Live Nation Entertainment, Inc. (LYV): Are Hedge Funds Right About This Stock?

Judging by the fact that Live Nation Entertainment, Inc. (NYSE:LYV) has faced bearish sentiment from the aggregate hedge fund industry, it’s easy to see that there were a few hedge funds who sold off their full holdings heading into Q4. At the top of the heap, Amit Nitin Doshi’s Harbor Spring Capital dropped the largest position of all the hedgies followed by Insider Monkey, comprising close to $21.9 million in stock. Matthew Tewksbury’s fund, Stevens Capital Management, also cut its stock, about $3.5 million worth. These moves are interesting, as total hedge fund interest was cut by 1 fund heading into Q4.

Let’s now take a look at hedge fund activity in other stocks similar to Live Nation Entertainment, Inc. (NYSE:LYV). We will take a look at Banco Bradesco SA (ADR) (NYSE:BBD), Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY), Envision Healthcare Holdings Inc (NYSE:EVHC), and WellCare Health Plans, Inc. (NYSE:WCG). All of these stocks’ market caps resemble LYV’s market cap.

As you can see these stocks had an average of 26 hedge funds with bullish positions and the average amount invested in these stocks was $521 million. That figure was $495 million in LYV’s case. Envision Healthcare Holdings Inc (NYSE:EVHC) is the most popular stock in this table. On the other hand Banco Bradesco SA (ADR) (NYSE:BBD) is the least popular one with only 13 bullish hedge fund positions. Live Nation Entertainment, Inc. (NYSE:LYV) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that a lot of hedge funds like. In this regard EVHC might be a better candidate to consider a long position in.

Disclosure: None