Ameriprise Financial Inc. Lowers Stock Position in Live Nation Entertainment, Inc. (NYSE:LYV)

Ameriprise Financial Inc. trimmed its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 99.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 83,832 shares of the company's stock after selling 10,491,228 shares during the period. Ameriprise Financial Inc.'s holdings in Live Nation Entertainment were worth $10,856,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Canada Pension Plan Investment Board grew its holdings in Live Nation Entertainment by 0.5% during the 4th quarter. Canada Pension Plan Investment Board now owns 8,650,015 shares of the company's stock valued at $1,120,177,000 after buying an additional 44,703 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Live Nation Entertainment by 1.5% during the 4th quarter. Principal Financial Group Inc. now owns 7,302,199 shares of the company's stock valued at $945,635,000 after buying an additional 105,648 shares in the last quarter. Independent Franchise Partners LLP grew its holdings in Live Nation Entertainment by 207.6% during the 4th quarter. Independent Franchise Partners LLP now owns 4,693,986 shares of the company's stock valued at $607,871,000 after buying an additional 3,168,210 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Live Nation Entertainment by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 3,871,850 shares of the company's stock valued at $500,107,000 after acquiring an additional 108,293 shares during the last quarter. Finally, Jericho Capital Asset Management L.P. grew its holdings in shares of Live Nation Entertainment by 32.0% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,208,082 shares of the company's stock worth $415,447,000 after purchasing an additional 777,105 shares in the last quarter. 74.52% of the stock is currently owned by institutional investors.

Insider Activity at Live Nation Entertainment

In other Live Nation Entertainment news, EVP Michael Rowles sold 63,136 shares of the firm's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $155.40, for a total value of $9,811,334.40. Following the transaction, the executive vice president now directly owns 195,346 shares of the company's stock, valued at approximately $30,356,768.40. This trade represents a 24.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jeffrey T. Hinson sold 500 shares of the firm's stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $122.95, for a total value of $61,475.00. Following the completion of the transaction, the director now directly owns 52,624 shares in the company, valued at $6,470,120.80. The trade was a 0.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 103,510 shares of company stock valued at $15,627,146 over the last ninety days. Insiders own 3.01% of the company's stock.

Live Nation Entertainment Stock Up 0.1%

Shares of NYSE LYV traded up $0.13 during trading on Thursday, reaching $144.30. The company had a trading volume of 1,844,884 shares, compared to its average volume of 2,245,634. Live Nation Entertainment, Inc. has a 12-month low of $86.81 and a 12-month high of $157.75. The stock has a market cap of $33.44 billion, a PE ratio of 53.05, a P/E/G ratio of 1.81 and a beta of 1.47. The business's 50-day moving average is $131.03 and its 200 day moving average is $134.48. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 6.10.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.29). Live Nation Entertainment had a net margin of 3.90% and a return on equity of 139.09%. The business had revenue of $3.38 billion for the quarter, compared to analysts' expectations of $3.63 billion. During the same period last year, the business earned $0.60 earnings per share. The company's quarterly revenue was down 11.0% on a year-over-year basis. As a group, equities analysts forecast that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on LYV shares. Rosenblatt Securities lowered their price objective on Live Nation Entertainment from $174.00 to $170.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Macquarie upped their target price on Live Nation Entertainment from $146.00 to $165.00 and gave the company an "outperform" rating in a report on Thursday, March 6th. Morgan Stanley upped their target price on Live Nation Entertainment from $150.00 to $170.00 and gave the company an "overweight" rating in a report on Tuesday, February 18th. Roth Mkm decreased their target price on Live Nation Entertainment from $174.00 to $164.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Finally, Susquehanna initiated coverage on Live Nation Entertainment in a report on Monday, April 28th. They set a "positive" rating and a $155.00 target price for the company. Two investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $162.07.

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.