The Manufacturers Life Insurance Company Takes Position in Live Nation Entertainment, Inc. $LYV

The Manufacturers Life Insurance Company bought a new position in Live Nation Entertainment, Inc. (NYSE:LYV) during the 2nd quarter, Holdings Channel.com reports. The firm bought 81,697 shares of the company’s stock, valued at approximately $14,960,000.

Several other hedge funds also recently made changes to their positions in LYV. Leonteq Securities AG purchased a new stake in Live Nation Entertainment during the 4th quarter valued at $25,000. Burkett Financial Services LLC purchased a new position in shares of Live Nation Entertainment in the second quarter valued at about $26,000. Kilter Group LLC purchased a new position in shares of Live Nation Entertainment in the second quarter valued at about $27,000. Meeder Asset Management Inc. bought a new position in shares of Live Nation Entertainment during the second quarter valued at about $27,000. Finally, Elyxium Wealth LLC purchased a new stake in shares of Live Nation Entertainment during the fourth quarter worth about $30,000. 74.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Wells Fargo & Company raised their target price on Live Nation Entertainment from $199.00 to $222.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Susquehanna increased their price objective on Live Nation Entertainment from $186.00 to $187.00 and gave the stock a “neutral” rating in a report on Friday, July 31st. TD Cowen reiterated a “buy” rating on shares of Live Nation Entertainment in a research report on Monday, August 3rd. Benchmark boosted their target price on Live Nation Entertainment from $190.00 to $215.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Finally, Sanford C. Bernstein upped their target price on Live Nation Entertainment from $200.00 to $215.00 and gave the company an “outperform” rating in a report on Friday, July 31st. Twenty analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $197.19.

Insider Buying and Selling at Live Nation Entertainment

In other news, CAO Brian Capo sold 2,900 shares of Live Nation Entertainment stock in a transaction that occurred on 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 transaction, the chief accounting officer directly owned 8,655 shares in the company, valued at approximately $1,592,520. This trade represents a 25.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.89% of the company’s stock.

Live Nation Entertainment Stock Performance

Live Nation Entertainment stock opened at $180.84 on Friday. Live Nation Entertainment, Inc. has a fifty-two week low of $125.34 and a fifty-two week high of $189.24. The stock’s 50 day simple moving average is $181.24 and its two-hundred day simple moving average is $167.76. The company has a debt-to-equity ratio of 8.25, a quick ratio of 0.85 and a current ratio of 0.85. The stock has a market cap of $42.61 billion, a price-to-earnings ratio of -160.04 and a beta of 1.12.

Live Nation Entertainment (NYSE:LYV) last released its earnings results on Thursday, July 30th. The company reported $1.05 earnings per share 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 for the quarter, compared to the consensus estimate of $7.56 billion. During the same period in the prior year, the firm earned $0.41 EPS. The company’s revenue was up 9.4% compared to the same quarter last year. As a group, analysts expect that Live Nation Entertainment, Inc. will post 1.05 earnings per share 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.