Comerica Bank Has $2.81 Million Position in Live Nation Entertainment, Inc. $LYV

Key Points

• Comerica Bank reduced its stake in Live Nation by 76.4%, selling 63,872 shares and leaving 19,732 shares valued at $2.81 million at the end of the quarter.
• Live Nation's latest quarter recorded revenue of $6.31 billion (above estimates) but an EPS loss of $1.06 (missed consensus), and the company has a market cap of $37.12 billion with a negative P/E.
• Analyst sentiment is broadly positive with a consensus "Moderate Buy" — 20 Buy, 2 Hold, 1 Sell — and a consensus price target of $187.10.

Comerica Bank lessened its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 76.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,732 shares of the company's stock after selling 63,872 shares during the period. Comerica Bank's holdings in Live Nation Entertainment were worth $2,812,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. boosted its holdings in Live Nation Entertainment by 22.1% in the third quarter. Principal Financial Group Inc. now owns 9,725,776 shares of the company's stock valued at $1,589,196,000 after acquiring an additional 1,763,511 shares during the last quarter. Rakuten Investment Management Inc. bought a new stake in Live Nation Entertainment in the third quarter valued at approximately $1,606,000. Profund Advisors LLC boosted its holdings in shares of Live Nation Entertainment by 51.1% during the 3rd quarter. Profund Advisors LLC now owns 11,141 shares of the company's stock worth $1,820,000 after buying an additional 3,767 shares in the last quarter. EFG Asset Management North America Corp. bought a new position in shares of Live Nation Entertainment during the 3rd quarter worth approximately $1,191,000. Finally, J. Safra Sarasin Holding AG bought a new position in shares of Live Nation Entertainment during the 3rd quarter worth approximately $2,015,000. Institutional investors own 74.52% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Zacks Research cut Live Nation Entertainment from a "hold" rating to a "strong sell" rating in a report on Friday, January 16th. Wells Fargo & Company cut their price target on Live Nation Entertainment from $204.00 to $203.00 and set an "overweight" rating on the stock in a report on Thursday, April 2nd. Deutsche Bank Aktiengesellschaft increased their price target on Live Nation Entertainment from $160.00 to $180.00 and gave the stock a "buy" rating in a report on Monday, February 23rd. Moffett Nathanson cut their price target on Live Nation Entertainment from $185.00 to $180.00 and set a "buy" rating on the stock in a report on Thursday, January 22nd. Finally, Weiss Ratings upgraded Live Nation Entertainment from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, March 9th. Twenty equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Live Nation Entertainment has an average rating of "Moderate Buy" and a consensus target price of $187.10.

Insider Buying and Selling at Live Nation Entertainment

In other news, Director Jeffrey T. Hinson sold 944 shares of the company's stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $165.87, for a total transaction of $156,581.28. Following the transaction, the director directly owned 48,030 shares of the company's stock, valued at $7,966,736.10. This represents a 1.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.89% of the stock is owned by insiders.

Live Nation Entertainment Price Performance

Shares of NYSE:LYV opened at $157.90 on Tuesday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 8.51. Live Nation Entertainment, Inc. has a twelve month low of $125.34 and a twelve month high of $175.25. The stock's 50 day moving average is $157.30 and its 200-day moving average is $148.51. The firm has a market capitalization of $37.12 billion, a price-to-earnings ratio of -657.91 and a beta of 1.11.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last issued its earnings results on Thursday, February 19th. The company reported ($1.06) earnings per share for the quarter, missing analysts' consensus estimates of ($1.00) by ($0.06). Live Nation Entertainment had a return on equity of 48.11% and a net margin of 1.79%.The firm had revenue of $6.31 billion for the quarter, compared to analyst estimates of $6.12 billion. During the same period in the previous year, the company earned $0.58 earnings per share. Live Nation Entertainment's revenue for the quarter was up 11.1% compared to the same quarter last year. Sell-side analysts forecast that Live Nation Entertainment, Inc. will post 1.39 EPS for the current fiscal year.

About Live Nation Entertainment

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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