Saudi Central Bank Raises Position in Live Nation Entertainment, Inc. $LYV

Saudi Central Bank lifted its position in Live Nation Entertainment, Inc. (NYSE:LYV) by 83.0% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 10,979 shares of the company’s stock after acquiring an additional 4,979 shares during the period. Saudi Central Bank’s holdings in Live Nation Entertainment were worth $2,010,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Nissay Asset Management Corp Japan grew its stake in Live Nation Entertainment by 0.3% during the 2nd quarter. Nissay Asset Management Corp Japan now owns 21,068 shares of the company’s stock worth $3,858,000 after buying an additional 66 shares during the last quarter. Vident Advisory LLC boosted its holdings in Live Nation Entertainment by 2.1% in the second quarter. Vident Advisory LLC now owns 3,622 shares of the company’s stock worth $548,000 after acquiring an additional 75 shares in the last quarter. Axxcess Wealth Management LLC grew its stake in shares of Live Nation Entertainment by 4.9% during the fourth quarter. Axxcess Wealth Management LLC now owns 1,602 shares of the company’s stock worth $228,000 after acquiring an additional 75 shares during the last quarter. Prairie Wealth Advisors Inc. increased its holdings in shares of Live Nation Entertainment by 5.0% during the third quarter. Prairie Wealth Advisors Inc. now owns 1,665 shares of the company’s stock valued at $272,000 after acquiring an additional 80 shares in the last quarter. Finally, Sumitomo Life Insurance Co. raised its position in shares of Live Nation Entertainment by 1.2% in the 4th quarter. Sumitomo Life Insurance Co. now owns 6,821 shares of the company’s stock valued at $972,000 after purchasing an additional 82 shares during the last quarter. Institutional investors own 74.52% of the company’s stock.

Analysts Set New Price Targets

LYV has been the topic of several research analyst reports. Wells Fargo & Company boosted their target price on shares of Live Nation Entertainment from $199.00 to $222.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. TD Cowen reiterated a “buy” rating on shares of Live Nation Entertainment in a research note on Monday, August 3rd. Guggenheim boosted their price objective on shares of Live Nation Entertainment from $197.00 to $218.00 and gave the company a “buy” rating in a report on Friday, July 31st. Morgan Stanley upped their target price on Live Nation Entertainment from $185.00 to $200.00 and gave the company an “overweight” rating in a research report on Wednesday, June 10th. Finally, The Goldman Sachs Group lifted their price target on Live Nation Entertainment from $192.00 to $202.00 and gave the stock a “buy” rating in a research report on Wednesday, July 8th. Twenty investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $197.19.

Insiders Place Their Bets

In other Live Nation Entertainment news, CAO Brian Capo sold 2,900 shares of Live Nation Entertainment stock in a transaction on Monday, August 24th. The shares were sold at an average price of $184.00, for a total value of $533,600.00. Following the completion of the transaction, the chief accounting officer owned 8,655 shares of the company’s stock, valued at approximately $1,592,520. The trade was a 25.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.89% of the company’s stock.

Live Nation Entertainment Trading Up 0.0%

Shares of NYSE:LYV opened at $173.51 on Tuesday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 8.25. Live Nation Entertainment, Inc. has a 12-month low of $125.34 and a 12-month high of $189.24. The business has a 50 day moving average of $181.51 and a two-hundred day moving average of $168.83. The company has a market capitalization of $40.88 billion, a PE ratio of -153.55 and a beta of 1.11.

Live Nation Entertainment (NYSE:LYV) last issued its quarterly earnings data on Thursday, July 30th. The company reported $1.05 EPS 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 business had revenue of $7.67 billion for the quarter, compared to analysts’ expectations of $7.56 billion. During the same quarter last year, the company earned $0.41 EPS. The business’s revenue was up 9.4% on a year-over-year basis. As a group, analysts forecast that Live Nation Entertainment, Inc. will post 1.1 EPS for the current 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.