Sumitomo Mitsui Trust Group Inc. Increases Stake in Live Nation Entertainment, Inc. $LYV

Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 1.5% in the 3rd quarter, Holdings Channel.com reports. The fund owned 379,144 shares of the company’s stock after buying an additional 5,748 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Live Nation Entertainment were worth $61,952,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Clearstead Trust LLC lifted its stake in shares of Live Nation Entertainment by 469.0% during the 2nd quarter. Clearstead Trust LLC now owns 165 shares of the company’s stock valued at $25,000 after buying an additional 136 shares in the last quarter. Atwood & Palmer Inc. purchased a new position in shares of Live Nation Entertainment in the third quarter worth $33,000. Heartwood Wealth Advisors LLC purchased a new position in Live Nation Entertainment during the third quarter valued at $34,000. Measured Risk Portfolios Inc. bought a new stake in Live Nation Entertainment in the 3rd quarter valued at $37,000. Finally, CYBER HORNET ETFs LLC bought a new position in shares of Live Nation Entertainment during the 2nd quarter valued at about $56,000. 74.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

LYV has been the topic of a number of research analyst reports. The Goldman Sachs Group boosted their target price on Live Nation Entertainment from $160.00 to $165.00 and gave the stock a “sell” rating in a research report on Friday, January 2nd. Citigroup cut their price objective on shares of Live Nation Entertainment from $195.00 to $181.00 and set a “buy” rating on the stock in a research report on Thursday, October 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of Live Nation Entertainment in a research note on Monday, December 29th. Evercore ISI lifted their price target on Live Nation Entertainment from $168.00 to $188.00 and gave the company an “outperform” rating in a report on Tuesday, December 23rd. Finally, Susquehanna increased their price objective on Live Nation Entertainment from $174.00 to $175.00 and gave the company a “positive” rating in a report on Monday, November 3rd. Eighteen investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Live Nation Entertainment has an average rating of “Moderate Buy” and an average target price of $173.33.

Live Nation Entertainment Trading Up 0.4%

Shares of LYV stock opened at $146.61 on Thursday. The stock has a 50 day simple moving average of $139.26 and a 200-day simple moving average of $150.48. Live Nation Entertainment, Inc. has a 1-year low of $112.88 and a 1-year high of $175.25. The company has a market cap of $34.41 billion, a price-to-earnings ratio of 106.24, a PEG ratio of 9.34 and a beta of 1.20. The company has a debt-to-equity ratio of 5.41, a current ratio of 0.92 and a quick ratio of 0.92.

Live Nation Entertainment (NYSE:LYV) last announced its earnings results on Tuesday, November 4th. The company reported $0.73 EPS for the quarter, missing analysts’ consensus estimates of $1.54 by ($0.81). Live Nation Entertainment had a net margin of 3.66% and a return on equity of 97.90%. The firm had revenue of $8.50 billion for the quarter, compared to analyst estimates of $8.87 billion. During the same period in the previous year, the company earned $1.66 EPS. Live Nation Entertainment’s revenue was up 11.1% compared to the same quarter last year. On average, equities research analysts expect that Live Nation Entertainment, Inc. will post 2.38 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.