Jennison Associates LLC Purchases Shares of 79,087 Live Nation Entertainment, Inc. $LYV

Jennison Associates LLC purchased a new stake in Live Nation Entertainment, Inc. (NYSE:LYV) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 79,087 shares of the company’s stock, valued at approximately $12,062,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Leonteq Securities AG acquired a new position in shares of Live Nation Entertainment in the 4th quarter worth approximately $25,000. Nvest Wealth Strategies Inc. acquired a new stake in shares of Live Nation Entertainment during the fourth quarter worth $26,000. Elyxium Wealth LLC bought a new position in Live Nation Entertainment during the fourth quarter worth $30,000. DV Equities LLC acquired a new position in Live Nation Entertainment in the fourth quarter valued at $31,000. Finally, Blue Trust Inc. boosted its position in Live Nation Entertainment by 62.6% during the fourth quarter. Blue Trust Inc. now owns 278 shares of the company’s stock valued at $40,000 after acquiring an additional 107 shares during the last quarter. 74.52% of the stock is owned by institutional investors and hedge funds.

Live Nation Entertainment Stock Down 1.7%

Shares of NYSE LYV opened at $177.77 on Wednesday. The company has a debt-to-equity ratio of 13.93, a current ratio of 0.88 and a quick ratio of 0.88. The company has a 50-day moving average price of $173.01 and a 200-day moving average price of $160.49. The stock has a market capitalization of $41.87 billion, a P/E ratio of -100.43 and a beta of 1.11. Live Nation Entertainment, Inc. has a 1 year low of $125.34 and a 1 year high of $188.00.

Live Nation Entertainment (NYSE:LYV) last posted its earnings results on Tuesday, May 5th. The company reported ($1.85) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.35) by ($1.50). The business had revenue of $3.79 billion during the quarter, compared to analyst estimates of $3.57 billion. Live Nation Entertainment had a return on equity of 45.92% and a net margin of 0.15%.The company’s revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.32) EPS. On average, equities research analysts forecast that Live Nation Entertainment, Inc. will post 0.96 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Michael Rowles sold 63,776 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $164.24, for a total value of $10,474,570.24. Following the completion of the sale, the executive vice president directly owned 204,716 shares of the company’s stock, valued at approximately $33,622,555.84. This represents a 23.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP John Hopmans sold 93,078 shares of Live Nation Entertainment stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $166.07, for a total transaction of $15,457,463.46. Following the transaction, the executive vice president directly owned 188,751 shares in the company, valued at $31,345,878.57. This represents a 33.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.89% of the stock is owned by company insiders.

Analyst Ratings Changes

LYV has been the subject of several research analyst reports. Roth Capital reissued a “buy” rating and issued a $205.00 price objective on shares of Live Nation Entertainment in a research report on Wednesday, July 15th. Morgan Stanley upped their target price on Live Nation Entertainment from $185.00 to $200.00 and gave the company an “overweight” rating in a research report on Wednesday, June 10th. Citizens Jmp initiated coverage on Live Nation Entertainment in a research note on Monday, March 30th. They set a “market outperform” rating and a $190.00 target price for the company. Deutsche Bank Aktiengesellschaft boosted their price target on Live Nation Entertainment from $180.00 to $185.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Finally, Wells Fargo & Company increased their price target on Live Nation Entertainment from $199.00 to $222.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Nineteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $193.75.

About Live Nation Entertainment

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.