective on shares of Live Nation Entertainment in a research report on Friday, July 31st. Finally, Sanford C. Bernstein boosted their target price on Live Nation Entertainment from $200.00 to $215.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Twenty equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Live Nation Entertainment has a consensus rating of “Moderate Buy” and a consensus price target of $197.19.

Live Nation Entertainment Trading Up 1.4%

NYSE LYV opened at $184.37 on Tuesday. The company has a debt-to-equity ratio of 8.25, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market cap of $43.44 billion, a price-to-earnings ratio of -163.16 and a beta of 1.12. The firm has a 50 day simple moving average of $180.38 and a 200-day simple moving average of $166.77. Live Nation Entertainment, Inc. has a one year low of $125.34 and a one year high of $189.24.

Live Nation Entertainment (NYSE:LYV) last announced its earnings results on Thursday, July 30th. The company reported $1.05 earnings per share 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 firm had revenue of $7.67 billion for the quarter, compared to the consensus estimate of $7.56 billion. During the same period in the prior year, the firm earned $0.41 EPS. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. Equities research analysts anticipate that Live Nation Entertainment, Inc. will post 1.05 EPS for the current fiscal year.

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.