Equitable Trust Co. Has $2.97 Million Holdings in Live Nation Entertainment, Inc. (NYSE:LYV)

Key Points

• Equitable Trust Co. has reduced its holdings in Live Nation Entertainment by 12.8% in Q1, now owning shares worth approximately $2.97 million.
• Live Nation reported a loss of ($0.32) earnings per share for the last quarter, significantly missing the consensus estimate, while revenue fell 11.0% year-over-year.
• Several hedge funds, including Canada Pension Plan and Principal Financial Group, have increased their stakes in Live Nation, indicating continued investor interest in the firm despite recent earnings challenges.

Equitable Trust Co. lessened its position in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 12.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,743 shares of the company's stock after selling 3,342 shares during the period. Equitable Trust Co.'s holdings in Live Nation Entertainment were worth $2,970,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Canada Pension Plan Investment Board raised its stake in Live Nation Entertainment by 0.5% during the fourth quarter. Canada Pension Plan Investment Board now owns 8,650,015 shares of the company's stock worth $1,120,177,000 after buying an additional 44,703 shares during the last quarter. Principal Financial Group Inc. raised its stake 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 buying an additional 294,310 shares during the last quarter. Independent Franchise Partners LLP raised its stake in Live Nation Entertainment by 207.6% during the fourth quarter. Independent Franchise Partners LLP now owns 4,693,986 shares of the company's stock worth $607,871,000 after buying an additional 3,168,210 shares during the last quarter. Geode Capital Management LLC raised its stake in Live Nation Entertainment by 2.9% during the fourth quarter. Geode Capital Management LLC now owns 3,871,850 shares of the company's stock worth $500,107,000 after buying an additional 108,293 shares during the last quarter. Finally, Jericho Capital Asset Management L.P. raised its stake in Live Nation Entertainment by 32.0% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,208,082 shares of the company's stock worth $415,447,000 after buying an additional 777,105 shares during the last quarter. Institutional investors own 74.52% of the company's stock.

Live Nation Entertainment Stock Performance

NYSE LYV opened at $152.98 on Friday. The company's 50 day moving average is $145.85 and its 200-day moving average is $138.65. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 7.43. The firm has a market cap of $35.46 billion, a P/E ratio of 52.21, a price-to-earnings-growth ratio of 5.96 and a beta of 1.45. Live Nation Entertainment, Inc. has a 12-month low of $87.33 and a 12-month high of $157.75.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported ($0.32) earnings per share for the quarter, missing analysts' consensus estimates 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%. The business's revenue was down 11.0% on a year-over-year basis. During the same period last year, the company posted $0.60 EPS. Sell-side analysts predict that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

LYV has been the subject of several research analyst reports. Morgan Stanley lifted their price target on shares of Live Nation Entertainment from $165.00 to $185.00 and gave the company an "overweight" rating in a research note on Thursday. Rosenblatt Securities decreased their price target on shares of 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. Wolfe Research lifted their price target on shares of Live Nation Entertainment from $160.00 to $168.00 and gave the company an "outperform" rating in a research note on Tuesday, June 10th. Roth Mkm decreased their price target on shares of Live Nation Entertainment from $174.00 to $164.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Finally, Susquehanna set a $165.00 price target on shares of Live Nation Entertainment and gave the company a "positive" rating in a research note on Tuesday, June 10th. One investment analyst has rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $166.12.

Insiders Place Their Bets

In related news, EVP John Hopmans sold 34,808 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $147.38, for a total transaction of $5,130,003.04. Following the sale, the executive vice president owned 189,456 shares of the company's stock, valued at approximately $27,922,025.28. This represents a 15.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company 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.

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