Commonwealth Equity Services LLC Reduces Position in Live Nation Entertainment, Inc. (NYSE:LYV)

Commonwealth Equity Services LLC lessened its position in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 20.0% during the second quarter, HoldingsChannel reports. The institutional investor owned 10,440 shares of the company’s stock after selling 2,609 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Live Nation Entertainment were worth $979,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in LYV. YHB Investment Advisors Inc. purchased a new position in shares of Live Nation Entertainment in the 1st quarter valued at approximately $32,000. Migdal Insurance & Financial Holdings Ltd. grew its stake in shares of Live Nation Entertainment by 119.5% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 371 shares of the company’s stock valued at $34,000 after purchasing an additional 202 shares during the last quarter. Rise Advisors LLC grew its stake in shares of Live Nation Entertainment by 90.3% in the 1st quarter. Rise Advisors LLC now owns 335 shares of the company’s stock valued at $35,000 after purchasing an additional 159 shares during the last quarter. Lindbrook Capital LLC grew its stake in shares of Live Nation Entertainment by 44.1% in the 1st quarter. Lindbrook Capital LLC now owns 389 shares of the company’s stock valued at $41,000 after purchasing an additional 119 shares during the last quarter. Finally, UMB Bank n.a. grew its stake in shares of Live Nation Entertainment by 67.4% in the 2nd quarter. UMB Bank n.a. now owns 437 shares of the company’s stock valued at $41,000 after purchasing an additional 176 shares during the last quarter. Hedge funds and other institutional investors own 74.52% of the company’s stock.

Insider Transactions at Live Nation Entertainment

In other news, CAO Brian Capo sold 5,000 shares of the company’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $96.61, for a total value of $483,050.00. Following the completion of the sale, the chief accounting officer now owns 12,327 shares of the company’s stock, valued at $1,190,911.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Jeffrey T. Hinson sold 1,500 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $94.11, for a total transaction of $141,165.00. Following the sale, the director now directly owns 59,789 shares in the company, valued at approximately $5,626,742.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Brian Capo sold 5,000 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $96.61, for a total value of $483,050.00. Following the completion of the transaction, the chief accounting officer now directly owns 12,327 shares of the company’s stock, valued at $1,190,911.47. The disclosure for this sale can be found here. Insiders sold 177,000 shares of company stock valued at $17,238,181 over the last quarter. Company insiders own 2.85% of the company’s stock.

Analyst Ratings Changes

LYV has been the topic of a number of analyst reports. Northcoast Research downgraded Live Nation Entertainment from a “buy” rating to a “neutral” rating in a research note on Tuesday, May 28th. Rosenblatt Securities restated a “buy” rating and issued a $123.00 price target on shares of Live Nation Entertainment in a research note on Thursday, August 15th. JPMorgan Chase & Co. lifted their price objective on Live Nation Entertainment from $116.00 to $118.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft lifted their price objective on Live Nation Entertainment from $121.00 to $122.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, Roth Mkm reaffirmed a “buy” rating and set a $120.00 price objective on shares of Live Nation Entertainment in a report on Friday, May 24th. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $119.46.

Live Nation Entertainment Price Performance

Shares of NYSE:LYV opened at $102.92 on Wednesday. The company has a market cap of $23.65 billion, a P/E ratio of 98.02, a P/E/G ratio of 2.29 and a beta of 1.34. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 9.22. Live Nation Entertainment, Inc. has a 52 week low of $76.48 and a 52 week high of $107.24. The business has a fifty day simple moving average of $95.03 and a 200-day simple moving average of $95.97.

Live Nation Entertainment (NYSE:LYV) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $1.03 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.03). Live Nation Entertainment had a net margin of 2.20% and a return on equity of 84.78%. The business had revenue of $6.02 billion during the quarter, compared to analysts’ expectations of $6.02 billion. During the same period in the prior year, the firm earned $1.02 EPS. Live Nation Entertainment’s revenue for the quarter was up 7.0% on a year-over-year basis. Equities research analysts forecast that Live Nation Entertainment, Inc. will post 1.21 EPS for the current year.

Live Nation Entertainment Profile

Live Nation Entertainment, Inc operates as a live entertainment company worldwide. 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. This segment operates and manages music venues; produces music festivals; creates and streams associated content; and offers management and other services to artists.