Park Avenue Securities LLC Decreases Stock Position in Live Nation Entertainment, Inc. (NYSE:LYV)

Park Avenue Securities LLC decreased its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 26.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,075 shares of the company’s stock after selling 755 shares during the quarter. Park Avenue Securities LLC’s holdings in Live Nation Entertainment were worth $227,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Czech National Bank grew its position in shares of Live Nation Entertainment by 17.5% during the 3rd quarter. Czech National Bank now owns 31,904 shares of the company’s stock worth $3,493,000 after buying an additional 4,761 shares in the last quarter. American National Bank & Trust acquired a new position in shares of Live Nation Entertainment during the third quarter valued at about $50,000. Sanctuary Advisors LLC purchased a new position in shares of Live Nation Entertainment in the second quarter worth $4,999,000. Coronation Fund Managers Ltd. grew its stake in Live Nation Entertainment by 48.3% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 51,187 shares of the company’s stock valued at $4,798,000 after purchasing an additional 16,668 shares during the last quarter. Finally, Quarry LP increased its holdings in Live Nation Entertainment by 119.7% in the 2nd quarter. Quarry LP now owns 1,714 shares of the company’s stock worth $161,000 after buying an additional 934 shares during the period. 74.52% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Live Nation Entertainment news, CEO Michael Rapino sold 98,849 shares of Live Nation Entertainment stock in a transaction dated 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 owns 3,702,115 shares in the company, valued at $360,956,212.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Michael Rowles sold 35,000 shares of the firm’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $97.64, for a total transaction of $3,417,400.00. Following the completion of the sale, the executive vice president now directly owns 167,447 shares of the company’s stock, valued at approximately $16,349,525.08. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Rapino sold 98,849 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $97.50, for a total transaction of $9,637,777.50. Following the completion of the sale, the chief executive officer now owns 3,702,115 shares in the company, valued at approximately $360,956,212.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 177,000 shares of company stock worth $17,238,181. 2.85% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on LYV shares. Deutsche Bank Aktiengesellschaft boosted their price target on Live Nation Entertainment from $121.00 to $122.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Bank of America assumed coverage on Live Nation Entertainment in a research report on Wednesday, September 4th. They set a “buy” rating and a $125.00 price objective on the stock. Oppenheimer raised their price objective on Live Nation Entertainment from $110.00 to $120.00 and gave the stock an “outperform” rating in a research report on Friday, September 6th. Benchmark reissued a “buy” rating and set a $132.00 target price on shares of Live Nation Entertainment in a research note on Tuesday, September 10th. Finally, Macquarie boosted their target price on Live Nation Entertainment from $125.00 to $130.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. One analyst has rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Live Nation Entertainment currently has an average rating of “Moderate Buy” and a consensus target price of $119.85.

Live Nation Entertainment Price Performance

Shares of NYSE LYV opened at $115.87 on Tuesday. The company has a debt-to-equity ratio of 9.22, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a fifty day moving average price of $100.76 and a 200 day moving average price of $96.84. Live Nation Entertainment, Inc. has a 1-year low of $76.48 and a 1-year high of $116.45. The company has a market cap of $26.62 billion, a PE ratio of 110.35, a P/E/G ratio of 2.65 and a beta of 1.35.

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

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.