Vernier Capital Partners Lp adds Live Nation Entertainment (LYV) to its portfolio

Live Nation Entertainment (LYV) : Vernier Capital Partners Lp added new position in Live Nation Entertainment during the most recent quarter end. The investment management firm now holds 1,072,595 shares of Live Nation Entertainment which is valued at $28,370,138 , the company said in a statement filed on Aug 15, 2016 with the SEC.Live Nation Entertainment makes up approximately 11.37% of Vernier Capital Partners Lp’s portfolio.

Other Hedge Funds, Including , Bluecrest Capital Management Ltd sold out all of its stake in LYV during the most recent quarter. The investment firm sold 8,316 shares of LYV which is valued $219,958.Group One Trading reduced its stake in LYV by selling 411 shares or 5.91% in the most recent quarter. The Hedge Fund company now holds 6,542 shares of LYV which is valued at $173,036. Live Nation Entertainment makes up approx 0.02% of Group One Trading’s portfolio.Teacher Retirement System Of Texas reduced its stake in LYV by selling 141 shares or 0.76% in the most recent quarter. The Hedge Fund company now holds 18,529 shares of LYV which is valued at $488,610. 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 $26.71 and hit $26.885 on the upside on Thursday, eventually ending the session at $26.77, with a gain of 0.19% or 0.05 points. The heightened volatility saw the trading volume jump to 6,78,393 shares. Company has a market cap of $5,437 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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