Shapiro Capital Management buys $223,748,723 stake in Live Nation Entertainment (LYV)

Live Nation Entertainment (LYV) : Shapiro Capital Management scooped up 576,213 additional shares in Live Nation Entertainment during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 12, 2016. The investment management firm now holds a total of 8,459,309 shares of Live Nation Entertainment which is valued at $223,748,723.Live Nation Entertainment makes up approximately 5.85% of Shapiro Capital Management’s portfolio.

Other Hedge Funds, Including , Harbor Spring Capital reduced its stake in LYV by selling 469,294 shares or 33.52% in the most recent quarter. The Hedge Fund company now holds 930,706 shares of LYV which is valued at $24,617,174. Live Nation Entertainment makes up approx 5.67% of Harbor Spring Capital’s portfolio.Airain Ltd reduced its stake in LYV by selling 6,047 shares or 22.28% in the most recent quarter. The Hedge Fund company now holds 21,089 shares of LYV which is valued at $559,491. Live Nation Entertainment makes up approx 0.03% of Airain Ltd’s portfolio.State Treasurer State Of Michigan boosted its stake in LYV in the latest quarter, The investment management firm added 400 additional shares and now holds a total of 58,600 shares of Live Nation Entertainment which is valued at $1,561,104. Live Nation Entertainment makes up approx 0.01% of State Treasurer State Of Michigan’s portfolio.Retirement Systems Of Alabama boosted its stake in LYV in the latest quarter, The investment management firm added 508 additional shares and now holds a total of 188,475 shares of Live Nation Entertainment which is valued at $4,902,235. Live Nation Entertainment makes up approx 0.03% of Retirement Systems Of Alabama’s portfolio. Nordea Investment Management Ab added LYV to its portfolio by purchasing 435,860 company shares during the most recent quarter which is valued at $10,953,162. Live Nation Entertainment makes up approx 0.03% of Nordea Investment Management Ab’s portfolio.

Live Nation Entertainment opened for trading at $26.29 and hit $26.62 on the upside on Monday, eventually ending the session at $26.5, with a gain of 1.11% or 0.29 points. The heightened volatility saw the trading volume jump to 8,47,741 shares. Company has a market cap of $5,382 M.

On the company’s financial health, Live Nation Entertainment reported $0.13 EPS for the quarter, beating the analyst consensus estimate by $ 0.08 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $0.05. The company had revenue of $2179.30 million for the quarter, compared to analysts expectations of $1878.33 million. The company’s revenue was up 23.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.06 EPS.

Many Wall Street Analysts have commented on Live Nation Entertainment. Live Nation Entertainment was Initiated by JP Morgan to “Overweight” on Aug 18, 2016.

Live Nation Entertainment Inc. (Live Nation) is a live entertainment company. The Company core businesses consist of the promotion of live events including ticketing sponsorship and advertising and artist management. The Company operates through four segments: segments are Concerts Ticketing Artist Nation and Sponsorship & Advertising. It connects around 519 million fans across its platforms in 33 countries. The Company is a producer of live music concerts around the world that connects nearly 59 million fans to almost 23000 events for over 2700 artists. The Concerts segment is involved in the global promotion of live music events. The Ticketing segment is primarily an agency business that sells tickets for events. The Artist Nation segment is a provider of management services to music artists. The Sponsorship & Advertising segment through a sales force creates and maintains relationships with sponsors to allow businesses to reach customers.

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