Axel Capital Management LLC bought 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. The fund bought 40,000 shares of the company’s stock, valued at approximately $1,943,000. Live Nation Entertainment makes up about 1.8% of Axel Capital Management LLC’s investment portfolio, making the stock its 21st biggest position.
Several other large investors have also recently bought and sold shares of the company. Northern Trust Corp lifted its holdings in shares of Live Nation Entertainment by 0.9% during the first quarter. Northern Trust Corp now owns 1,465,264 shares of the company’s stock worth $61,747,000 after purchasing an additional 12,803 shares during the period. Fiera Capital Corp boosted its stake in shares of Live Nation Entertainment by 37.6% during the first quarter. Fiera Capital Corp now owns 1,296,515 shares of the company’s stock valued at $54,635,000 after acquiring an additional 354,013 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Live Nation Entertainment by 23.3% in the 1st quarter. Victory Capital Management Inc. now owns 1,143,345 shares of the company’s stock worth $48,181,000 after buying an additional 215,954 shares during the last quarter. Eaton Vance Management boosted its stake in Live Nation Entertainment by 1,296.3% in the 1st quarter. Eaton Vance Management now owns 928,234 shares of the company’s stock worth $39,116,000 after buying an additional 861,757 shares during the last quarter. Finally, Clal Insurance Enterprises Holdings Ltd lifted its stake in shares of Live Nation Entertainment by 28.6% in the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 900,000 shares of the company’s stock valued at $37,926,000 after purchasing an additional 200,000 shares in the last quarter. 70.90% of the stock is owned by hedge funds and other institutional investors.
In related news, CFO Elizabeth Kathleen Willard sold 40,000 shares of the firm’s stock in a transaction on Thursday, August 30th. The stock was sold at an average price of $49.37, for a total transaction of $1,974,800.00. Following the sale, the chief financial officer now owns 259,338 shares of the company’s stock, valued at approximately $12,803,517.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Joe Berchtold sold 20,000 shares of Live Nation Entertainment stock in a transaction dated Thursday, August 30th. The shares were sold at an average price of $49.35, for a total value of $987,000.00. Following the completion of the sale, the president now directly owns 163,409 shares in the company, valued at approximately $8,064,234.15. The disclosure for this sale can be found here. Insiders sold a total of 244,389 shares of company stock worth $12,005,988 over the last 90 days. 5.19% of the stock is owned by corporate insiders.
Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings results on Thursday, July 26th. The company reported $0.24 EPS for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.05. The business had revenue of $2.87 billion for the quarter, compared to analyst estimates of $2.85 billion. Live Nation Entertainment had a negative return on equity of 2.49% and a negative net margin of 0.35%. Live Nation Entertainment’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.29 EPS. sell-side analysts forecast that Live Nation Entertainment, Inc. will post 0.03 EPS for the current fiscal year.
Several research firms have issued reports on LYV. Citigroup lifted their price objective on Live Nation Entertainment from $45.00 to $56.00 and gave the stock a “buy” rating in a report on Friday, June 22nd. Zacks Investment Research lowered Live Nation Entertainment from a “hold” rating to a “sell” rating in a research report on Wednesday, May 9th. Stephens set a $60.00 price target on Live Nation Entertainment and gave the stock a “buy” rating in a research report on Friday, July 27th. They noted that the move was a valuation call. ValuEngine raised Live Nation Entertainment from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 28th. Finally, JPMorgan Chase & Co. boosted their target price on Live Nation Entertainment from $51.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, July 27th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $55.21.
Live Nation Entertainment Company Profile
Live Nation Entertainment, Inc operates as a live entertainment company. It operates through Concerts, Sponsorship & Advertising, and Ticketing segments. The Concerts segment promotes live music events in its owned and/or operated venues, and in rented third-party venues; operates and manages music venues; and produces music festivals and creates associated content.
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