DAVENPORT & Co LLC Trims Stock Holdings in Live Nation Entertainment, Inc. $LYV

Key Points

• DAVENPORT & Co LLC reduced its stake in Live Nation Entertainment by 0.3%, now holding approximately 1,117,489 shares valued at about $168.4 million, making it the firm's 23rd largest position.
• Live Nation reported a quarterly earnings miss with $0.41 EPS compared to an expected $1.08, although its revenue increased 16.3% year-over-year to $7.01 billion.
• Analysts have mostly rated Live Nation shares as a “Moderate Buy”, with target prices ranging from $168.00 to $180.00, reflecting overall positive sentiment among market watchers.

DAVENPORT & Co LLC reduced its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 0.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,117,489 shares of the company's stock after selling 2,804 shares during the quarter. Live Nation Entertainment comprises 0.9% of DAVENPORT & Co LLC's investment portfolio, making the stock its 23rd biggest position. DAVENPORT & Co LLC owned about 0.48% of Live Nation Entertainment worth $168,462,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Wayfinding Financial LLC bought a new position in shares of Live Nation Entertainment in the first quarter worth $30,000. Chilton Capital Management LLC bought a new position in Live Nation Entertainment in the 1st quarter worth about $33,000. GW&K Investment Management LLC grew its holdings in Live Nation Entertainment by 690.2% during the 1st quarter. GW&K Investment Management LLC now owns 324 shares of the company's stock valued at $42,000 after buying an additional 283 shares in the last quarter. N.E.W. Advisory Services LLC purchased a new stake in shares of Live Nation Entertainment in the first quarter worth about $42,000. Finally, Private Trust Co. NA boosted its position in shares of Live Nation Entertainment by 94.2% in the first quarter. Private Trust Co. NA now owns 404 shares of the company's stock valued at $53,000 after acquiring an additional 196 shares during the period. 74.52% of the stock is currently owned by hedge funds and other institutional investors.

Live Nation Entertainment Price Performance

Shares of Live Nation Entertainment stock opened at $156.01 on Monday. The stock has a market capitalization of $36.58 billion, a price-to-earnings ratio of 67.54, a price-to-earnings-growth ratio of 10.63 and a beta of 1.40. The company has a fifty day moving average of $161.58 and a 200-day moving average of $146.88. Live Nation Entertainment, Inc. has a 52-week low of $109.15 and a 52-week high of $175.25. The company has a debt-to-equity ratio of 5.38, a quick ratio of 0.88 and a current ratio of 0.88.

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

Analyst Upgrades and Downgrades

LYV has been the subject of several analyst reports. Wolfe Research raised their price target on shares of Live Nation Entertainment from $160.00 to $168.00 and gave the company an "outperform" rating in a report on Tuesday, June 10th. Morgan Stanley set a $180.00 price objective on Live Nation Entertainment in a research note on Thursday, July 24th. Rothschild & Co Redburn cut Live Nation Entertainment from a "buy" rating to a "neutral" rating and boosted their target price for the stock from $144.00 to $170.00 in a research report on Tuesday, September 16th. Weiss Ratings reiterated a "hold (c)" rating on shares of Live Nation Entertainment in a research report on Saturday, September 27th. Finally, The Goldman Sachs Group upped their price objective on shares of Live Nation Entertainment from $168.00 to $170.00 and gave the stock a "buy" rating in a research report on Thursday. Eighteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Live Nation Entertainment has an average rating of "Moderate Buy" and a consensus price target of $171.42.

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.

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