Covey Capital Advisors LLC decreased its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 1.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 105,205 shares of the company’s stock after selling 1,400 shares during the period. Live Nation Entertainment comprises about 4.0% of Covey Capital Advisors LLC’s portfolio, making the stock its 4th largest holding. Covey Capital Advisors LLC owned approximately 0.05% of Live Nation Entertainment worth $3,666,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Live Nation Entertainment by 9.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,321 shares of the company’s stock valued at $185,000 after purchasing an additional 445 shares during the last quarter. NJ State Employees Deferred Compensation Plan bought a new stake in Live Nation Entertainment during the second quarter valued at $210,000. PICTET BANK & TRUST Ltd bought a new stake in Live Nation Entertainment during the first quarter valued at $225,000. Montag A & Associates Inc. bought a new position in shares of Live Nation Entertainment during the second quarter worth about $261,000. Finally, Oppenheimer Asset Management Inc. bought a new position in shares of Live Nation Entertainment during the first quarter worth about $233,000. Hedge funds and other institutional investors own 65.71% of the company’s stock.
In other Live Nation Entertainment news, insider Brian Capo sold 7,500 shares of the firm’s stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $40.50, for a total transaction of $303,750.00. Following the transaction, the insider now owns 13,354 shares in the company, valued at $540,837. The sale was disclosed in a document filed with the SEC, which is available through this link. 4.77% of the stock is currently owned by company insiders.
Several equities analysts have recently commented on LYV shares. Jefferies Group LLC upped their price target on shares of Live Nation Entertainment from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, June 27th. BidaskClub lowered shares of Live Nation Entertainment from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 22nd. Guggenheim started coverage on shares of Live Nation Entertainment in a research report on Wednesday, May 24th. They set a “buy” rating and a $40.00 price target for the company. Citigroup Inc. restated a “buy” rating and set a $39.00 price target (up previously from $32.00) on shares of Live Nation Entertainment in a research report on Friday, May 19th. Finally, J P Morgan Chase & Co restated a “buy” rating on shares of Live Nation Entertainment in a research report on Friday, August 11th. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $39.71.
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Shares of Live Nation Entertainment, Inc. (NYSE LYV) traded up 1.11% during trading on Friday, reaching $41.94. 332,639 shares of the company were exchanged. The stock has a 50-day moving average of $39.12 and a 200 day moving average of $34.36. Live Nation Entertainment, Inc. has a 52-week low of $25.70 and a 52-week high of $42.20. The stock has a market capitalization of $8.60 billion, a P/E ratio of 5991.43 and a beta of 1.01.
Live Nation Entertainment (NYSE:LYV) last announced its quarterly earnings data on Wednesday, August 9th. The company reported $0.29 EPS for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.10. Live Nation Entertainment had a return on equity of 1.60% and a net margin of 0.25%. The firm had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.37 billion. During the same period last year, the company earned $0.13 earnings per share. The company’s revenue was up 29.3% on a year-over-year basis. On average, equities analysts anticipate that Live Nation Entertainment, Inc. will post $0.22 earnings per share for the current fiscal year.
Live Nation Entertainment Company Profile
Live Nation Entertainment, Inc is a live entertainment company. The Company’s businesses consist of the promotion of live events, including ticketing, sponsorship and advertising. Its segments include Concerts, Sponsorship & Advertising, Ticketing and Artist Nation. The Concerts segment is engaged in promotion of live music events in its owned or operated venues and in rented third-party venues; operation and management of music venues; production of music festivals, and creation of associated content.
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