Sachem Head Capital Management LP Acquires Shares of 1,216,700 Live Nation Entertainment, Inc. $LYV

Sachem Head Capital Management LP acquired a new stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV) in the 4th quarter, HoldingsChannel reports. The institutional investor acquired 1,216,700 shares of the company’s stock, valued at approximately $173,380,000. Live Nation Entertainment accounts for 4.1% of Sachem Head Capital Management LP’s portfolio, making the stock its 13th biggest position.

A number of other large investors have also recently made changes to their positions in LYV. Norges Bank bought a new position in shares of Live Nation Entertainment in the fourth quarter worth $285,924,000. First Trust Advisors LP boosted its holdings in shares of Live Nation Entertainment by 653.7% in the fourth quarter. First Trust Advisors LP now owns 1,191,347 shares of the company’s stock worth $169,767,000 after acquiring an additional 1,033,289 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Live Nation Entertainment by 10.3% in the fourth quarter. Principal Financial Group Inc. now owns 10,727,681 shares of the company’s stock worth $1,528,700,000 after acquiring an additional 1,001,905 shares during the period. Bessemer Group Inc. boosted its holdings in shares of Live Nation Entertainment by 70.0% in the fourth quarter. Bessemer Group Inc. now owns 1,843,750 shares of the company’s stock worth $262,733,000 after acquiring an additional 759,363 shares during the period. Finally, Woodline Partners LP raised its position in shares of Live Nation Entertainment by 3,475.4% in the third quarter. Woodline Partners LP now owns 609,574 shares of the company’s stock worth $99,604,000 after buying an additional 592,525 shares in the last quarter. 74.52% of the stock is owned by institutional investors.

Live Nation Entertainment Stock Down 0.1%

LYV opened at $172.35 on Monday. The company has a market cap of $40.60 billion, a P/E ratio of -97.37 and a beta of 1.12. The business’s 50-day moving average price is $162.57 and its 200-day moving average price is $152.92. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 13.93. Live Nation Entertainment, Inc. has a 12 month low of $125.34 and a 12 month high of $175.25.

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

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on LYV. Oppenheimer reiterated an “outperform” rating and issued a $190.00 price objective on shares of Live Nation Entertainment in a research report on Friday, February 20th. Citizens Jmp began coverage on Live Nation Entertainment in a research report on Monday, March 30th. They issued a “market outperform” rating and a $190.00 price objective on the stock. Morgan Stanley increased their price objective on Live Nation Entertainment from $185.00 to $200.00 and gave the stock an “overweight” rating in a research report on Wednesday. Sanford C. Bernstein increased their price objective on Live Nation Entertainment from $185.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, February 20th. Finally, Benchmark reiterated a “buy” rating on shares of Live Nation Entertainment in a research report on Thursday, February 19th. Twenty analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $188.50.

Insider Activity

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

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.