Dorsey Asset Management LLC Makes New Investment in Live Nation Entertainment, Inc. $LYV

Dorsey Asset Management LLC acquired a new position in Live Nation Entertainment, Inc. (NYSE:LYV) during the fourth quarter, HoldingsChannel reports. The institutional investor acquired 602,973 shares of the company’s stock, valued at approximately $85,924,000. Live Nation Entertainment accounts for 7.5% of Dorsey Asset Management LLC’s portfolio, making the stock its 7th biggest position.

A number of other hedge funds and other institutional investors have also bought and sold shares of LYV. Leonteq Securities AG purchased a new stake in Live Nation Entertainment in the fourth quarter worth about $25,000. Nvest Wealth Strategies Inc. purchased a new stake in Live Nation Entertainment in the fourth quarter worth about $26,000. Ameriflex Group Inc. grew its holdings in Live Nation Entertainment by 102.4% in the third quarter. Ameriflex Group Inc. now owns 166 shares of the company’s stock worth $27,000 after purchasing an additional 84 shares during the period. Elyxium Wealth LLC purchased a new stake in Live Nation Entertainment in the fourth quarter worth about $30,000. Finally, Blue Trust Inc. grew its holdings in Live Nation Entertainment by 62.6% in the fourth quarter. Blue Trust Inc. now owns 278 shares of the company’s stock worth $40,000 after purchasing an additional 107 shares during the period. Hedge funds and other institutional investors own 74.52% of the company’s stock.

Live Nation Entertainment Trading Down 1.0%

Shares of LYV stock opened at $174.14 on Wednesday. Live Nation Entertainment, Inc. has a 12-month low of $125.34 and a 12-month high of $176.00. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 13.93. The firm’s 50 day moving average is $163.32 and its 200 day moving average is $153.55. The stock has a market capitalization of $41.02 billion, a P/E ratio of -98.39 and a beta of 1.12.

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

Insider Activity at Live Nation Entertainment

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

Analyst Ratings Changes

LYV has been the topic of a number of recent analyst reports. Bank of America increased their price target on shares of Live Nation Entertainment from $170.00 to $180.00 and gave the company a “buy” rating in a report on Friday, February 20th. TD Cowen reiterated a “buy” rating on shares of Live Nation Entertainment in a report on Monday, February 23rd. Sanford C. Bernstein increased their price target on shares of Live Nation Entertainment from $185.00 to $200.00 and gave the company an “outperform” rating in a report on Friday, February 20th. Jefferies Financial Group reiterated a “hold” rating on shares of Live Nation Entertainment in a report on Monday, March 9th. Finally, Guggenheim increased their price target on shares of Live Nation Entertainment from $192.00 to $197.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Twenty analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $188.50.

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.