Dorsey Asset Management LLC Buys 4,636 Shares of Live Nation Entertainment, Inc. $LYV

Dorsey Asset Management LLC raised its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 0.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 607,609 shares of the company’s stock after purchasing an additional 4,636 shares during the quarter. Live Nation Entertainment accounts for about 7.4% of Dorsey Asset Management LLC’s investment portfolio, making the stock its 8th biggest position. Dorsey Asset Management LLC’s holdings in Live Nation Entertainment were worth $92,666,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Norges Bank acquired a new stake in Live Nation Entertainment during the fourth quarter worth about $285,924,000. Sachem Head Capital Management LP acquired a new position in Live Nation Entertainment in the 4th quarter valued at approximately $173,380,000. Jericho Capital Asset Management L.P. lifted its position in shares of Live Nation Entertainment by 37.9% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,996,512 shares of the company’s stock worth $569,503,000 after acquiring an additional 1,099,350 shares during the period. First Trust Advisors LP grew its holdings in shares of Live Nation Entertainment by 653.7% during the 4th quarter. First Trust Advisors LP now owns 1,191,347 shares of the company’s stock worth $169,767,000 after purchasing an additional 1,033,289 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Live Nation Entertainment by 10.3% during the 4th quarter. Principal Financial Group Inc. now owns 10,727,681 shares of the company’s stock worth $1,528,700,000 after purchasing an additional 1,001,905 shares in the last quarter. Institutional investors own 74.52% of the company’s stock.

Insider Transactions at Live Nation Entertainment

In related news, EVP John Hopmans sold 93,078 shares of the stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $166.07, for a total transaction of $15,457,463.46. Following the completion of the sale, the executive vice president owned 188,751 shares in the company, valued at $31,345,878.57. This trade represents a 33.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Michael Rowles sold 63,776 shares of the business’s stock in a transaction dated Friday, May 8th. The shares were 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 approximately $33,622,555.84. This trade represents 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.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Susquehanna lowered Live Nation Entertainment from a “positive” rating to a “neutral” rating and upped their target price for the company from $181.00 to $186.00 in a research note on Tuesday. JPMorgan Chase & Co. lifted their price target on shares of Live Nation Entertainment from $180.00 to $205.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 21st. Wolfe Research increased their price objective on shares of Live Nation Entertainment from $205.00 to $206.00 and gave the company an “outperform” rating in a research note on Monday, April 13th. Wall Street Zen raised shares of Live Nation Entertainment from a “sell” rating to a “hold” rating in a report on Saturday, April 11th. Finally, Citizens Jmp lifted their target price on shares of Live Nation Entertainment from $190.00 to $215.00 and gave the company a “market outperform” rating in a research report on Wednesday. Twenty analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Live Nation Entertainment currently has a consensus rating of “Moderate Buy” and a consensus target price of $195.95.

Live Nation Entertainment Price Performance

Shares of LYV stock opened at $177.29 on Friday. The stock’s fifty day simple moving average is $173.49 and its 200 day simple moving average is $161.07. Live Nation Entertainment, Inc. has a one year low of $125.34 and a one year high of $188.00. The firm has a market cap of $41.76 billion, a price-to-earnings ratio of -100.16 and a beta of 1.11. The company has a debt-to-equity ratio of 13.93, a current ratio of 0.88 and a quick ratio of 0.88.

Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings data 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). The company had revenue of $3.79 billion for the quarter, compared to analyst estimates of $3.57 billion. Live Nation Entertainment had a return on equity of 45.92% and a net margin of 0.15%.The business’s revenue was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.32) earnings per share. On average, analysts expect that Live Nation Entertainment, Inc. will post 0.94 earnings per share for the current fiscal year.

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.