Korea Investment CORP Purchases New Stake in Live Nation Entertainment, Inc. $LYV

Korea Investment CORP purchased a new position in Live Nation Entertainment, Inc. (NYSE:LYV) during the second quarter, HoldingsChannel.com reports. The fund purchased 46,210 shares of the company’s stock, valued at approximately $8,462,000.

Several other large investors also recently modified their holdings of the business. Principal Financial Group Inc. raised its position in Live Nation Entertainment by 3.4% during the 1st quarter. Principal Financial Group Inc. now owns 11,095,305 shares of the company’s stock valued at $1,692,151,000 after purchasing an additional 367,624 shares during the last quarter. Independent Franchise Partners LLP increased its stake in shares of Live Nation Entertainment by 3.5% during the fourth quarter. Independent Franchise Partners LLP now owns 5,733,718 shares of the company’s stock valued at $817,055,000 after buying an additional 193,104 shares during the period. Geode Capital Management LLC raised its holdings in shares of Live Nation Entertainment by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 4,301,900 shares of the company’s stock valued at $610,707,000 after acquiring an additional 20,165 shares in the last quarter. Jericho Capital Asset Management L.P. lifted its stake in Live Nation Entertainment by 37.9% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,996,512 shares of the company’s stock worth $569,503,000 after acquiring an additional 1,099,350 shares during the period. Finally, Cantillon Capital Management LLC boosted its holdings in Live Nation Entertainment by 0.8% in the fourth quarter. Cantillon Capital Management LLC now owns 2,797,205 shares of the company’s stock valued at $398,602,000 after acquiring an additional 21,246 shares in the last quarter. 74.52% of the stock is owned by institutional investors.

Live Nation Entertainment Stock Performance

Shares of Live Nation Entertainment stock opened at $184.37 on Tuesday. Live Nation Entertainment, Inc. has a 12 month low of $125.34 and a 12 month high of $189.24. The firm has a market capitalization of $43.44 billion, a P/E ratio of -163.16 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. The business has a fifty day simple moving average of $180.38 and a two-hundred day simple moving average of $166.77.

Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings data on Thursday, July 30th. The company reported $1.05 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 business had revenue of $7.67 billion for the quarter, compared to analyst estimates of $7.56 billion. During the same quarter in the previous year, the firm posted $0.41 earnings per share. Live Nation Entertainment’s quarterly revenue was up 9.4% on a year-over-year basis. On average, equities analysts forecast that Live Nation Entertainment, Inc. will post 1.05 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have issued reports on LYV shares. Sanford C. Bernstein boosted their price objective on shares of Live Nation Entertainment from $200.00 to $215.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Susquehanna lifted their target price on shares of Live Nation Entertainment from $186.00 to $187.00 and gave the company a “neutral” rating in a research note on Friday, July 31st. Oppenheimer set a $100.00 price target on shares of Live Nation Entertainment in a research report on Tuesday, July 28th. Morgan Stanley raised their price objective on shares of Live Nation Entertainment from $185.00 to $200.00 and gave the stock an “overweight” rating in a report on Wednesday, June 10th. Finally, JPMorgan Chase & Co. lifted their price objective on Live Nation Entertainment from $180.00 to $205.00 and gave the company an “overweight” rating in a research report on Tuesday, July 21st. Twenty investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $197.19.

Live Nation Entertainment Profile

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.