Cibc World Market Inc. Has $1.44 Million Stake in Live Nation Entertainment, Inc. $LYV

Key Points

• Cibc World Market Inc. cut its Live Nation stake by 69% in the fourth quarter, leaving it with 10,115 shares valued at about $1.44 million.
• Live Nation reported Q1 earnings of -$1.85 per share, missing estimates, though revenue came in at $3.79 billion, above expectations and up 12.1% year over year.
• Several executives sold shares recently, while analysts remain broadly constructive: the stock has a Moderate Buy consensus with an average price target of $187.75.

Cibc World Market Inc. decreased its position in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 69.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,115 shares of the company's stock after selling 22,554 shares during the quarter. Cibc World Market Inc.'s holdings in Live Nation Entertainment were worth $1,441,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Live Nation Entertainment in the fourth quarter valued at about $285,924,000. Principal Financial Group Inc. increased its position in Live Nation Entertainment by 10.3% during the fourth quarter. Principal Financial Group Inc. now owns 10,727,681 shares of the company's stock worth $1,528,700,000 after buying an additional 1,001,905 shares during the last quarter. Bessemer Group Inc. increased its position in Live Nation Entertainment by 70.0% during the fourth quarter. Bessemer Group Inc. now owns 1,843,750 shares of the company's stock worth $262,733,000 after buying an additional 759,363 shares during the last quarter. Woodline Partners LP increased its position in Live Nation Entertainment by 3,475.4% during the third quarter. Woodline Partners LP now owns 609,574 shares of the company's stock worth $99,604,000 after buying an additional 592,525 shares during the last quarter. Finally, Holocene Advisors LP increased its position in Live Nation Entertainment by 127.6% during the third quarter. Holocene Advisors LP now owns 814,163 shares of the company's stock worth $133,034,000 after buying an additional 456,373 shares during the last quarter. Institutional investors and hedge funds own 74.52% of the company's stock.

Live Nation Entertainment Trading Up 1.6%

Shares of LYV stock opened at $162.13 on Wednesday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 13.93. The stock has a market cap of $38.19 billion, a P/E ratio of -91.60 and a beta of 1.12. The stock has a 50 day simple moving average of $161.39 and a 200 day simple moving average of $152.02. Live Nation Entertainment, Inc. has a 1 year low of $125.34 and a 1 year high of $175.25.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($1.85) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($1.50). The company had revenue of $3.79 billion during the quarter, compared to the consensus estimate of $3.57 billion. Live Nation Entertainment had a net margin of 0.15% and a return on equity of 45.92%. The company's quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the firm posted ($0.32) earnings per share. On average, research analysts predict that Live Nation Entertainment, Inc. will post 1.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Live Nation Entertainment

In other Live Nation Entertainment news, EVP Michael Rowles sold 63,776 shares of the company's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $164.24, for a total transaction of $10,474,570.24. Following the completion of the sale, the executive vice president directly owned 204,716 shares in the company, valued at $33,622,555.84. This represents a 23.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John Hopmans sold 93,078 shares of the company's stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $166.07, for a total value of $15,457,463.46. Following the sale, the executive vice president owned 188,751 shares of the company's stock, valued at $31,345,878.57. The trade was a 33.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.89% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

LYV has been the subject of a number of research analyst reports. UBS Group boosted their price objective on Live Nation Entertainment from $164.00 to $181.00 and gave the stock a "buy" rating in a report on Friday, February 20th. Citizens Jmp initiated coverage on Live Nation Entertainment in a report on Monday, March 30th. They set a "market outperform" rating and a $190.00 price objective for the company. Evercore restated an "outperform" rating and set a $198.00 price objective on shares of Live Nation Entertainment in a report on Friday, February 20th. Wells Fargo & Company reduced their price objective on Live Nation Entertainment from $203.00 to $199.00 and set an "overweight" rating for the company in a report on Wednesday, May 6th. Finally, Oppenheimer restated an "outperform" rating and set a $190.00 price objective on shares of Live Nation Entertainment in a report on Friday, February 20th. Twenty investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $187.75.

Live Nation Entertainment Company Profile

Live Nation Entertainment is a global live entertainment company that promotes, operates and sells tickets for live events. The company's core activities include concert promotion and production, venue operations and management, ticketing services through its Ticketmaster platform, artist management and development, and sponsorship and advertising services tied to live events. These integrated businesses are designed to connect artists, fans and commercial partners across the live event ecosystem.

The company in its current form was created following the 2010 merger of Live Nation and Ticketmaster, combining a promoter and venue operator with one of the industry's largest ticketing platforms.

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