Envestnet Asset Management Inc. Trims Stock Holdings in Live Nation Entertainment, Inc. (NYSE:LYV)

Envestnet Asset Management Inc. reduced its stake in Live Nation Entertainment, Inc. (NYSE:LYV) by 22.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 310,715 shares of the company’s stock after selling 91,769 shares during the period. Envestnet Asset Management Inc.’s holdings in Live Nation Entertainment were worth $29,126,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. YHB Investment Advisors Inc. purchased a new stake in Live Nation Entertainment during the first quarter worth about $32,000. Rise Advisors LLC increased its stake in Live Nation Entertainment by 90.3% during the first quarter. Rise Advisors LLC now owns 335 shares of the company’s stock worth $35,000 after purchasing an additional 159 shares during the period. Migdal Insurance & Financial Holdings Ltd. increased its stake in Live Nation Entertainment by 119.5% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 371 shares of the company’s stock worth $34,000 after purchasing an additional 202 shares during the period. Lindbrook Capital LLC increased its stake in Live Nation Entertainment by 44.1% during the first quarter. Lindbrook Capital LLC now owns 389 shares of the company’s stock worth $41,000 after purchasing an additional 119 shares during the period. Finally, UMB Bank n.a. increased its stake in Live Nation Entertainment by 67.4% during the second quarter. UMB Bank n.a. now owns 437 shares of the company’s stock worth $41,000 after purchasing an additional 176 shares during the period. 74.52% of the stock is currently owned by hedge funds and other institutional investors.

Live Nation Entertainment Stock Performance

Shares of LYV opened at $103.64 on Friday. The stock has a 50 day moving average price of $95.64 and a 200 day moving average price of $96.14. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 9.22. The company has a market capitalization of $23.81 billion, a price-to-earnings ratio of 98.70, a price-to-earnings-growth ratio of 2.29 and a beta of 1.34. Live Nation Entertainment, Inc. has a 52-week low of $76.48 and a 52-week high of $107.24.

Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.03). The firm had revenue of $6.02 billion during the quarter, compared to analyst estimates of $6.02 billion. Live Nation Entertainment had a net margin of 2.20% and a return on equity of 84.78%. Live Nation Entertainment’s revenue was up 7.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.02 earnings per share. Research analysts predict that Live Nation Entertainment, Inc. will post 1.21 EPS for the current fiscal year.

Insider Activity

In other news, CEO Michael Rapino sold 98,849 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $97.50, for a total value of $9,637,777.50. Following the completion of the sale, the chief executive officer now directly owns 3,702,115 shares of the company’s stock, valued at $360,956,212.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Jeffrey T. Hinson sold 1,500 shares of the stock in a transaction 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 completion of the sale, the director now directly owns 59,789 shares of the company’s stock, valued at $5,626,742.79. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael Rapino sold 98,849 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $97.50, for a total value of $9,637,777.50. Following the sale, the chief executive officer now directly owns 3,702,115 shares of the company’s stock, valued at $360,956,212.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 177,000 shares of company stock valued at $17,238,181. 2.85% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Oppenheimer boosted their price target on shares of Live Nation Entertainment from $110.00 to $120.00 and gave the stock an “outperform” rating in a research note on Friday, September 6th. JPMorgan Chase & Co. upped their target price on shares of Live Nation Entertainment from $116.00 to $118.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Macquarie restated an “outperform” rating and set a $125.00 target price on shares of Live Nation Entertainment in a research note on Wednesday, July 31st. Bank of America began coverage on shares of Live Nation Entertainment in a research note on Wednesday, September 4th. They set a “buy” rating and a $125.00 target price on the stock. Finally, Morgan Stanley restated an “overweight” rating and set a $120.00 target price on shares of Live Nation Entertainment in a research note on Wednesday, June 12th. Two research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $119.46.

About Live Nation Entertainment

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.