Envestnet Portfolio Solutions Inc. Sells 5,141 Shares of Live Nation Entertainment, Inc. $LYV

Key Points

• Envestnet Portfolio Solutions Inc. has decreased its holdings in Live Nation Entertainment by 53.6%, selling 5,141 shares and retaining 4,449 shares now valued at $673,000.
• Institutional ownership remains strong, with 74.52% of shares held by various hedge funds, including Vanguard Group and Canada Pension Plan Investment Board, both increasing their stakes.
• Analysts have mixed views on Live Nation, with ratings ranging from a recent downgrade to "hold" by Rothschild Redb to a "buy" rating and increased target price from Goldman Sachs, currently averaging $171.42.

Envestnet Portfolio Solutions Inc. cut its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 53.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,449 shares of the company's stock after selling 5,141 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Live Nation Entertainment were worth $673,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Live Nation Entertainment by 3.7% during the 1st quarter. Vanguard Group Inc. now owns 19,882,872 shares of the company's stock worth $2,596,305,000 after buying an additional 713,020 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in Live Nation Entertainment by 4.4% in the 1st quarter. Canada Pension Plan Investment Board now owns 9,029,939 shares of the company's stock valued at $1,179,129,000 after acquiring an additional 379,924 shares during the period. Principal Financial Group Inc. lifted its position in Live Nation Entertainment by 4.0% during the first quarter. Principal Financial Group Inc. now owns 7,596,509 shares of the company's stock worth $991,952,000 after acquiring an additional 294,310 shares during the last quarter. Independent Franchise Partners LLP boosted its holdings in shares of Live Nation Entertainment by 21.4% during the first quarter. Independent Franchise Partners LLP now owns 5,698,560 shares of the company's stock worth $744,118,000 after acquiring an additional 1,004,574 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in shares of Live Nation Entertainment by 46.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,804,375 shares of the company's stock valued at $366,195,000 after purchasing an additional 884,745 shares during the last quarter. 74.52% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on LYV. Rothschild Redb downgraded Live Nation Entertainment from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 16th. The Goldman Sachs Group boosted their target price on shares of Live Nation Entertainment from $168.00 to $170.00 and gave the company a "buy" rating in a research report on Thursday, October 2nd. Morgan Stanley set a $180.00 price target on shares of Live Nation Entertainment in a research report on Thursday, July 24th. Oppenheimer boosted their price objective on shares of Live Nation Entertainment from $165.00 to $180.00 and gave the company an "outperform" rating in a report on Tuesday, August 12th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Live Nation Entertainment in a report on Wednesday, October 8th. Eighteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $171.42.

Live Nation Entertainment Trading Up 1.0%

Shares of Live Nation Entertainment stock opened at $156.68 on Tuesday. The firm's 50-day moving average price is $162.28 and its two-hundred day moving average price is $148.91. The company has a market capitalization of $36.74 billion, a price-to-earnings ratio of 67.83, a PEG ratio of 12.11 and a beta of 1.40. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 5.38. Live Nation Entertainment, Inc. has a 12-month low of $112.88 and a 12-month high of $175.25.

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

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.

Want to see what other hedge funds are holding LYV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Live Nation Entertainment, Inc. (NYSE:LYV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.