Sumitomo Life Insurance Co. Makes New Investment in Live Nation Entertainment, Inc. $LYV

Sumitomo Life Insurance Co. acquired a new stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,593 shares of the company’s stock, valued at approximately $1,207,000.

Other institutional investors also recently modified their holdings of the company. Empowered Funds LLC raised its position in Live Nation Entertainment by 3.3% during the 1st quarter. Empowered Funds LLC now owns 17,376 shares of the company’s stock valued at $2,269,000 after purchasing an additional 547 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Live Nation Entertainment by 15.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 798 shares of the company’s stock worth $121,000 after buying an additional 109 shares during the last quarter. Cerity Partners LLC increased its stake in shares of Live Nation Entertainment by 6.0% during the second quarter. Cerity Partners LLC now owns 27,496 shares of the company’s stock valued at $4,160,000 after buying an additional 1,550 shares during the period. Daiwa Securities Group Inc. increased its stake in shares of Live Nation Entertainment by 15.9% during the second quarter. Daiwa Securities Group Inc. now owns 26,340 shares of the company’s stock valued at $3,983,000 after buying an additional 3,604 shares during the period. Finally, NewEdge Advisors LLC raised its holdings in shares of Live Nation Entertainment by 344.3% during the second quarter. NewEdge Advisors LLC now owns 2,208 shares of the company’s stock valued at $334,000 after acquiring an additional 1,711 shares in the last quarter. 74.52% of the stock is currently owned by hedge funds and other institutional investors.

Live Nation Entertainment Stock Performance

Shares of LYV stock opened at $182.28 on Friday. The company’s fifty day moving average price is $180.20 and its 200-day moving average price is $166.31. The stock has a market cap of $42.95 billion, a PE ratio of -161.31 and a beta of 1.12. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 8.25. Live Nation Entertainment, Inc. has a 12 month low of $125.34 and a 12 month high of $189.24.

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

Analyst Upgrades and Downgrades

Several research firms recently weighed in on LYV. Susquehanna lifted their price target on shares of Live Nation Entertainment from $186.00 to $187.00 and gave the company a “neutral” rating in a report on Friday, July 31st. Sanford C. Bernstein raised their target price on shares of Live Nation Entertainment from $200.00 to $215.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. TD Cowen reissued a “buy” rating on shares of Live Nation Entertainment in a research note on Monday, August 3rd. The Goldman Sachs Group raised their price objective on shares of Live Nation Entertainment from $192.00 to $202.00 and gave the stock a “buy” rating in a report on Wednesday, July 8th. Finally, BTIG Research reaffirmed a “buy” rating and set a $215.00 price objective on shares of Live Nation Entertainment in a research report on Friday, July 31st. Twenty equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $197.19.

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.