Jericho Capital Asset Management L.P. Raises Holdings in Live Nation Entertainment, Inc. $LYV

Jericho Capital Asset Management L.P. boosted its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 37.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,996,512 shares of the company’s stock after acquiring an additional 1,099,350 shares during the quarter. Live Nation Entertainment comprises about 6.5% of Jericho Capital Asset Management L.P.’s investment portfolio, making the stock its 4th biggest position. Jericho Capital Asset Management L.P. owned 1.70% of Live Nation Entertainment worth $569,503,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Gotham Asset Management LLC grew its stake in shares of Live Nation Entertainment by 33.8% during the fourth quarter. Gotham Asset Management LLC now owns 38,047 shares of the company’s stock valued at $5,422,000 after buying an additional 9,615 shares during the last quarter. Evergreen Quality Fund GP Ltd. grew its stake in shares of Live Nation Entertainment by 2,067.3% during the fourth quarter. Evergreen Quality Fund GP Ltd. now owns 310,600 shares of the company’s stock valued at $44,260,000 after buying an additional 296,269 shares during the last quarter. Concentric Capital Strategies LP bought a new position in shares of Live Nation Entertainment during the fourth quarter valued at approximately $5,747,000. Banco Bilbao Vizcaya Argentaria S.A. grew its stake in shares of Live Nation Entertainment by 5.5% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 4,488 shares of the company’s stock valued at $640,000 after buying an additional 233 shares during the last quarter. Finally, Bamco Inc. NY grew its stake in shares of Live Nation Entertainment by 4.8% during the fourth quarter. Bamco Inc. NY now owns 277,801 shares of the company’s stock valued at $39,587,000 after buying an additional 12,801 shares during the last quarter. Institutional investors own 74.52% of the company’s stock.

Live Nation Entertainment Stock Down 1.5%

Shares of NYSE LYV opened at $171.41 on Thursday. The company has a debt-to-equity ratio of 13.93, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a market capitalization of $40.37 billion, a price-to-earnings ratio of -96.84 and a beta of 1.12. The stock has a 50 day moving average price of $163.55 and a 200 day moving average price of $153.83. Live Nation Entertainment, Inc. has a 52-week low of $125.34 and a 52-week high of $176.00.

Live Nation Entertainment (NYSE:LYV) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($1.85) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by ($1.50). The firm had revenue of $3.79 billion during the quarter, compared to analysts’ expectations of $3.57 billion. Live Nation Entertainment had a net margin of 0.15% and a return on equity of 45.92%. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.32) EPS. Sell-side analysts expect that Live Nation Entertainment, Inc. will post 1.09 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have recently commented on LYV shares. Wells Fargo & Company cut their target price on Live Nation Entertainment from $203.00 to $199.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 6th. Citizens Jmp started coverage on Live Nation Entertainment in a research note on Monday, March 30th. They set a “market outperform” rating and a $190.00 target price on the stock. The Goldman Sachs Group upped their target price on Live Nation Entertainment from $190.00 to $192.00 in a research note on Wednesday, May 6th. Roth Mkm reaffirmed a “buy” rating and set a $190.00 target price on shares of Live Nation Entertainment in a research note on Friday, February 20th. Finally, JPMorgan Chase & Co. boosted their price target on Live Nation Entertainment from $178.00 to $180.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Twenty analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $188.50.

Insider Buying and Selling

In related news, EVP John Hopmans sold 93,078 shares of the business’s stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $166.07, for a total value of $15,457,463.46. Following the completion of the sale, the executive vice president owned 188,751 shares in the company, valued at approximately $31,345,878.57. The trade was a 33.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael Rowles sold 63,776 shares of the company’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $164.24, for a total value of $10,474,570.24. Following the sale, the executive vice president owned 204,716 shares of the company’s stock, valued at approximately $33,622,555.84. This represents a 23.75% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.89% of the stock is currently owned by insiders.

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.