Evergreen Quality Fund GP Ltd. Acquires 296,269 Shares of Live Nation Entertainment, Inc. $LYV

Evergreen Quality Fund GP Ltd. raised its holdings in Live Nation Entertainment, Inc. (NYSE:LYV) by 2,067.3% during the fourth quarter, Holdings Channel.com reports. The fund owned 310,600 shares of the company’s stock after purchasing an additional 296,269 shares during the period. Live Nation Entertainment comprises about 0.9% of Evergreen Quality Fund GP Ltd.’s holdings, making the stock its 21st largest holding. Evergreen Quality Fund GP Ltd.’s holdings in Live Nation Entertainment were worth $44,260,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Leonteq Securities AG acquired a new position in shares of Live Nation Entertainment in the 4th quarter valued at $25,000. Nvest Wealth Strategies Inc. acquired a new stake in shares of Live Nation Entertainment during the fourth quarter worth $26,000. Ameriflex Group Inc. increased its holdings in Live Nation Entertainment by 102.4% in the third quarter. Ameriflex Group Inc. now owns 166 shares of the company’s stock valued at $27,000 after purchasing an additional 84 shares during the last quarter. Elyxium Wealth LLC acquired a new position in Live Nation Entertainment in the fourth quarter valued at about $30,000. Finally, DV Equities LLC bought a new position in Live Nation Entertainment during the fourth quarter worth about $31,000. Institutional investors own 74.52% of the company’s stock.

Live Nation Entertainment Trading Down 1.5%

Shares of NYSE:LYV opened at $171.41 on Thursday. The firm has a market cap of $40.37 billion, a price-to-earnings ratio of -96.84 and a beta of 1.12. Live Nation Entertainment, Inc. has a 12 month low of $125.34 and a 12 month high of $176.00. The company’s fifty day simple moving average is $163.55 and its 200 day simple moving average is $153.83. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 13.93.

Live Nation Entertainment (NYSE:LYV) last released its earnings results on Tuesday, May 5th. The company reported ($1.85) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $3.79 billion for the quarter, compared to the consensus estimate of $3.57 billion. During the same quarter last year, the company posted ($0.32) EPS. Live Nation Entertainment’s revenue for the quarter was up 12.1% on a year-over-year basis. As a group, research analysts forecast that Live Nation Entertainment, Inc. will post 1.09 EPS for the current fiscal year.

Insider Transactions at Live Nation Entertainment

In related news, EVP Michael Rowles sold 63,776 shares of Live Nation Entertainment stock in a transaction that occurred 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 sale, the executive vice president owned 204,716 shares of the company’s stock, valued at approximately $33,622,555.84. This trade represents a 23.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John Hopmans sold 93,078 shares of the company’s stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 188,751 shares of the company’s stock, valued at approximately $31,345,878.57. This trade represents a 33.03% decrease in their position. The SEC filing for this sale provides additional information. 2.89% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on LYV. Bank of America upped their price target on Live Nation Entertainment from $170.00 to $180.00 and gave the company a “buy” rating in a research note on Friday, February 20th. Wolfe Research boosted their price objective on shares of Live Nation Entertainment from $205.00 to $206.00 and gave the company an “outperform” rating in a report on Monday, April 13th. Susquehanna increased their target price on shares of Live Nation Entertainment from $180.00 to $181.00 in a report on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Live Nation Entertainment from $180.00 to $185.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Finally, Morgan Stanley raised their price objective on Live Nation Entertainment from $185.00 to $200.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 10th. Twenty investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $188.50.

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.