Primecap Management Co. CA Has $75.29 Million Stock Holdings in Live Nation Entertainment, Inc. (NYSE:LYV)

Primecap Management Co. CA trimmed its position in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 1.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 803,150 shares of the company’s stock after selling 8,495 shares during the quarter. Primecap Management Co. CA owned approximately 0.35% of Live Nation Entertainment worth $75,287,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. MSA Advisors LLC boosted its stake in shares of Live Nation Entertainment by 14.8% during the second quarter. MSA Advisors LLC now owns 184,705 shares of the company’s stock valued at $17,314,000 after purchasing an additional 23,800 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Live Nation Entertainment by 6.1% during the second quarter. Dimensional Fund Advisors LP now owns 894,019 shares of the company’s stock valued at $83,780,000 after purchasing an additional 51,397 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Live Nation Entertainment by 85.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 1,038,285 shares of the company’s stock worth $97,329,000 after acquiring an additional 476,981 shares during the last quarter. Brown Brothers Harriman & Co. raised its position in shares of Live Nation Entertainment by 1,738.3% during the second quarter. Brown Brothers Harriman & Co. now owns 1,103 shares of the company’s stock worth $103,000 after acquiring an additional 1,043 shares during the last quarter. Finally, Quilter Plc bought a new position in shares of Live Nation Entertainment during the second quarter worth about $586,000. 74.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on LYV shares. JPMorgan Chase & Co. raised their price objective on Live Nation Entertainment from $116.00 to $118.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Roth Mkm restated a “buy” rating and set a $120.00 price objective on shares of Live Nation Entertainment in a research report on Friday, May 24th. Morgan Stanley restated an “overweight” rating and set a $120.00 price objective on shares of Live Nation Entertainment in a research report on Wednesday, June 12th. Northcoast Research downgraded Live Nation Entertainment from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 28th. Finally, Bank of America began coverage on Live Nation Entertainment in a research report on Wednesday, September 4th. They set a “buy” rating and a $125.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Live Nation Entertainment has an average rating of “Moderate Buy” and an average price target of $119.46.

Live Nation Entertainment Trading Up 1.4 %

NYSE LYV opened at $102.92 on Wednesday. The company has a market cap of $23.65 billion, a price-to-earnings ratio of 98.02, a P/E/G ratio of 2.29 and a beta of 1.34. Live Nation Entertainment, Inc. has a 52 week low of $76.48 and a 52 week high of $107.24. The business has a 50 day moving average price of $95.03 and a 200-day moving average price of $95.97. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 9.22.

Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings data on Tuesday, July 30th. The company reported $1.03 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.03). The firm had revenue of $6.02 billion for the quarter, compared to the consensus estimate of $6.02 billion. Live Nation Entertainment had a net margin of 2.20% and a return on equity of 84.78%. The company’s revenue was up 7.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.02 EPS. As a group, equities analysts expect that Live Nation Entertainment, Inc. will post 1.21 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Michael Rapino sold 98,849 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $97.50, for a total transaction of $9,637,777.50. Following the completion of the sale, the chief executive officer now owns 3,702,115 shares in the company, valued at $360,956,212.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Michael Rapino sold 98,849 shares of Live Nation Entertainment stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $97.50, for a total transaction of $9,637,777.50. Following the transaction, the chief executive officer now owns 3,702,115 shares of the company’s stock, valued at $360,956,212.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Brian Capo sold 5,000 shares of Live Nation Entertainment stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $96.61, for a total value of $483,050.00. Following the transaction, the chief accounting officer now directly owns 12,327 shares in the company, valued at approximately $1,190,911.47. The disclosure for this sale can be found here. Insiders sold a total of 177,000 shares of company stock worth $17,238,181 over the last quarter. 2.85% of the stock is currently owned by corporate insiders.

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.