Sumitomo Mitsui Asset Management Company LTD Invests $372,000 in Live Nation Entertainment, Inc. (LYV)

Sumitomo Mitsui Asset Management Company LTD purchased a new stake in Live Nation Entertainment, Inc. (NYSE:LYV) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 8,757 shares of the company’s stock, valued at approximately $372,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in LYV. Canada Pension Plan Investment Board raised its position in Live Nation Entertainment by 8,038.5% during the third quarter. Canada Pension Plan Investment Board now owns 5,786,500 shares of the company’s stock valued at $252,002,000 after purchasing an additional 5,715,400 shares in the last quarter. Scout Investments Inc. acquired a new position in Live Nation Entertainment during the third quarter valued at approximately $24,217,000. Russell Investments Group Ltd. raised its position in Live Nation Entertainment by 346.1% during the third quarter. Russell Investments Group Ltd. now owns 468,705 shares of the company’s stock valued at $20,412,000 after purchasing an additional 363,634 shares in the last quarter. Schwab Charles Investment Management Inc. raised its position in Live Nation Entertainment by 24.5% during the third quarter. Schwab Charles Investment Management Inc. now owns 1,813,800 shares of the company’s stock valued at $78,991,000 after purchasing an additional 356,715 shares in the last quarter. Finally, Janus Henderson Group PLC raised its position in Live Nation Entertainment by 789.0% during the third quarter. Janus Henderson Group PLC now owns 385,122 shares of the company’s stock valued at $16,772,000 after purchasing an additional 341,802 shares in the last quarter. Institutional investors and hedge funds own 68.43% of the company’s stock.

Live Nation Entertainment, Inc. (NYSE:LYV) opened at $43.69 on Tuesday. The stock has a market cap of $9,250.16, a price-to-earnings ratio of 2,236.50 and a beta of 1.01. The company has a debt-to-equity ratio of 1.39, a quick ratio of 1.11 and a current ratio of 1.11. Live Nation Entertainment, Inc. has a 1-year low of $28.00 and a 1-year high of $46.99.

In related news, CEO Michael Rapino sold 70,000 shares of the business’s stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $45.46, for a total value of $3,182,200.00. Following the sale, the chief executive officer now owns 395,277 shares of the company’s stock, valued at $17,969,292.42. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Joe Berchtold sold 20,000 shares of the business’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $45.50, for a total transaction of $910,000.00. Following the completion of the sale, the chief operating officer now directly owns 97,918 shares in the company, valued at approximately $4,455,269. The disclosure for this sale can be found here. Insiders have sold 1,060,000 shares of company stock valued at $47,451,500 over the last quarter. Company insiders own 4.77% of the company’s stock.

Several research analysts have recently issued reports on LYV shares. Macquarie reiterated a “buy” rating and set a $48.00 price target on shares of Live Nation Entertainment in a report on Sunday, November 5th. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Live Nation Entertainment in a report on Wednesday, October 18th. Zacks Investment Research upgraded shares of Live Nation Entertainment from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a report on Tuesday, October 24th. Jefferies Group reiterated a “buy” rating and set a $42.00 price target on shares of Live Nation Entertainment in a report on Monday, October 16th. Finally, Citigroup downgraded shares of Live Nation Entertainment from a “buy” rating to a “neutral” rating in a report on Saturday, December 30th. One research analyst has rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $44.57.

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Live Nation Entertainment Company Profile

Live Nation Entertainment, Inc is a live entertainment company. The Company’s businesses consist of the promotion of live events, including ticketing, sponsorship and advertising. Its segments include Concerts, Sponsorship & Advertising, Ticketing and Artist Nation. The Concerts segment is engaged in promotion of live music events in its owned or operated venues and in rented third-party venues; operation and management of music venues; production of music festivals, and creation of associated content.

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Institutional Ownership by Quarter for Live Nation Entertainment (NYSE:LYV)

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