Geode Capital Management LLC Grows Stock Position in Live Nation Entertainment, Inc. $LYV

Geode Capital Management LLC boosted its position in Live Nation Entertainment, Inc. (NYSE:LYV) by 0.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 4,301,900 shares of the company’s stock after purchasing an additional 20,165 shares during the period. Geode Capital Management LLC’s holdings in Live Nation Entertainment were worth $610,707,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Ameriflex Group Inc. boosted its holdings in shares of 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 acquiring an additional 84 shares during the period. Leonteq Securities AG bought a new position in shares of Live Nation Entertainment in the fourth quarter worth $25,000. Nvest Wealth Strategies Inc. bought a new position in shares of Live Nation Entertainment in the fourth quarter worth $26,000. Elyxium Wealth LLC bought a new position in shares of Live Nation Entertainment in the fourth quarter worth $30,000. Finally, KERR FINANCIAL PLANNING Corp bought a new position in shares of Live Nation Entertainment in the third quarter worth $41,000. 74.52% of the stock is owned by institutional investors.

Live Nation Entertainment Stock Performance

Shares of LYV opened at $168.34 on Friday. The stock has a 50-day moving average price of $159.65 and a 200-day moving average price of $150.59. The company has a market cap of $39.65 billion, a PE ratio of -95.11 and a beta of 1.11. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 13.93. Live Nation Entertainment, Inc. has a 12-month low of $125.34 and a 12-month high of $175.25.

Live Nation Entertainment (NYSE:LYV) last announced its earnings results on Tuesday, May 5th. The company reported ($1.85) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.35) by ($1.50). The company had revenue of $3.79 billion during the quarter, compared to analysts’ expectations of $3.57 billion. Live Nation Entertainment had a net margin of 0.15% and a return on equity of 45.92%. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.32) earnings per share. As a group, equities analysts forecast that Live Nation Entertainment, Inc. will post 1.13 earnings per share for the current fiscal year.

Insider Activity at Live Nation Entertainment

In other Live Nation Entertainment news, EVP John Hopmans sold 93,078 shares of Live Nation Entertainment stock in a transaction dated Thursday, May 7th. The stock was 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 of the company’s stock, valued at $31,345,878.57. The trade was a 33.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jeffrey T. Hinson sold 944 shares of Live Nation Entertainment stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $165.87, for a total value of $156,581.28. Following the sale, the director directly owned 48,030 shares of the company’s stock, valued at approximately $7,966,736.10. This trade represents a 1.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 157,798 shares of company stock valued at $26,088,615 over the last three months. 2.89% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on LYV. Zacks Research raised Live Nation Entertainment from a “strong sell” rating to a “hold” rating in a report on Friday, May 8th. The Goldman Sachs Group raised their price target on Live Nation Entertainment from $190.00 to $192.00 in a report on Wednesday, May 6th. Evercore reaffirmed an “outperform” rating and issued a $198.00 price target on shares of Live Nation Entertainment in a report on Friday, February 20th. UBS Group raised their price target on Live Nation Entertainment from $164.00 to $181.00 and gave the stock a “buy” rating in a report on Friday, February 20th. Finally, JPMorgan Chase & Co. raised their price target on Live Nation Entertainment from $178.00 to $180.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Twenty equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $187.75.

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.