Woodline Partners LP Takes $7.25 Million Position in Live Nation Entertainment, Inc. (NYSE:LYV)

Woodline Partners LP bought a new stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV) in the 4th quarter, HoldingsChannel.com reports. The firm bought 55,974 shares of the company’s stock, valued at approximately $7,249,000.

Several other hedge funds have also modified their holdings of the stock. ValueAct Holdings L.P. lifted its holdings in shares of Live Nation Entertainment by 4.6% during the fourth quarter. ValueAct Holdings L.P. now owns 1,061,466 shares of the company’s stock valued at $137,460,000 after purchasing an additional 46,816 shares during the last quarter. Vident Advisory LLC lifted its holdings in shares of Live Nation Entertainment by 68.0% during the fourth quarter. Vident Advisory LLC now owns 3,199 shares of the company’s stock valued at $414,000 after purchasing an additional 1,295 shares during the last quarter. Twinbeech Capital LP purchased a new stake in shares of Live Nation Entertainment during the fourth quarter valued at $18,705,000. Tidal Investments LLC lifted its holdings in shares of Live Nation Entertainment by 1.3% during the fourth quarter. Tidal Investments LLC now owns 24,980 shares of the company’s stock valued at $3,235,000 after purchasing an additional 312 shares during the last quarter. Finally, Steadfast Capital Management LP lifted its holdings in shares of Live Nation Entertainment by 67.4% during the fourth quarter. Steadfast Capital Management LP now owns 916,600 shares of the company’s stock valued at $118,700,000 after purchasing an additional 369,000 shares during the last quarter. 74.52% of the stock is owned by hedge funds and other institutional investors.

Live Nation Entertainment Stock Performance

Shares of LYV stock opened at $145.11 on Friday. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.01 and a quick ratio of 1.01. Live Nation Entertainment, Inc. has a fifty-two week low of $86.81 and a fifty-two week high of $157.75. The stock’s 50-day moving average is $132.00 and its two-hundred day moving average is $134.85. The firm has a market cap of $33.63 billion, a P/E ratio of 53.35, a PEG ratio of 1.81 and a beta of 1.47.

Live Nation Entertainment (NYSE:LYV) last issued its earnings results on Thursday, May 1st. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.29). Live Nation Entertainment had a return on equity of 139.09% and a net margin of 3.90%. The firm had revenue of $3.38 billion during the quarter, compared to analyst estimates of $3.63 billion. During the same period in the previous year, the company earned $0.60 earnings per share. The business’s revenue for the quarter was down 11.0% on a year-over-year basis. Analysts predict that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Rosenblatt Securities dropped their price target on Live Nation Entertainment from $174.00 to $170.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. Roth Mkm dropped their price target on Live Nation Entertainment from $174.00 to $164.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. Morgan Stanley upped their price target on Live Nation Entertainment from $150.00 to $170.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. The Goldman Sachs Group upped their price target on Live Nation Entertainment from $148.00 to $166.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Finally, JPMorgan Chase & Co. upped their price target on Live Nation Entertainment from $150.00 to $170.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Two analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $162.07.

Insider Activity

In other news, EVP John Hopmans sold 34,808 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $147.38, for a total transaction of $5,130,003.04. Following the transaction, the executive vice president now owns 189,456 shares of the company’s stock, valued at approximately $27,922,025.28. This represents a 15.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Brian Capo sold 5,066 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $123.24, for a total value of $624,333.84. Following the transaction, the chief accounting officer now directly owns 10,549 shares in the company, valued at approximately $1,300,058.76. This represents a 32.44% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 103,510 shares of company stock valued at $15,627,146. Insiders own 3.01% of the company’s stock.

Live Nation Entertainment Company Profile

Live Nation Entertainment, Inc operates as a live entertainment company worldwide. It operates through Concerts, Ticketing, and Sponsorship & Advertising segments. The Concerts segment promotes live music events in its owned or operated venues, and in rented third-party venues. This segment operates and manages music venues; produces music festivals; creates and streams associated content; and offers management and other services to artists.