Engineers Gate Manager LP Increases Position in Live Nation Entertainment, Inc. $LYV

Engineers Gate Manager LP increased its holdings in Live Nation Entertainment, Inc. (NYSE:LYV) by 10,428.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 263,524 shares of the company’s stock after acquiring an additional 261,021 shares during the quarter. Live Nation Entertainment makes up 0.6% of Engineers Gate Manager LP’s portfolio, making the stock its 16th biggest position. Engineers Gate Manager LP owned 0.11% of Live Nation Entertainment worth $48,254,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the business. Burkett Financial Services LLC purchased a new stake in Live Nation Entertainment during the 2nd quarter worth approximately $26,000. Transamerica Financial Advisors LLC purchased a new position in shares of Live Nation Entertainment during the 2nd quarter valued at approximately $27,000. Kilter Group LLC acquired a new stake in shares of Live Nation Entertainment during the second quarter worth approximately $27,000. Meeder Asset Management Inc. acquired a new stake in shares of Live Nation Entertainment during the second quarter worth approximately $27,000. Finally, Leonteq Securities AG bought a new stake in shares of Live Nation Entertainment in the fourth quarter worth $25,000. Institutional investors and hedge funds own 74.52% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Weiss Ratings downgraded shares of Live Nation Entertainment from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, September 1st. Citizens Jmp upped their target price on shares of Live Nation Entertainment from $190.00 to $215.00 and gave the company a “market outperform” rating in a research note on Wednesday, July 22nd. UBS Group lifted their price target on Live Nation Entertainment from $181.00 to $208.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Sanford C. Bernstein boosted their price objective on Live Nation Entertainment from $200.00 to $215.00 and gave the company an “outperform” rating in a report on Friday, July 31st. Finally, Benchmark upped their price objective on Live Nation Entertainment from $190.00 to $215.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Twenty equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $197.19.

Insider Transactions at Live Nation Entertainment

In other Live Nation Entertainment news, CAO Brian Capo sold 2,900 shares of Live Nation Entertainment stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $184.00, for a total value of $533,600.00. Following the completion of the transaction, the chief accounting officer directly owned 8,655 shares in the company, valued at $1,592,520. The trade was a 25.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.89% of the stock is owned by corporate insiders.

Live Nation Entertainment Stock Down 1.8%

LYV stock opened at $170.43 on Wednesday. The firm has a market cap of $40.16 billion, a price-to-earnings ratio of -150.82 and a beta of 1.11. Live Nation Entertainment, Inc. has a 1-year low of $125.34 and a 1-year high of $189.24. The firm has a fifty day moving average price of $181.25 and a two-hundred day moving average price of $168.93. The company has a debt-to-equity ratio of 8.25, a current ratio of 0.85 and a quick ratio of 0.85.

Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings results on Thursday, July 30th. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $7.56 billion. During the same period last year, the firm posted $0.41 EPS. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. Research analysts predict that Live Nation Entertainment, Inc. will post 1.1 EPS for the current year.

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.