Live Nation Entertainment, Inc. $LYV Shares Bought by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 12.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 30,621 shares of the company’s stock after purchasing an additional 3,343 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Live Nation Entertainment were worth $5,184,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of LYV. Principal Financial Group Inc. grew its stake in shares of Live Nation Entertainment by 3.4% in the first quarter. Principal Financial Group Inc. now owns 11,095,305 shares of the company’s stock valued at $1,692,151,000 after buying an additional 367,624 shares in the last quarter. Bank of America Corp DE purchased a new stake in shares of Live Nation Entertainment during the 2nd quarter valued at about $1,221,398,000. Canada Pension Plan Investment Board acquired a new position in Live Nation Entertainment during the 2nd quarter worth approximately $859,018,000. Bessemer Group Inc. lifted its position in Live Nation Entertainment by 25.8% during the 1st quarter. Bessemer Group Inc. now owns 2,319,123 shares of the company’s stock worth $353,690,000 after acquiring an additional 475,373 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Live Nation Entertainment by 11.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,393,745 shares of the company’s stock worth $212,502,000 after acquiring an additional 143,432 shares during the period. Hedge funds and other institutional investors own 74.52% of the company’s stock.

Insider Transactions at Live Nation Entertainment

In related news, CAO Brian Capo sold 2,900 shares of the 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 completion of the transaction, the chief accounting officer owned 8,655 shares in the company, valued at $1,592,520. This represents a 25.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 2.89% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on LYV. Susquehanna lowered their price objective on shares of Live Nation Entertainment from $187.00 to $183.00 and set a “neutral” rating for the company in a research report on Tuesday. Sanford C. Bernstein reiterated an “outperform” rating and set a $220.00 price objective on shares of Live Nation Entertainment in a research note on Tuesday, October 13th. TD Cowen reissued a “buy” rating on shares of Live Nation Entertainment in a research report on Monday, August 3rd. Oppenheimer set a $100.00 target price on shares of Live Nation Entertainment in a research note on Tuesday, July 28th. Finally, Wells Fargo & Company raised their price target on shares of Live Nation Entertainment from $199.00 to $222.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Twenty research analysts have rated the stock with a Buy rating, two have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $197.95.

Live Nation Entertainment Price Performance

LYV opened at $174.28 on Thursday. The company has a 50-day moving average of $174.39 and a 200-day moving average of $171.94. The company has a market capitalization of $41.07 billion, a P/E ratio of -154.23 and a beta of 1.17. Live Nation Entertainment, Inc. has a 1-year low of $125.34 and a 1-year high of $189.24. The company has a debt-to-equity ratio of 8.25, a quick ratio of 0.85 and a current ratio of 0.85.

Live Nation Entertainment (NYSE:LYV) last issued its quarterly earnings results on Thursday, July 30th. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.39. Live Nation Entertainment had a return on equity of 54.61% and a net margin of 0.34%. The company had revenue of $7.67 billion for the quarter, compared to analyst estimates of $7.56 billion. During the same period last year, the company earned $0.41 earnings per share. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. Equities analysts expect that Live Nation Entertainment, Inc. will post 1.06 EPS for the current fiscal year.

About Live Nation Entertainment

Live Nation Entertainment, Inc is a global live entertainment company that promotes, produces and operates concerts, music festivals and other live events. Through its Live Nation Concerts business, the company works with artists and manages event production, marketing and venue operations across a broad range of musical genres.

The company also operates Ticketmaster, a ticketing platform that provides ticket sales, distribution and related services for concerts, sports events, performing arts programs and other live entertainment.