Blueshift Asset Management LLC Sells 3,075 Shares of Live Nation Entertainment, Inc. (NYSE:LYV)

Key Points

• Blueshift Asset Management LLC sold 3,075 shares of Live Nation Entertainment, reducing its holdings by 29.4% to a total of 7,372 shares valued at approximately $963,000.
• Live Nation Entertainment reported a quarterly loss of ($0.32) EPS, missing analyst expectations, and experienced an 11% decline in revenue compared to the same quarter last year.
• Several hedge funds have recently adjusted their positions in Live Nation, with 74.52% of the stock being held by institutional investors, reflecting increased interest in the company.

Blueshift Asset Management LLC lowered its position in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 29.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,372 shares of the company's stock after selling 3,075 shares during the quarter. Blueshift Asset Management LLC's holdings in Live Nation Entertainment were worth $963,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in LYV. Gilbert & Cook Inc. lifted its holdings in Live Nation Entertainment by 1.4% in the first quarter. Gilbert & Cook Inc. now owns 5,538 shares of the company's stock worth $723,000 after purchasing an additional 75 shares during the period. Utah Retirement Systems increased its stake in shares of Live Nation Entertainment by 0.4% during the fourth quarter. Utah Retirement Systems now owns 26,195 shares of the company's stock valued at $3,392,000 after acquiring an additional 100 shares during the period. HM Payson & Co. raised its holdings in Live Nation Entertainment by 9.5% during the first quarter. HM Payson & Co. now owns 1,150 shares of the company's stock worth $150,000 after purchasing an additional 100 shares in the last quarter. Mather Group LLC. lifted its position in Live Nation Entertainment by 6.7% in the first quarter. Mather Group LLC. now owns 1,724 shares of the company's stock worth $225,000 after purchasing an additional 108 shares during the period. Finally, BTC Capital Management Inc. boosted its stake in Live Nation Entertainment by 2.7% during the 1st quarter. BTC Capital Management Inc. now owns 4,475 shares of the company's stock valued at $584,000 after purchasing an additional 117 shares in the last quarter. 74.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on LYV. Morgan Stanley set a $180.00 price objective on Live Nation Entertainment in a research note on Thursday, July 24th. Rosenblatt Securities dropped their price target on shares of Live Nation Entertainment from $174.00 to $170.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Susquehanna set a $165.00 price target on Live Nation Entertainment and gave the company a "positive" rating in a report on Tuesday, June 10th. Sanford C. Bernstein started coverage on Live Nation Entertainment in a research note on Wednesday, June 4th. They set an "outperform" rating and a $185.00 price objective for the company. Finally, Roth Mkm decreased their target price on Live Nation Entertainment from $174.00 to $164.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. One analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $165.82.

Live Nation Entertainment Stock Down 1.0%

Shares of LYV stock traded down $1.53 during trading on Friday, hitting $146.17. 1,725,926 shares of the company were exchanged, compared to its average volume of 1,839,715. The business's 50-day simple moving average is $146.37 and its 200 day simple moving average is $139.53. Live Nation Entertainment, Inc. has a twelve month low of $87.33 and a twelve month high of $157.75. The firm has a market capitalization of $33.88 billion, a price-to-earnings ratio of 49.89, a P/E/G ratio of 5.69 and a beta of 1.46. The company has a debt-to-equity ratio of 7.43, a quick ratio of 0.96 and a current ratio of 0.96.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last posted its quarterly earnings results 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 4.28% and a return on equity of 125.77%. The company had revenue of $3.38 billion for the quarter, compared to analysts' expectations of $3.63 billion. During the same quarter in the prior year, the firm earned $0.60 earnings per share. The company's revenue was down 11.0% on a year-over-year basis. As a group, analysts forecast that Live Nation Entertainment, Inc. will post 2.38 EPS for the current fiscal year.

Insider Buying and Selling

In other Live Nation Entertainment news, EVP John Hopmans sold 34,808 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $147.38, for a total value of $5,130,003.04. Following the transaction, the executive vice president directly owned 189,456 shares of the company's stock, valued at $27,922,025.28. This represents a 15.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.01% of the stock is owned by company insiders.

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.