Bleakley Financial Group LLC Trims Stock Position in Live Nation Entertainment, Inc. (NYSE:LYV)

Bleakley Financial Group LLC lowered its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 67.7% in the 3rd quarter, Holdings Channel.com reports. The firm owned 9,879 shares of the company’s stock after selling 20,714 shares during the quarter. Bleakley Financial Group LLC’s holdings in Live Nation Entertainment were worth $1,082,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. lifted its stake in shares of Live Nation Entertainment by 119.5% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 371 shares of the company’s stock valued at $34,000 after buying an additional 202 shares in the last quarter. UMB Bank n.a. boosted its position in shares of Live Nation Entertainment by 67.4% during the second quarter. UMB Bank n.a. now owns 437 shares of the company’s stock valued at $41,000 after buying an additional 176 shares during the period. Family Firm Inc. purchased a new stake in shares of Live Nation Entertainment in the second quarter valued at approximately $42,000. American National Bank & Trust purchased a new stake in shares of Live Nation Entertainment in the third quarter valued at approximately $50,000. Finally, Brown Brothers Harriman & Co. raised its stake in Live Nation Entertainment by 1,738.3% in the second quarter. Brown Brothers Harriman & Co. now owns 1,103 shares of the company’s stock worth $103,000 after buying an additional 1,043 shares in the last quarter. 74.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on LYV. Roth Mkm upped their price target on Live Nation Entertainment from $120.00 to $132.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft upped their price target on Live Nation Entertainment from $121.00 to $122.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. boosted their price objective on shares of Live Nation Entertainment from $116.00 to $118.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Rosenblatt Securities reissued a “buy” rating and set a $123.00 price objective on shares of Live Nation Entertainment in a report on Thursday, August 15th. Finally, Macquarie boosted their price objective on shares of Live Nation Entertainment from $125.00 to $130.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. One investment analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $120.77.

Insider Transactions at Live Nation Entertainment

In other news, CEO Michael Rapino sold 98,849 shares of Live Nation Entertainment stock in a transaction on 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 directly owns 3,702,115 shares of the company’s stock, valued at approximately $360,956,212.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Michael Rapino sold 98,849 shares of Live Nation Entertainment stock in a transaction on 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 sale, the chief executive officer now directly owns 3,702,115 shares in the company, valued at $360,956,212.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Brian Capo sold 5,000 shares of Live Nation Entertainment stock in a transaction on Monday, August 19th. The stock was sold at an average price of $96.61, for a total transaction of $483,050.00. Following the sale, the chief accounting officer now owns 12,327 shares in the company, valued at $1,190,911.47. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 177,000 shares of company stock valued at $17,238,181. Insiders own 2.85% of the company’s stock.

Live Nation Entertainment Stock Performance

NYSE:LYV opened at $114.94 on Monday. The company has a debt-to-equity ratio of 9.22, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market capitalization of $26.41 billion, a P/E ratio of 109.47, a PEG ratio of 2.65 and a beta of 1.35. The company has a 50 day moving average price of $102.67 and a 200 day moving average price of $97.18. Live Nation Entertainment, Inc. has a fifty-two week low of $76.48 and a fifty-two week high of $116.57.

Live Nation Entertainment (NYSE:LYV) last issued 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). The business had revenue of $6.02 billion during the quarter, compared to analysts’ expectations of $6.02 billion. Live Nation Entertainment had a net margin of 2.20% and a return on equity of 84.78%. The business’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period in the prior year, the business earned $1.02 EPS. Equities research 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.