Illinois Municipal Retirement Fund Makes New $720,000 Investment in Live Nation Entertainment, Inc. (NYSE:LYV)

Illinois Municipal Retirement Fund bought a new position in shares of Live Nation Entertainment, Inc. (NYSE:LYV) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,513 shares of the company’s stock, valued at approximately $720,000.

A number of other hedge funds also recently bought and sold shares of the stock. Smartleaf Asset Management LLC lifted its holdings in Live Nation Entertainment by 17.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 493 shares of the company’s stock worth $65,000 after buying an additional 75 shares during the period. Utah Retirement Systems lifted its holdings in shares of Live Nation Entertainment by 0.4% during the 4th quarter. Utah Retirement Systems now owns 26,195 shares of the company’s stock valued at $3,392,000 after purchasing an additional 100 shares during the last quarter. BTC Capital Management Inc. lifted its holdings in shares of Live Nation Entertainment by 2.7% during the 1st quarter. BTC Capital Management Inc. now owns 4,475 shares of the company’s stock valued at $584,000 after purchasing an additional 117 shares during the last quarter. Nissay Asset Management Corp Japan ADV lifted its holdings in shares of Live Nation Entertainment by 0.7% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 19,408 shares of the company’s stock valued at $2,559,000 after purchasing an additional 143 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Live Nation Entertainment by 4.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 3,728 shares of the company’s stock valued at $487,000 after purchasing an additional 154 shares during the last quarter. Hedge funds and other institutional investors own 74.52% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on LYV shares. Roth Mkm decreased their price objective on Live Nation Entertainment from $174.00 to $164.00 and set a “buy” rating for the company in a report on Friday, May 2nd. Guggenheim reiterated a “buy” rating and set a $170.00 price objective on shares of Live Nation Entertainment in a report on Wednesday, June 18th. Sanford C. Bernstein started coverage on Live Nation Entertainment in a report on Wednesday, June 4th. They set an “outperform” rating and a $185.00 price objective for the company. Susquehanna set a $165.00 price objective on Live Nation Entertainment and gave the company a “positive” rating in a report on Tuesday, June 10th. Finally, Macquarie upped their target price on Live Nation Entertainment from $146.00 to $165.00 and gave the company an “outperform” rating in a research report on Thursday, March 6th. One investment analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $165.24.

Live Nation Entertainment Price Performance

Shares of LYV opened at $149.15 on Thursday. The business’s 50-day moving average is $141.88 and its two-hundred day moving average is $136.86. The company has a market capitalization of $34.57 billion, a P/E ratio of 50.90, a P/E/G ratio of 5.81 and a beta of 1.45. The company has a debt-to-equity ratio of 7.43, a quick ratio of 0.96 and a current ratio of 0.96. Live Nation Entertainment, Inc. has a fifty-two week low of $87.33 and a fifty-two week high of $157.75.

Live Nation Entertainment (NYSE:LYV) last announced its quarterly earnings results on Thursday, May 1st. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.29). The company had revenue of $3.38 billion for the quarter, compared to analyst estimates of $3.63 billion. Live Nation Entertainment had a return on equity of 125.77% and a net margin of 4.28%. Live Nation Entertainment’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.60 earnings per share. Research analysts predict that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current year.

Insiders Place Their Bets

In other Live Nation Entertainment news, EVP John Hopmans sold 34,808 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $147.38, for a total transaction of $5,130,003.04. Following the sale, the executive vice president directly owned 189,456 shares of the company’s stock, valued at approximately $27,922,025.28. This trade represents a 15.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.01% 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.