CIBC Asset Management Inc Acquires 3,231 Shares of Live Nation Entertainment, Inc. (NYSE:LYV)

CIBC Asset Management Inc boosted its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 14.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,916 shares of the company’s stock after purchasing an additional 3,231 shares during the period. CIBC Asset Management Inc’s holdings in Live Nation Entertainment were worth $2,728,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. boosted its position in Live Nation Entertainment by 119.5% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 371 shares of the company’s stock valued at $34,000 after buying an additional 202 shares in the last quarter. UMB Bank n.a. grew its position in Live Nation Entertainment by 67.4% during the 2nd quarter. UMB Bank n.a. now owns 437 shares of the company’s stock worth $41,000 after acquiring an additional 176 shares during the last quarter. Reston Wealth Management LLC acquired a new stake in Live Nation Entertainment during the 3rd quarter valued at $41,000. Family Firm Inc. bought a new position in Live Nation Entertainment in the 2nd quarter valued at $42,000. Finally, Cromwell Holdings LLC boosted its stake in Live Nation Entertainment by 25.7% in the third quarter. Cromwell Holdings LLC now owns 431 shares of the company’s stock worth $47,000 after purchasing an additional 88 shares in the last quarter. 74.52% of the stock is owned by institutional investors and hedge funds.

Live Nation Entertainment Price Performance

Shares of NYSE LYV opened at $134.44 on Wednesday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 6.10. The company has a market capitalization of $31.24 billion, a PE ratio of 143.02, a P/E/G ratio of 3.44 and a beta of 1.33. The firm has a fifty day simple moving average of $114.31 and a 200 day simple moving average of $101.37. Live Nation Entertainment, Inc. has a twelve month low of $81.38 and a twelve month high of $134.53.

Live Nation Entertainment (NYSE:LYV) last announced its quarterly earnings data on Monday, November 11th. The company reported $1.66 EPS for the quarter, topping the consensus estimate of $1.58 by $0.08. The company had revenue of $7.65 billion during the quarter, compared to the consensus estimate of $7.75 billion. Live Nation Entertainment had a net margin of 2.11% and a return on equity of 77.62%. The company’s quarterly revenue was down 6.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.78 EPS. On average, sell-side analysts forecast that Live Nation Entertainment, Inc. will post 1.08 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on LYV. Guggenheim boosted their target price on shares of Live Nation Entertainment from $130.00 to $146.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Live Nation Entertainment from $130.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday. Macquarie increased their price objective on Live Nation Entertainment from $130.00 to $146.00 and gave the company an “outperform” rating in a research report on Friday, November 15th. Oppenheimer boosted their target price on Live Nation Entertainment from $120.00 to $155.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 12th. Finally, Bank of America lifted their price objective on Live Nation Entertainment from $125.00 to $149.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Two analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, Live Nation Entertainment has a consensus rating of “Moderate Buy” and a consensus target price of $140.00.

Insider Activity

In related news, CEO Michael Rapino sold 98,849 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $97.50, for a total transaction of $9,637,777.50. Following the transaction, the chief executive officer now directly owns 3,702,115 shares in the company, valued at approximately $360,956,212.50. The trade was a 2.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Rowles sold 35,000 shares of Live Nation Entertainment stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $97.64, for a total transaction of $3,417,400.00. Following the transaction, the executive vice president now directly owns 167,447 shares in the company, valued at approximately $16,349,525.08. This represents a 17.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 168,799 shares of company stock worth $16,449,718 over the last three months. 2.72% of the stock is currently owned by insiders.

Live Nation Entertainment Profile

Live Nation Entertainment, Inc operates as a live entertainment company worldwide. It operates through Concerts, Ticketing, and Sponsorship & Advertising segments. The Concerts segment promotes live music events in its owned or operated venues, and in rented third-party venues. This segment operates and manages music venues; produces music festivals; creates and streams associated content; and offers management and other services to artists.