Retirement Systems of Alabama Grows Position in Live Nation Entertainment, Inc. (NYSE:LYV)

Retirement Systems of Alabama raised its position in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 8.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,119 shares of the company’s stock after acquiring an additional 2,697 shares during the period. Retirement Systems of Alabama’s holdings in Live Nation Entertainment were worth $3,736,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Frank Rimerman Advisors LLC purchased a new stake in Live Nation Entertainment during the second quarter valued at $748,000. Select Equity Group L.P. raised its position in shares of 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 bought a new position in shares of Live Nation Entertainment in the 2nd quarter valued at about $3,985,000. Czech National Bank grew its position in Live Nation Entertainment by 17.5% in 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 in the last quarter. Finally, Coronation Fund Managers Ltd. increased 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 worth $4,798,000 after acquiring an additional 16,668 shares during the last quarter. 74.52% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

LYV has been the subject of a number of recent research reports. StockNews.com upgraded Live Nation Entertainment from a “sell” rating to a “hold” rating in a report on Wednesday, November 20th. Evercore ISI increased their target price on shares of Live Nation Entertainment from $110.00 to $150.00 and gave the company an “outperform” rating in a research note on Tuesday, November 12th. Oppenheimer lifted their price target on shares of Live Nation Entertainment from $120.00 to $155.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 12th. TD Cowen raised their price objective on shares of Live Nation Entertainment from $108.00 to $145.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Finally, JPMorgan Chase & Co. boosted their target price on Live Nation Entertainment from $137.00 to $150.00 and gave the company an “overweight” rating in a research report on Thursday, December 12th. Two research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $145.40.

Live Nation Entertainment Price Performance

Shares of LYV opened at $132.19 on Friday. The stock has a market capitalization of $30.71 billion, a PE ratio of 140.63, a PEG ratio of 3.65 and a beta of 1.37. The company has a 50 day moving average price of $127.65 and a 200-day moving average price of $107.49. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.01 and a current ratio of 1.01. Live Nation Entertainment, Inc. has a fifty-two week low of $86.67 and a fifty-two week high of $141.18.

Live Nation Entertainment (NYSE:LYV) last announced its quarterly earnings results on Monday, November 11th. The company reported $1.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.08. Live Nation Entertainment had a return on equity of 77.62% and a net margin of 2.11%. The business had revenue of $7.65 billion for the quarter, compared to the consensus estimate of $7.75 billion. During the same period last year, the business posted $1.78 EPS. The business’s revenue was down 6.2% compared to the same quarter last year. Equities analysts predict that Live Nation Entertainment, Inc. will post 1.04 earnings per share 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.