DAVENPORT & Co LLC Sells 313,246 Shares of Live Nation Entertainment, Inc. (NYSE:LYV)

DAVENPORT & Co LLC trimmed its stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 21.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,120,293 shares of the company's stock after selling 313,246 shares during the period. Live Nation Entertainment comprises approximately 0.8% of DAVENPORT & Co LLC's investment portfolio, making the stock its 23rd biggest position. DAVENPORT & Co LLC owned approximately 0.48% of Live Nation Entertainment worth $146,288,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Measured Risk Portfolios Inc. acquired a new stake in shares of Live Nation Entertainment during the fourth quarter worth $29,000. Murphy & Mullick Capital Management Corp acquired a new stake in Live Nation Entertainment during the 4th quarter worth about $40,000. Smartleaf Asset Management LLC lifted its stake in shares of Live Nation Entertainment by 17.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 493 shares of the company's stock valued at $65,000 after purchasing an additional 75 shares during the period. SBI Securities Co. Ltd. bought a new stake in shares of Live Nation Entertainment during the 4th quarter valued at about $74,000. Finally, Optiver Holding B.V. grew its stake in Live Nation Entertainment by 211.0% during the fourth quarter. Optiver Holding B.V. now owns 594 shares of the company's stock worth $77,000 after purchasing an additional 403 shares during the period. 74.52% of the stock is owned by institutional investors.

Analysts Set New Price Targets

LYV has been the topic of a number of research analyst reports. Macquarie increased their price target on Live Nation Entertainment from $146.00 to $165.00 and gave the stock an "outperform" rating in a report on Thursday, March 6th. Guggenheim reissued a "buy" rating and set a $170.00 target price on shares of Live Nation Entertainment in a research note on Wednesday, June 18th. Susquehanna set a $165.00 price target on shares of Live Nation Entertainment and gave the stock a "positive" rating in a report on Tuesday, June 10th. Sanford C. Bernstein initiated coverage on shares of Live Nation Entertainment in a report on Wednesday, June 4th. They set an "outperform" rating and a $185.00 price objective on the stock. Finally, Rosenblatt Securities reduced their target price on Live Nation Entertainment from $174.00 to $170.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. One research analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $165.24.

Live Nation Entertainment Stock Down 0.5%

Shares of LYV traded down $0.73 during trading hours on Wednesday, reaching $149.15. 2,766,824 shares of the stock traded hands, compared to its average volume of 2,338,075. Live Nation Entertainment, Inc. has a 52 week low of $87.33 and a 52 week high of $157.75. The company has a market cap of $34.57 billion, a price-to-earnings ratio of 50.90, a PEG ratio of 5.81 and a beta of 1.45. The stock has a fifty day simple moving average of $141.88 and a 200 day simple moving average of $136.86. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 7.43.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last posted its 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). The firm had revenue of $3.38 billion for the quarter, compared to the consensus estimate of $3.63 billion. Live Nation Entertainment had a return on equity of 125.77% and a net margin of 4.28%. Live Nation Entertainment's quarterly revenue was down 11.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.60 EPS. On average, equities analysts forecast that Live Nation Entertainment, Inc. will post 2.38 EPS for the current year.

Insiders Place Their Bets

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

About Live Nation Entertainment

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.