Alliancebernstein L.P. Decreases Stock Holdings in Live Nation Entertainment, Inc. $LYV

Key Points

• Alliancebernstein L.P. has reduced its stake in Live Nation Entertainment, Inc. by 32.0%, selling 77,291 shares, and now holds approximately 164,616 shares valued at $21.5 million.
• Live Nation reported a net revenue of $7.01 billion for the last quarter, surpassing expectations, but missed EPS estimates, posting only $0.41 compared to a forecast of $1.08.
• Research analysts overwhelmingly rate Live Nation stock as a "Buy", with 18 analysts giving this rating and an average target price of $170.72.

Alliancebernstein L.P. decreased its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 32.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 164,616 shares of the company's stock after selling 77,291 shares during the period. Alliancebernstein L.P. owned approximately 0.07% of Live Nation Entertainment worth $21,496,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. Amundi boosted its stake in shares of Live Nation Entertainment by 1.3% during the 1st quarter. Amundi now owns 1,102,949 shares of the company's stock valued at $139,038,000 after purchasing an additional 13,659 shares in the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in shares of Live Nation Entertainment by 72.5% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 27,600 shares of the company's stock valued at $3,604,000 after purchasing an additional 11,600 shares in the last quarter. Retirement Planning Co of New England Inc. bought a new stake in shares of Live Nation Entertainment during the 1st quarter valued at about $672,000. MAI Capital Management boosted its stake in shares of Live Nation Entertainment by 60.1% during the 1st quarter. MAI Capital Management now owns 663 shares of the company's stock valued at $87,000 after purchasing an additional 249 shares in the last quarter. Finally, Night Squared LP bought a new stake in shares of Live Nation Entertainment during the 1st quarter valued at about $2,130,000. Institutional investors own 74.52% of the company's stock.

Live Nation Entertainment Stock Down 0.2%

Shares of NYSE LYV traded down $0.31 during midday trading on Friday, hitting $173.75. The stock had a trading volume of 1,408,354 shares, compared to its average volume of 1,740,465. The business's 50 day moving average is $157.02 and its 200-day moving average is $143.00. The company has a market cap of $40.74 billion, a P/E ratio of 75.22, a PEG ratio of 11.74 and a beta of 1.42. Live Nation Entertainment, Inc. has a 52 week low of $97.40 and a 52 week high of $175.25. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 5.38.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.67). The firm had revenue of $7.01 billion during the quarter, compared to the consensus estimate of $6.93 billion. Live Nation Entertainment had a return on equity of 105.85% and a net margin of 3.88%.The company's quarterly revenue was up 16.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.03 EPS. As a group, analysts predict that Live Nation Entertainment, Inc. will post 2.38 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Susquehanna set a $165.00 target price on shares of Live Nation Entertainment and gave the company a "positive" rating in a research note on Tuesday, June 10th. Benchmark boosted their price objective on shares of Live Nation Entertainment from $178.00 to $180.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Wolfe Research boosted their price objective on shares of Live Nation Entertainment from $160.00 to $168.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 10th. Citigroup boosted their price objective on shares of Live Nation Entertainment from $165.00 to $195.00 and gave the stock a "buy" rating in a research note on Tuesday. Finally, Morgan Stanley set a $180.00 price objective on shares of Live Nation Entertainment in a research note on Thursday, July 24th. Eighteen equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $170.72.

Live Nation Entertainment Company 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.