Oppenheimer Asset Management Inc. Increases Position in Live Nation Entertainment, Inc. (LYV)
Oppenheimer Asset Management Inc. lifted its position in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 57.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,058 shares of the company’s stock after buying an additional 4,387 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Live Nation Entertainment were worth $420,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Live Nation Entertainment by 9.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,321 shares of the company’s stock valued at $185,000 after buying an additional 445 shares in the last quarter. NJ State Employees Deferred Compensation Plan purchased a new position in shares of Live Nation Entertainment during the 2nd quarter valued at about $210,000. PICTET BANK & TRUST Ltd purchased a new position in shares of Live Nation Entertainment during the 1st quarter valued at about $225,000. KBC Group NV purchased a new position in shares of Live Nation Entertainment during the 1st quarter valued at about $238,000. Finally, Montag A & Associates Inc. purchased a new position in shares of Live Nation Entertainment during the 2nd quarter valued at about $261,000. 65.71% of the stock is currently owned by institutional investors.
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LYV has been the topic of a number of research reports. Guggenheim initiated coverage on Live Nation Entertainment in a report on Wednesday, May 24th. They set a “buy” rating and a $40.00 price objective on the stock. ValuEngine raised Live Nation Entertainment from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Jefferies Group LLC reissued a “buy” rating and set a $36.00 price objective on shares of Live Nation Entertainment in a report on Monday, June 5th. Northcoast Research cut Live Nation Entertainment from a “buy” rating to a “neutral” rating in a report on Monday, June 19th. They noted that the move was a valuation call. Finally, BidaskClub cut Live Nation Entertainment from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 22nd. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Live Nation Entertainment presently has an average rating of “Buy” and a consensus price target of $39.71.
Live Nation Entertainment, Inc. (NYSE:LYV) opened at 42.09 on Friday. Live Nation Entertainment, Inc. has a 52 week low of $25.93 and a 52 week high of $42.20. The stock has a market capitalization of $8.63 billion, a PE ratio of 6012.86 and a beta of 1.01. The firm has a 50-day moving average price of $39.26 and a 200-day moving average price of $34.45.
Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings data on Wednesday, August 9th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.10. The business had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.37 billion. Live Nation Entertainment had a return on equity of 1.60% and a net margin of 0.25%. The company’s revenue for the quarter was up 29.3% on a year-over-year basis. During the same period last year, the company earned $0.13 EPS. Equities research analysts predict that Live Nation Entertainment, Inc. will post $0.22 EPS for the current fiscal year.
In other news, insider Brian Capo sold 7,500 shares of the firm’s stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $40.50, for a total value of $303,750.00. Following the completion of the sale, the insider now directly owns 13,354 shares of the company’s stock, valued at approximately $540,837. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 4.77% of the stock is owned by company insiders.
About Live Nation Entertainment
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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