Barings LLC cut its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 63.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,700 shares of the company’s stock after selling 6,300 shares during the quarter. Barings LLC’s holdings in Live Nation Entertainment were worth $202,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. NumerixS Investment Technologies Inc boosted its stake in Live Nation Entertainment by 130.8% during the second quarter. NumerixS Investment Technologies Inc now owns 4,171 shares of the company’s stock worth $203,000 after acquiring an additional 2,364 shares in the last quarter. Pinnacle Associates Ltd. bought a new position in shares of Live Nation Entertainment in the second quarter valued at $205,000. Santa Monica Partners LP bought a new position in shares of Live Nation Entertainment in the second quarter valued at $228,000. Hartford Investment Management Co. bought a new position in shares of Live Nation Entertainment in the second quarter valued at $239,000. Finally, IFM Investors Pty Ltd bought a new position in shares of Live Nation Entertainment in the second quarter valued at $258,000. 69.56% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have weighed in on the stock. ValuEngine lowered shares of Live Nation Entertainment from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 28th. Stephens set a $60.00 price objective on shares of Live Nation Entertainment and gave the company a “buy” rating in a research note on Friday, July 27th. They noted that the move was a valuation call. Northcoast Research lowered shares of Live Nation Entertainment from a “buy” rating to a “neutral” rating in a research note on Tuesday, July 17th. Guggenheim reaffirmed a “buy” rating and issued a $55.00 price objective on shares of Live Nation Entertainment in a research note on Friday, July 13th. Finally, Jefferies Financial Group raised their price objective on shares of Live Nation Entertainment from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, July 27th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $56.79.
Live Nation Entertainment stock opened at $55.13 on Tuesday. Live Nation Entertainment, Inc. has a 1-year low of $35.94 and a 1-year high of $58.26. The firm has a market capitalization of $11.47 billion, a price-to-earnings ratio of -114.85 and a beta of 0.99. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.08 and a current ratio of 1.08.
Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings data on Thursday, November 1st. The company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.06. The business had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the business posted $0.53 earnings per share. The firm’s quarterly revenue was up 11.5% on a year-over-year basis. Equities research analysts predict that Live Nation Entertainment, Inc. will post 0.01 EPS for the current year.
In other news, President Joe Berchtold sold 40,000 shares of the stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $49.48, for a total value of $1,979,200.00. Following the completion of the sale, the president now owns 148,409 shares in the company, valued at $7,343,277.32. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Elizabeth Kathleen Willard sold 20,000 shares of the stock in a transaction dated Wednesday, August 8th. The shares were sold at an average price of $49.44, for a total transaction of $988,800.00. Following the completion of the sale, the chief financial officer now owns 299,338 shares of the company’s stock, valued at approximately $14,799,270.72. The disclosure for this sale can be found here. In the last quarter, insiders sold 247,000 shares of company stock valued at $12,186,490. 5.19% of the stock is currently owned by corporate insiders.
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About Live Nation Entertainment
Live Nation Entertainment, Inc operates as a live entertainment company. It operates through Concerts, Sponsorship & Advertising, and Ticketing segments. The Concerts segment promotes live music events in its owned and/or operated venues, and in rented third-party venues; operates and manages music venues; and produces music festivals and creates associated content.
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