Bayesian Capital Management LP Cuts Position in Live Nation Entertainment, Inc. (NYSE:LYV)

Bayesian Capital Management LP cut its stake in Live Nation Entertainment, Inc. (NYSE:LYV) by 12.6% during the 1st quarter, Holdings Channel.com reports. The fund owned 17,300 shares of the company’s stock after selling 2,500 shares during the period. Bayesian Capital Management LP’s holdings in Live Nation Entertainment were worth $1,830,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Bornite Capital Management LP acquired a new position in Live Nation Entertainment during the first quarter valued at approximately $15,866,000. Morse Asset Management Inc purchased a new stake in shares of Live Nation Entertainment during the first quarter valued at approximately $226,000. Cadence Bank raised its stake in shares of Live Nation Entertainment by 8.6% during the first quarter. Cadence Bank now owns 10,383 shares of the company’s stock valued at $1,098,000 after purchasing an additional 823 shares during the period. Shell Asset Management Co. raised its stake in shares of Live Nation Entertainment by 27.9% during the first quarter. Shell Asset Management Co. now owns 16,255 shares of the company’s stock valued at $1,719,000 after purchasing an additional 3,544 shares during the period. Finally, Boulder Hill Capital Management LP purchased a new stake in shares of Live Nation Entertainment during the first quarter valued at approximately $4,051,000. 74.52% of the stock is owned by institutional investors and hedge funds.

Live Nation Entertainment Price Performance

Live Nation Entertainment stock traded down $0.92 during midday trading on Tuesday, hitting $94.55. The company’s stock had a trading volume of 1,986,342 shares, compared to its average volume of 2,200,011. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 10.83. The stock’s 50-day moving average price is $93.82 and its 200-day moving average price is $94.93. Live Nation Entertainment, Inc. has a 12 month low of $76.48 and a 12 month high of $107.24. The company has a market capitalization of $21.72 billion, a PE ratio of 90.00, a price-to-earnings-growth ratio of 2.09 and a beta of 1.34.

Live Nation Entertainment (NYSE:LYV) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.32). The business had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.26 billion. Live Nation Entertainment had a return on equity of 90.67% and a net margin of 2.22%. Live Nation Entertainment’s revenue was up 21.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.25) earnings per share. Analysts anticipate that Live Nation Entertainment, Inc. will post 1.28 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. JPMorgan Chase & Co. dropped their price target on shares of Live Nation Entertainment from $126.00 to $116.00 and set an “overweight” rating for the company in a research note on Wednesday, May 29th. Rosenblatt Securities lifted their price target on shares of Live Nation Entertainment from $119.00 to $122.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. TD Cowen restated a “buy” rating and issued a $108.00 price target on shares of Live Nation Entertainment in a research note on Tuesday, April 16th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Live Nation Entertainment from $120.00 to $121.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Live Nation Entertainment in a report on Friday, May 24th. Two equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $115.58.

About Live Nation Entertainment

Live Nation Entertainment, Inc operates as a live entertainment company worldwide. It operates through Concerts, Ticketing, and Sponsorship & Advertising segments. The Concerts segment promotes live music events in its owned or operated venues, and in rented third-party venues. This segment operates and manages music venues; produces music festivals; creates and streams associated content; and offers management and other services to artists.