National Asset Management Inc. cut its holdings in Live Nation Entertainment, Inc. (NYSE:LYV – Get Rating) by 73.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,107 shares of the company’s stock after selling 8,453 shares during the quarter. National Asset Management Inc.’s holdings in Live Nation Entertainment were worth $366,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. AE Wealth Management LLC bought a new position in Live Nation Entertainment in the 4th quarter worth about $237,000. Regentatlantic Capital LLC bought a new position in Live Nation Entertainment in the 4th quarter worth about $383,000. Bessemer Group Inc. boosted its stake in Live Nation Entertainment by 69.8% in the 4th quarter. Bessemer Group Inc. now owns 11,136 shares of the company’s stock worth $1,333,000 after purchasing an additional 4,577 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in Live Nation Entertainment in the 4th quarter worth about $60,010,000. Finally, Steel Peak Wealth Management LLC bought a new position in Live Nation Entertainment in the 4th quarter worth about $1,602,000. 73.10% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of brokerages recently issued reports on LYV. Morgan Stanley dropped their price target on shares of Live Nation Entertainment from $115.00 to $110.00 and set an “equal weight” rating on the stock in a research note on Thursday, June 2nd. Benchmark initiated coverage on shares of Live Nation Entertainment in a research note on Monday, April 25th. They set a “buy” rating and a $135.00 target price on the stock. Rosenblatt Securities initiated coverage on shares of Live Nation Entertainment in a research note on Monday, April 25th. They set a “buy” rating and a $138.00 target price on the stock. Macquarie upgraded shares of Live Nation Entertainment from a “neutral” rating to an “outperform” rating and lowered their target price for the company from $117.00 to $105.00 in a research note on Tuesday, July 5th. Finally, William Blair restated an “outperform” rating on shares of Live Nation Entertainment in a research note on Friday, April 8th. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $119.90.
Insider Buying and Selling
In related news, CEO Michael Rapino sold 78,000 shares of the stock in a transaction that occurred on Wednesday, May 4th. The shares were sold at an average price of $96.63, for a total value of $7,537,140.00. Following the completion of the sale, the chief executive officer now directly owns 3,292,520 shares of the company’s stock, valued at approximately $318,156,207.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.01% of the stock is currently owned by insiders.
Live Nation Entertainment Stock Up 1.0 %
Shares of NYSE:LYV opened at $93.99 on Friday. The firm’s 50 day moving average price is $88.29 and its 200-day moving average price is $102.15. Live Nation Entertainment, Inc. has a twelve month low of $76.31 and a twelve month high of $127.75. The stock has a market capitalization of $21.44 billion, a PE ratio of -45.63 and a beta of 1.31.
Live Nation Entertainment (NYSE:LYV – Get Rating) last issued its quarterly earnings data on Thursday, May 5th. The company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.98) by $0.59. The business had revenue of $1.80 billion during the quarter, compared to the consensus estimate of $1.88 billion. Live Nation Entertainment’s revenue for the quarter was up 520.4% on a year-over-year basis. During the same quarter last year, the company earned ($1.44) EPS. Analysts expect that Live Nation Entertainment, Inc. will post 0.49 earnings per share for the current fiscal year.
Live Nation Entertainment Profile
Live Nation Entertainment, Inc operates as a live entertainment company. 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; operates and manages music venues; produces music festivals; creates associated content; and offers management and other services to artists.
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