5 Best Entertainment Stocks To Buy In 2023

4. Live Nation Entertainment, Inc. (NYSE:LYV)

Number of Hedge Fund Holders: 43

Live Nation Entertainment, Inc. (NYSE:LYV) is a live entertainment company that operates through Concerts, Ticketing, and Sponsorship & Advertising segments. It is one of the best entertainment stocks to watch. The company’s Q4 revenue of $4.29 billion climbed 58.9% on a year-over-year basis, beating Wall Street estimates by $680 million.

On March 22, Eric Handler, an analyst at Roth MKM, started coverage of Live Nation Entertainment, Inc. (NYSE:LYV) with a Neutral rating and a $72 price target. The analyst acknowledged that the live events industry is enjoying positive trends and that Live Nation Entertainment, Inc. (NYSE:LYV) has ample potential for global expansion, which could result in a compound annual growth rate of 10% for operating income over the next four years, leading to more than $4 billion in free cash flow. However, the firm cautioned that in the short term, there may be limited capital appreciation for Live Nation Entertainment, Inc. (NYSE:LYV) shares, as it is concerned about economic pressures that could affect consumer spending in the latter half of 2023, as well as potential government intervention that could impact the company.

According to Insider Monkey’s fourth quarter database, 43 hedge funds were long Live Nation Entertainment, Inc. (NYSE:LYV), compared to 48 funds in the earlier quarter. Select Equity Group is the largest stakeholder of the company, with 10.65 million shares worth $742.7 million. 

Here is what Carillon Tower Advisers specifically said about Live Nation Entertainment, Inc. (NYSE:LYV) in its Q2 2022 investor letter:

“Live Nation Entertainment, Inc. (NYSE:LYV) fell as economic worries gathered during the quarter and as a new wave of the pandemic gained steam. As this company also promotes concerts and shows in Europe and Latin America, economic worries in these regions may have weighed on sentiment. We are encouraged by very strong pent-up demand potential for concerts and shows following the pandemic.”