Live Nation Entertainment, Inc. $LYV Stock: Contravisory Investment Management Inc. Boosts Stake

Contravisory Investment Management Inc. grew its position in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 1,468.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,781 shares of the company’s stock after purchasing an additional 7,285 shares during the quarter. Contravisory Investment Management Inc.’s holdings in Live Nation Entertainment were worth $1,317,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in LYV. Burkett Financial Services LLC acquired a new position in shares of Live Nation Entertainment in the second quarter valued at approximately $26,000. Transamerica Financial Advisors LLC bought a new stake in Live Nation Entertainment during the 2nd quarter worth approximately $27,000. Kilter Group LLC bought a new stake in Live Nation Entertainment during the 2nd quarter worth approximately $27,000. Meeder Asset Management Inc. acquired a new position in Live Nation Entertainment in the 2nd quarter valued at approximately $27,000. Finally, Keating Financial Advisory Services Inc. bought a new position in shares of Live Nation Entertainment during the second quarter valued at $32,000. 74.52% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Citizens Jmp boosted their price objective on shares of Live Nation Entertainment from $190.00 to $215.00 and gave the stock a “market outperform” rating in a research note on Wednesday, July 22nd. Roth Capital set a $208.00 price target on Live Nation Entertainment in a research report on Friday, July 31st. Sanford C. Bernstein reissued an “outperform” rating and issued a $220.00 price target on shares of Live Nation Entertainment in a research note on Tuesday. Oppenheimer set a $100.00 price objective on Live Nation Entertainment in a research report on Tuesday, July 28th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Live Nation Entertainment in a research note on Thursday, October 1st. Twenty research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $197.43.

Live Nation Entertainment Trading Up 1.0%

Live Nation Entertainment stock traded up $1.72 during trading hours on Tuesday, reaching $171.36. 1,800,964 shares of the company’s stock were exchanged, compared to its average volume of 2,547,078. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 8.25. The firm’s 50 day simple moving average is $176.00 and its 200 day simple moving average is $170.93. Live Nation Entertainment, Inc. has a twelve month low of $125.34 and a twelve month high of $189.24. The firm has a market capitalization of $40.38 billion, a PE ratio of -151.65 and a beta of 1.17.

Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings data on Thursday, July 30th. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.39. The firm had revenue of $7.67 billion during the quarter, compared to analyst estimates of $7.56 billion. Live Nation Entertainment had a return on equity of 54.61% and a net margin of 0.34%. The business’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period last year, the company posted $0.41 EPS. Research analysts predict that Live Nation Entertainment, Inc. will post 1.12 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Brian Capo sold 2,900 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $184.00, for a total transaction of $533,600.00. Following the completion of the sale, the chief accounting officer owned 8,655 shares of the company’s stock, valued at $1,592,520. This trade represents a 25.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.89% of the stock is owned by corporate insiders.

Live Nation Entertainment Company Profile

Live Nation Entertainment, Inc is a global live entertainment company that promotes concerts and other live events, operates entertainment venues, and provides ticketing services. Its activities span the live event ecosystem, from artist and event promotion to ticket sales, venue management, sponsorship, and advertising.

The company’s business includes Live Nation Concerts, which produces and promotes tours, festivals, and other events; Ticketmaster, a ticketing platform serving venues, event organizers, and fans; and a portfolio of owned, operated, or managed venues.