Live Nation Entertainment, Inc. (LYV) Shares Gap Down on Insider Selling

Shares of Live Nation Entertainment, Inc. (NYSE:LYV) gapped down before the market opened on Monday following insider selling activity. The stock had previously closed at $46.75, but opened at $45.34. Live Nation Entertainment shares last traded at $43.97, with a volume of 2483711 shares traded.

Specifically, EVP Michael Rowles sold 46,511 shares of the company’s stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $43.35, for a total value of $2,016,251.85. Following the completion of the transaction, the executive vice president now directly owns 192,054 shares in the company, valued at approximately $8,325,540.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Brian Capo sold 7,500 shares of the company’s stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $40.50, for a total value of $303,750.00. Following the completion of the transaction, the insider now owns 13,354 shares of the company’s stock, valued at $540,837. The disclosure for this sale can be found here. Insiders sold a total of 524,011 shares of company stock worth $23,506,002 over the last 90 days. Corporate insiders own 4.77% of the company’s stock.

A number of equities analysts have recently issued reports on the company. Macquarie reiterated a “buy” rating and issued a $48.00 price objective on shares of Live Nation Entertainment in a report on Sunday, November 5th. Zacks Investment Research upgraded Live Nation Entertainment from a “hold” rating to a “buy” rating and set a $48.00 price objective for the company in a report on Tuesday, October 24th. Jefferies Group LLC reiterated a “buy” rating and issued a $42.00 price objective on shares of Live Nation Entertainment in a report on Monday, October 16th. J P Morgan Chase & Co reiterated a “buy” rating on shares of Live Nation Entertainment in a report on Wednesday, October 18th. Finally, Stephens reiterated an “overweight” rating and issued a $44.00 price objective (up from $36.00) on shares of Live Nation Entertainment in a report on Thursday, August 10th. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $42.86.

The company has a market cap of $9,380.00, a price-to-earnings ratio of 2,267.00 and a beta of 1.06. The company has a debt-to-equity ratio of 1.39, a quick ratio of 1.11 and a current ratio of 1.11.

Live Nation Entertainment (NYSE:LYV) last issued its earnings results on Thursday, November 2nd. The company reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.02). The company had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $3.36 billion. Live Nation Entertainment had a net margin of 0.50% and a return on equity of 3.33%. The company’s revenue was up 12.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.49 earnings per share. equities research analysts anticipate that Live Nation Entertainment, Inc. will post 0.18 earnings per share for the current fiscal year.

A number of hedge funds have recently modified their holdings of LYV. Assetmark Inc. purchased a new stake in Live Nation Entertainment during the 3rd quarter valued at about $134,000. Massey Quick Simon & CO. LLC purchased a new stake in Live Nation Entertainment during the 3rd quarter valued at about $167,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Live Nation Entertainment by 9.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,321 shares of the company’s stock valued at $185,000 after acquiring an additional 445 shares during the period. Chevy Chase Trust Holdings Inc. purchased a new stake in Live Nation Entertainment during the 3rd quarter valued at about $209,000. Finally, NJ State Employees Deferred Compensation Plan purchased a new stake in Live Nation Entertainment during the 2nd quarter valued at about $210,000. Institutional investors own 68.67% of the company’s stock.

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Live Nation Entertainment Company Profile

Live Nation Entertainment, Inc is a live entertainment company. The Company’s businesses consist of the promotion of live events, including ticketing, sponsorship and advertising. Its segments include Concerts, Sponsorship & Advertising, Ticketing and Artist Nation. The Concerts segment is engaged in promotion of live music events in its owned or operated venues and in rented third-party venues; operation and management of music venues; production of music festivals, and creation of associated content.

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