Primecap Management Co. CA Invests $133.16 Million in Live Nation Entertainment, Inc. $LYV

Primecap Management Co. CA purchased a new stake in Live Nation Entertainment, Inc. (NYSE:LYV) in the 2nd quarter, Holdings Channel reports. The firm purchased 727,220 shares of the company’s stock, valued at approximately $133,161,000.

Other hedge funds have also added to or reduced their stakes in the company. Canada Pension Plan Investment Board acquired a new stake in Live Nation Entertainment during the 2nd quarter worth $859,018,000. Caledonia Private Investments Pty Ltd bought a new stake in shares of Live Nation Entertainment in the second quarter worth about $107,200,000. Legal & General Group Plc bought a new position in shares of Live Nation Entertainment during the 2nd quarter valued at about $139,828,000. The Manufacturers Life Insurance Company bought a new position in shares of Live Nation Entertainment during the 2nd quarter valued at about $14,960,000. Finally, Jones Financial Companies Lllp acquired a new position in shares of Live Nation Entertainment in the 2nd quarter valued at approximately $81,000. Institutional investors and hedge funds own 74.52% of the company’s stock.

Insider Activity

In related news, CAO Brian Capo sold 2,900 shares of Live Nation Entertainment stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $184.00, for a total transaction of $533,600.00. Following the completion of the sale, the chief accounting officer owned 8,655 shares of the company’s stock, valued at approximately $1,592,520. The trade was a 25.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.89% of the company’s stock.

Live Nation Entertainment Stock Up 1.0%

LYV stock opened at $186.48 on Wednesday. Live Nation Entertainment, Inc. has a 1-year low of $125.34 and a 1-year high of $189.24. The business’s 50 day simple moving average is $180.63 and its 200 day simple moving average is $167.08. 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 firm has a market capitalization of $43.94 billion, a PE ratio of -165.03 and a beta of 1.12.

Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings data on Thursday, July 30th. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $7.67 billion during the quarter, compared to analysts’ expectations of $7.56 billion. During the same period in the previous year, the business posted $0.41 earnings per share. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, research analysts anticipate that Live Nation Entertainment, Inc. will post 1.05 EPS for the current year.

Analysts Set New Price Targets

Several analysts have commented on LYV shares. Citigroup raised their target price on shares of Live Nation Entertainment from $181.00 to $212.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. TD Cowen reiterated a “buy” rating on shares of Live Nation Entertainment in a report on Monday, August 3rd. Citizens Jmp increased their price objective on shares of Live Nation Entertainment from $190.00 to $215.00 and gave the stock a “market outperform” rating in a research report on Wednesday, July 22nd. Benchmark raised their price objective on shares of Live Nation Entertainment from $190.00 to $215.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Finally, Roth Capital set a $208.00 target price on shares of Live Nation Entertainment in a research note on Friday, July 31st. Twenty analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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.