Brasada Capital Management LP purchased a new stake in Live Nation Entertainment, Inc. (NYSE:LYV – Free Report) during the second quarter, HoldingsChannel.com reports. The firm purchased 37,020 shares of the company’s stock, valued at approximately $6,779,000.
Several other hedge funds have also recently bought and sold shares of the stock. Bank of America Corp DE bought a new stake in shares of Live Nation Entertainment during the second quarter worth approximately $1,221,398,000. Canada Pension Plan Investment Board bought a new position in shares of Live Nation Entertainment during the second quarter worth approximately $859,018,000. Norges Bank acquired a new stake in Live Nation Entertainment during the 4th quarter worth approximately $285,924,000. Sachem Head Capital Management LP bought a new stake in Live Nation Entertainment in the 4th quarter valued at $173,380,000. Finally, Jericho Capital Asset Management L.P. boosted its stake in Live Nation Entertainment by 37.9% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,996,512 shares of the company’s stock valued at $569,503,000 after purchasing an additional 1,099,350 shares during the period. 74.52% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at Live Nation Entertainment
In other Live Nation Entertainment news, CAO Brian Capo sold 2,900 shares of the firm’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $184.00, for a total value of $533,600.00. Following the transaction, the chief accounting officer directly owned 8,655 shares of the company’s stock, valued at $1,592,520. This trade represents a 25.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.89% of the stock is owned by insiders.
Live Nation Entertainment Stock Performance
Live Nation Entertainment (NYSE:LYV – Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.39. The company had revenue of $7.67 billion for the quarter, compared to analysts’ expectations of $7.56 billion. Live Nation Entertainment had a return on equity of 54.61% and a net margin of 0.34%.Live Nation Entertainment’s revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the business earned $0.41 earnings per share. As a group, equities analysts anticipate that Live Nation Entertainment, Inc. will post 1.05 EPS for the current fiscal year.
Analyst Ratings Changes
A number of equities research analysts have recently weighed in on LYV shares. 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. Oppenheimer set a $100.00 price target on shares of Live Nation Entertainment in a research note on Tuesday, July 28th. Wells Fargo & Company raised their price target on shares of Live Nation Entertainment from $199.00 to $222.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Sanford C. Bernstein lifted their price objective on shares of Live Nation Entertainment from $200.00 to $215.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Finally, Guggenheim boosted their price objective on shares of Live Nation Entertainment from $197.00 to $218.00 and gave the company a “buy” rating in a report on Friday, July 31st. Twenty analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $197.19.
Read Our Latest Stock Report on LYV
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.
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