Coatue Management LLC Invests $41.25 Million in Live Nation Entertainment, Inc. (NYSE:LYV)

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Coatue Management LLC purchased a new position in shares of Live Nation Entertainment, Inc. (NYSE:LYV) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 930,591 shares of the company’s stock, valued at approximately $41,253,000.

Several other institutional investors and hedge funds have also modified their holdings of the company. Prestige Wealth Management Group LLC acquired a new stake in Live Nation Entertainment in the first quarter valued at approximately $31,000. Fifth Third Bancorp raised its holdings in Live Nation Entertainment by 2,960.9% in the first quarter. Fifth Third Bancorp now owns 704 shares of the company’s stock valued at $32,000 after acquiring an additional 681 shares in the last quarter. Schroder Investment Management Group acquired a new stake in Live Nation Entertainment in the first quarter valued at approximately $34,000. Creative Financial Designs Inc. ADV acquired a new stake in Live Nation Entertainment in the second quarter valued at approximately $34,000. Finally, Woodley Farra Manion Portfolio Management Inc. acquired a new stake in Live Nation Entertainment in the first quarter valued at approximately $46,000. 69.81% of the stock is currently owned by institutional investors and hedge funds.

Shares of LYV traded up $1.48 during mid-day trading on Friday, reaching $57.58. 2,563,200 shares of the company’s stock were exchanged, compared to its average volume of 2,268,786. The company has a debt-to-equity ratio of 7.07, a current ratio of 1.27 and a quick ratio of 1.27. The stock has a market capitalization of $12.51 billion, a PE ratio of -15.23 and a beta of 1.18. The business’s fifty day simple moving average is $50.87 and its 200-day simple moving average is $47.80. Live Nation Entertainment, Inc. has a 52-week low of $21.70 and a 52-week high of $76.60.

Live Nation Entertainment (NYSE:LYV) last announced its earnings results on Wednesday, August 5th. The company reported ($2.67) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.10) by ($0.57). Live Nation Entertainment had a negative return on equity of 61.92% and a negative net margin of 9.36%. During the same quarter in the previous year, the business earned $0.41 EPS. Equities research analysts predict that Live Nation Entertainment, Inc. will post -6.45 earnings per share for the current year.

LYV has been the topic of several analyst reports. ValuEngine raised shares of Live Nation Entertainment from a “buy” rating to a “strong-buy” rating in a report on Saturday. Citigroup raised their target price on shares of Live Nation Entertainment from $47.00 to $58.00 and gave the company a “neutral” rating in a report on Thursday. Zacks Investment Research raised shares of Live Nation Entertainment from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Finally, Berenberg Bank reissued a “hold” rating and set a $40.00 price objective on shares of Live Nation Entertainment in a report on Wednesday, August 12th. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $65.60.

About Live Nation Entertainment

Live Nation Entertainment, Inc operates as a live entertainment company. It operates through Concerts, Sponsorship & Advertising, and Ticketing segments. The Concerts segment promotes live music events in its owned or operated venues, and in rented third-party venues; operates and manages music venues; and produces music festivals and creates associated content.

Further Reading: Trade War

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Institutional Ownership by Quarter for Live Nation Entertainment (NYSE:LYV)

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