Harvest Fund Management Co. Ltd Trims Position in Live Nation Entertainment, Inc. (NYSE:LYV)

Key Points

• Harvest Fund Management Co. Ltd reduced its stake in Live Nation Entertainment by 59.5%, now holding 2,893 shares valued at $378,000 after selling 4,249 shares.
• Insider activity includes EVP John Hopmans selling 34,808 shares for over $5.1 million, representing a 15.52% reduction in his holdings.
• Live Nation's stock has a consensus rating of "Moderate Buy" from analysts, with a target price averaging $165.82.

Harvest Fund Management Co. Ltd lowered its position in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 59.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,893 shares of the company's stock after selling 4,249 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in Live Nation Entertainment were worth $378,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of LYV. Gilbert & Cook Inc. grew its holdings in Live Nation Entertainment by 1.4% in the 1st quarter. Gilbert & Cook Inc. now owns 5,538 shares of the company's stock valued at $723,000 after buying an additional 75 shares during the last quarter. Utah Retirement Systems grew its holdings in shares of Live Nation Entertainment by 0.4% during the fourth quarter. Utah Retirement Systems now owns 26,195 shares of the company's stock worth $3,392,000 after purchasing an additional 100 shares during the last quarter. HM Payson & Co. grew its holdings in shares of Live Nation Entertainment by 9.5% during the first quarter. HM Payson & Co. now owns 1,150 shares of the company's stock worth $150,000 after purchasing an additional 100 shares during the last quarter. Mather Group LLC. grew its holdings in shares of Live Nation Entertainment by 6.7% during the first quarter. Mather Group LLC. now owns 1,724 shares of the company's stock worth $225,000 after purchasing an additional 108 shares during the last quarter. Finally, BTC Capital Management Inc. increased its stake in shares of Live Nation Entertainment by 2.7% in the 1st quarter. BTC Capital Management Inc. now owns 4,475 shares of the company's stock valued at $584,000 after buying an additional 117 shares during the period. Hedge funds and other institutional investors own 74.52% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on LYV. Rosenblatt Securities reduced their price target on Live Nation Entertainment from $174.00 to $170.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Sanford C. Bernstein started coverage on Live Nation Entertainment in a report on Wednesday, June 4th. They set an "outperform" rating and a $185.00 target price on the stock. Roth Mkm cut their price target on Live Nation Entertainment from $174.00 to $164.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Morgan Stanley set a $180.00 price target on Live Nation Entertainment in a research note on Thursday, July 24th. Finally, Wolfe Research boosted their price target on Live Nation Entertainment from $160.00 to $168.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 10th. One research analyst has rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, Live Nation Entertainment has a consensus rating of "Moderate Buy" and an average target price of $165.82.

Insider Activity

In other Live Nation Entertainment news, EVP John Hopmans sold 34,808 shares of the company's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $147.38, for a total value of $5,130,003.04. Following the sale, the executive vice president owned 189,456 shares in the company, valued at approximately $27,922,025.28. This represents a 15.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.01% of the stock is owned by corporate insiders.

Live Nation Entertainment Price Performance

Shares of LYV traded down $1.53 during mid-day trading on Friday, reaching $146.17. 1,725,926 shares of the stock traded hands, compared to its average volume of 1,839,715. Live Nation Entertainment, Inc. has a 1 year low of $87.33 and a 1 year high of $157.75. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 7.43. The company has a market cap of $33.88 billion, a price-to-earnings ratio of 49.89, a price-to-earnings-growth ratio of 5.75 and a beta of 1.46. The firm has a fifty day moving average price of $146.37 and a 200 day moving average price of $139.49.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.29). The business had revenue of $3.38 billion during 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 for the quarter was down 11.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.60 earnings per share. As a group, equities research analysts predict that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current year.

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.