SEB Asset Management AB Acquires Shares of 47,348 Live Nation Entertainment, Inc. $LYV

SEB Asset Management AB acquired a new stake in Live Nation Entertainment, Inc. (NYSE:LYV) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 47,348 shares of the company’s stock, valued at approximately $7,221,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its stake in shares of 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 buying an additional 367,624 shares during the last quarter. Independent Franchise Partners LLP grew its holdings in 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 worth $817,055,000 after acquiring an additional 193,104 shares during the period. Geode Capital Management LLC raised its position in 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 holdings 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 valued at $569,503,000 after acquiring an additional 1,099,350 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its position in Live Nation Entertainment by 4.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,195,473 shares of the company’s stock worth $455,355,000 after purchasing an additional 123,800 shares in the last quarter. 74.52% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Live Nation Entertainment

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

Wall Street Analyst Weigh In

LYV has been the topic of a number of analyst reports. Citizens Jmp started coverage on shares of Live Nation Entertainment in a research note on Monday, March 30th. They set a “market outperform” rating and a $190.00 price objective on the stock. Roth Capital reissued a “buy” rating and set a $205.00 price target on shares of Live Nation Entertainment in a report on Wednesday, July 15th. Guggenheim raised their price target on shares of Live Nation Entertainment from $192.00 to $197.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. The Goldman Sachs Group lifted their price objective on shares of Live Nation Entertainment from $192.00 to $202.00 and gave the company a “buy” rating in a report on Wednesday, July 8th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Live Nation Entertainment in a research report on Thursday, June 4th. Nineteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $193.75.

Live Nation Entertainment Trading Down 1.7%

Shares of LYV stock opened at $177.77 on Wednesday. The company has a debt-to-equity ratio of 13.93, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market cap of $41.87 billion, a price-to-earnings ratio of -100.43 and a beta of 1.11. The stock has a 50 day simple moving average of $173.01 and a 200-day simple moving average of $160.49. Live Nation Entertainment, Inc. has a 1-year low of $125.34 and a 1-year high of $188.00.

Live Nation Entertainment (NYSE:LYV) last released 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 company had revenue of $3.79 billion during the quarter, compared to analyst estimates of $3.57 billion. Live Nation Entertainment had a net margin of 0.15% and a return on equity of 45.92%. Live Nation Entertainment’s revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.32) EPS. On average, equities research analysts expect that Live Nation Entertainment, Inc. will post 0.96 EPS for the current fiscal year.

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.