Live Nation Entertainment, Inc. $LYV Stock Acquired by CenterBook Partners LP

CenterBook Partners LP grew its position in Live Nation Entertainment, Inc. (NYSE:LYV) by 620.9% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 22,124 shares of the company’s stock after purchasing an additional 19,055 shares during the period. CenterBook Partners LP’s holdings in Live Nation Entertainment were worth $3,746,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Principal Financial Group Inc. increased its holdings in shares of Live Nation Entertainment by 3.4% in the first quarter. Principal Financial Group Inc. now owns 11,095,305 shares of the company’s stock valued at $1,692,151,000 after purchasing an additional 367,624 shares in the last quarter. Bank of America Corp DE bought a new position in Live Nation Entertainment in the 2nd quarter valued at $1,221,398,000. Canada Pension Plan Investment Board acquired a new stake in shares of Live Nation Entertainment in the 2nd quarter valued at $859,018,000. Bessemer Group Inc. increased its stake in shares of Live Nation Entertainment by 25.8% in the 1st quarter. Bessemer Group Inc. now owns 2,319,123 shares of the company’s stock valued at $353,690,000 after buying an additional 475,373 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Live Nation Entertainment by 11.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,393,745 shares of the company’s stock valued at $212,502,000 after buying an additional 143,432 shares during the period. 74.52% of the stock is owned by institutional investors and hedge funds.

Live Nation Entertainment Stock Performance

Shares of Live Nation Entertainment stock opened at $175.40 on Friday. The firm has a fifty day moving average of $172.84 and a two-hundred day moving average of $167.41. The stock has a market capitalization of $41.33 billion, a price-to-earnings ratio of -1,031.78 and a beta of 1.15. Live Nation Entertainment, Inc. has a 52 week low of $125.34 and a 52 week high of $189.24. The company has a debt-to-equity ratio of 8.25, a quick ratio of 0.85 and a current ratio of 0.85.

Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings results on Thursday, November 5th. The company reported $1.69 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.19. Live Nation Entertainment had a return on equity of 64.95% and a net margin of 0.38%. The company had revenue of $10.11 billion for the quarter, compared to the consensus estimate of $9.60 billion. During the same quarter in the prior year, the business posted $0.73 EPS. The firm’s quarterly revenue was up 18.9% on a year-over-year basis. As a group, equities research analysts predict that Live Nation Entertainment, Inc. will post 1.06 EPS for the current year.

Analyst Ratings Changes

Several brokerages have recently issued reports on LYV. JPMorgan Chase & Co. upped their price target on Live Nation Entertainment from $180.00 to $205.00 and gave the company an “overweight” rating in a research note on Tuesday, July 21st. Benchmark lifted their price objective on Live Nation Entertainment from $190.00 to $215.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Weiss Ratings cut Live Nation Entertainment from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, October 8th. Guggenheim upped their target price on shares of Live Nation Entertainment from $197.00 to $218.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Finally, BTIG Research reaffirmed a “buy” rating and issued a $215.00 target price on shares of Live Nation Entertainment in a research note on Monday, October 19th. Twenty equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $197.90.

More Live Nation Entertainment News

Here are the key news stories impacting Live Nation Entertainment this week:

• Positive Sentiment: Live Nation earned $1.69 per share, beating the $1.50 consensus estimate, while revenue rose 18.9% year over year to $10.11 billion, ahead of estimates of $9.60 billion. Live Nation Q3 earnings and revenues surpass estimates
• Positive Sentiment: Record concert attendance and Ticketmaster growth helped drive the results; reports cited 61 million fans attending events during the quarter. Strong demand supports the company’s growth outlook. Live Nation Q3 earnings beat on record attendance and ticketing gains
• Positive Sentiment: Wells Fargo maintained an “overweight” rating and a $221 price target, only slightly below its prior $222 target. The firm’s target suggests substantial upside from the quoted share price. Wells Fargo analyst ratings
• Negative Sentiment: Despite higher sales and earnings, operating margins narrowed, a potential concern given the company’s very thin reported net margin. Investors may watch whether strong attendance and ticketing growth can translate into improved profitability. Live Nation Q3 earnings beat on record attendance and ticketing gains

Insider Buying and Selling

In related news, CAO Brian Capo sold 2,900 shares of the company’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $184.00, for a total value of $533,600.00. Following the completion of the sale, the chief accounting officer owned 8,655 shares in the company, valued at approximately $1,592,520. This represents a 25.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 2.89% of the company’s stock.

Live Nation Entertainment Profile

Live Nation Entertainment, Inc is a live entertainment company that promotes concerts, operates and manages venues, and provides ticketing services. Its activities span the live-event process, from helping artists plan and promote tours to connecting fans with events.

The company’s businesses include concert promotion and venue operations, ticketing through Ticketmaster, and sponsorship and advertising services for brands seeking to reach live-event audiences. Ticketmaster provides ticket sales and related technology for concerts and other events.

Live Nation was formed in 2010 through the merger of concert promoter Live Nation and ticketing company Ticketmaster.