KLP Kapitalforvaltning AS Purchases New Shares in Live Nation Entertainment, Inc. (NYSE:LYV)

KLP Kapitalforvaltning AS acquired a new stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV) during the fourth quarter, Holdings Channel.com reports. The firm acquired 52,200 shares of the company’s stock, valued at approximately $6,760,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Smartleaf Asset Management LLC raised its position in Live Nation Entertainment by 17.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 493 shares of the company’s stock worth $65,000 after purchasing an additional 75 shares during the period. SOA Wealth Advisors LLC. raised its holdings in shares of Live Nation Entertainment by 19.0% in the fourth quarter. SOA Wealth Advisors LLC. now owns 500 shares of the company’s stock worth $65,000 after buying an additional 80 shares during the period. Western Pacific Wealth Management LP lifted its stake in shares of Live Nation Entertainment by 10.4% during the 4th quarter. Western Pacific Wealth Management LP now owns 867 shares of the company’s stock worth $112,000 after acquiring an additional 82 shares during the last quarter. UMB Bank n.a. lifted its stake in shares of Live Nation Entertainment by 21.2% during the 4th quarter. UMB Bank n.a. now owns 532 shares of the company’s stock worth $69,000 after acquiring an additional 93 shares during the last quarter. Finally, Gilbert & Cook Inc. boosted its holdings in Live Nation Entertainment by 1.7% during the 4th quarter. Gilbert & Cook Inc. now owns 5,463 shares of the company’s stock valued at $707,000 after acquiring an additional 93 shares during the period. Hedge funds and other institutional investors own 74.52% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on LYV. Benchmark reiterated a “buy” rating and set a $160.00 target price on shares of Live Nation Entertainment in a research report on Thursday, February 20th. Bank of America lifted their price objective on shares of Live Nation Entertainment from $149.00 to $175.00 and gave the company a “buy” rating in a report on Monday, February 24th. Rosenblatt Securities reaffirmed a “buy” rating and set a $146.00 target price on shares of Live Nation Entertainment in a research report on Tuesday, February 18th. JPMorgan Chase & Co. boosted their price target on Live Nation Entertainment from $150.00 to $170.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Finally, Guggenheim raised their price objective on Live Nation Entertainment from $146.00 to $155.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Two equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $157.27.

Live Nation Entertainment Price Performance

Shares of LYV stock opened at $127.15 on Wednesday. The stock’s 50-day moving average is $138.58 and its 200 day moving average is $128.19. Live Nation Entertainment, Inc. has a 1-year low of $86.81 and a 1-year high of $157.75. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market cap of $29.68 billion, a P/E ratio of 46.75, a PEG ratio of 1.81 and a beta of 1.38.

Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings results on Thursday, February 27th. The company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.93) by $1.49. Live Nation Entertainment had a net margin of 3.90% and a return on equity of 139.09%. The business had revenue of $5.68 billion for the quarter, compared to analysts’ expectations of $5.67 billion. Research analysts predict that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Michael Rowles sold 63,136 shares of Live Nation Entertainment stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $155.40, for a total transaction of $9,811,334.40. Following the completion of the sale, the executive vice president now owns 195,346 shares of the company’s stock, valued at $30,356,768.40. The trade was a 24.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Brian Capo sold 5,066 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $123.24, for a total transaction of $624,333.84. Following the completion of the transaction, the chief accounting officer now owns 10,549 shares in the company, valued at approximately $1,300,058.76. This trade represents a 32.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 68,702 shares of company stock worth $10,497,143 in the last three months. Corporate insiders own 2.72% of the company’s stock.

About Live Nation Entertainment

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.