Concentric Capital Strategies LP Purchases New Shares in Live Nation Entertainment, Inc. $LYV

Concentric Capital Strategies LP purchased a new stake in Live Nation Entertainment, Inc. (NYSE:LYV) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 40,332 shares of the company’s stock, valued at approximately $5,747,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Bessemer Group Inc. grew its stake in Live Nation Entertainment by 70.0% in the 4th quarter. Bessemer Group Inc. now owns 1,843,750 shares of the company’s stock valued at $262,733,000 after acquiring an additional 759,363 shares during the period. Geode Capital Management LLC grew its stake in Live Nation Entertainment by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 4,301,900 shares of the company’s stock valued at $610,707,000 after acquiring an additional 20,165 shares during the period. L2 Asset Management LLC grew its stake in Live Nation Entertainment by 70.4% in the 3rd quarter. L2 Asset Management LLC now owns 35,019 shares of the company’s stock valued at $5,722,000 after acquiring an additional 14,470 shares during the period. Vanguard Group Inc. grew its stake in Live Nation Entertainment by 1.8% in the 3rd quarter. Vanguard Group Inc. now owns 20,679,128 shares of the company’s stock valued at $3,378,970,000 after acquiring an additional 372,715 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its stake in Live Nation Entertainment by 14.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 607,164 shares of the company’s stock valued at $88,227,000 after acquiring an additional 78,171 shares during the period. Institutional investors and hedge funds own 74.52% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on LYV. TD Cowen reissued a “buy” rating on shares of Live Nation Entertainment in a research note on Monday, February 23rd. Morgan Stanley lifted their target price on shares of Live Nation Entertainment from $185.00 to $200.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 10th. Susquehanna lifted their target price on shares of Live Nation Entertainment from $180.00 to $181.00 in a research note on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Live Nation Entertainment from $180.00 to $185.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Finally, Evercore reaffirmed an “outperform” rating and set a $198.00 target price on shares of Live Nation Entertainment in a research note on Friday, February 20th. Twenty investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Live Nation Entertainment currently has a consensus rating of “Moderate Buy” and a consensus price target of $188.50.

Insider Activity

In related news, EVP Michael Rowles sold 63,776 shares of the business’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $164.24, for a total value of $10,474,570.24. Following the sale, the executive vice president directly owned 204,716 shares in the company, valued at approximately $33,622,555.84. The trade was a 23.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John Hopmans sold 93,078 shares of the business’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $166.07, for a total transaction of $15,457,463.46. Following the completion of the sale, the executive vice president owned 188,751 shares in the company, valued at approximately $31,345,878.57. This trade represents a 33.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.89% of the stock is currently owned by insiders.

Live Nation Entertainment Trading Down 1.5%

Shares of LYV opened at $171.41 on Thursday. Live Nation Entertainment, Inc. has a 52-week low of $125.34 and a 52-week high of $176.00. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 13.93. The firm’s fifty day moving average is $163.55 and its two-hundred day moving average is $153.83. The stock has a market cap of $40.37 billion, a PE ratio of -96.84 and a beta of 1.12.

Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($1.85) EPS for the quarter, missing the consensus estimate of ($0.35) by ($1.50). Live Nation Entertainment had a return on equity of 45.92% and a net margin of 0.15%.The company had revenue of $3.79 billion for the quarter, compared to analysts’ expectations of $3.57 billion. During the same quarter in the prior year, the firm earned ($0.32) EPS. The firm’s revenue was up 12.1% on a year-over-year basis. Research analysts forecast that Live Nation Entertainment, Inc. will post 1.09 earnings per share for the current fiscal year.

Live Nation Entertainment 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.