ValueAct Holdings L.P. Makes New $111.09 Million Investment in Live Nation Entertainment, Inc. (NYSE:LYV)

ValueAct Holdings L.P. bought a new position in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 1,014,650 shares of the company's stock, valued at approximately $111,094,000. Live Nation Entertainment accounts for about 2.5% of ValueAct Holdings L.P.'s holdings, making the stock its 8th largest holding. ValueAct Holdings L.P. owned about 0.44% of Live Nation Entertainment at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Frank Rimerman Advisors LLC bought a new stake in Live Nation Entertainment during the 2nd quarter valued at approximately $748,000. Select Equity Group L.P. grew its holdings in Live Nation Entertainment by 12.3% during the 2nd quarter. Select Equity Group L.P. now owns 12,940,613 shares of the company's stock valued at $1,213,053,000 after buying an additional 1,415,173 shares in the last quarter. Davidson Kempner Capital Management LP purchased a new position in shares of Live Nation Entertainment in the second quarter worth $3,985,000. Czech National Bank boosted its position in shares of Live Nation Entertainment by 17.5% during the third quarter. Czech National Bank now owns 31,904 shares of the company's stock worth $3,493,000 after acquiring an additional 4,761 shares during the last quarter. Finally, Coronation Fund Managers Ltd. grew its stake in Live Nation Entertainment by 48.3% during the second quarter. Coronation Fund Managers Ltd. now owns 51,187 shares of the company's stock valued at $4,798,000 after acquiring an additional 16,668 shares in the last quarter. 74.52% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on LYV. Rosenblatt Securities reissued a "buy" rating and set a $123.00 price objective on shares of Live Nation Entertainment in a report on Thursday, August 15th. Roth Mkm increased their price target on Live Nation Entertainment from $120.00 to $132.00 and gave the company a "buy" rating in a research note on Wednesday, October 16th. Citigroup lifted their price objective on Live Nation Entertainment from $130.00 to $163.00 and gave the stock a "buy" rating in a research note on Wednesday, November 20th. TD Cowen increased their target price on Live Nation Entertainment from $108.00 to $145.00 and gave the company a "buy" rating in a research report on Tuesday, November 12th. Finally, Guggenheim boosted their price target on shares of Live Nation Entertainment from $146.00 to $155.00 and gave the stock a "buy" rating in a research report on Wednesday. Two research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $142.13.

Insiders Place Their Bets

In other news, CEO Michael Rapino sold 98,849 shares of the company's stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $97.50, for a total value of $9,637,777.50. Following the sale, the chief executive officer now owns 3,702,115 shares in the company, valued at $360,956,212.50. This represents a 2.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Joe Berchtold sold 29,310 shares of the business's stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $97.50, for a total value of $2,857,725.00. Following the completion of the transaction, the chief financial officer now directly owns 566,722 shares of the company's stock, valued at $55,255,395. The trade was a 4.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 168,799 shares of company stock valued at $16,449,718. 2.72% of the stock is owned by insiders.

Live Nation Entertainment Stock Performance

Shares of LYV traded up $2.09 during trading hours on Friday, reaching $136.76. 2,142,263 shares of the company traded hands, compared to its average volume of 3,003,626. The stock has a market capitalization of $31.78 billion, a P/E ratio of 145.49, a P/E/G ratio of 3.45 and a beta of 1.37. 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 business has a fifty day moving average price of $123.33 and a 200-day moving average price of $105.11. Live Nation Entertainment, Inc. has a 12-month low of $82.25 and a 12-month high of $141.18.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last announced its quarterly earnings data on Monday, November 11th. The company reported $1.66 earnings per share for the quarter, beating analysts' consensus estimates of $1.58 by $0.08. The business had revenue of $7.65 billion for the quarter, compared to analyst estimates of $7.75 billion. Live Nation Entertainment had a return on equity of 77.62% and a net margin of 2.11%. The company's revenue was down 6.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.78 earnings per share. Equities analysts anticipate that Live Nation Entertainment, Inc. will post 1.04 EPS for the current fiscal year.

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.