Hennessy Advisors Inc. Reduces Stock Position in Live Nation Entertainment, Inc. (NYSE:LYV)

Hennessy Advisors Inc. trimmed its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 10.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 87,000 shares of the company's stock after selling 10,000 shares during the quarter. Hennessy Advisors Inc.'s holdings in Live Nation Entertainment were worth $11,360,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in LYV. Measured Risk Portfolios Inc. purchased a new stake in Live Nation Entertainment during the 4th quarter valued at about $29,000. Murphy & Mullick Capital Management Corp bought a new stake in shares of Live Nation Entertainment in the 4th quarter worth $40,000. Smartleaf Asset Management LLC boosted its position in Live Nation Entertainment by 17.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 493 shares of the company's stock worth $65,000 after purchasing an additional 75 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in Live Nation Entertainment in the fourth quarter worth about $74,000. Finally, Optiver Holding B.V. lifted its position in Live Nation Entertainment by 211.0% during the fourth quarter. Optiver Holding B.V. now owns 594 shares of the company's stock valued at $77,000 after purchasing an additional 403 shares in the last quarter. 74.52% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on LYV shares. Wolfe Research upped their target price on Live Nation Entertainment from $160.00 to $168.00 and gave the company an "outperform" rating in a research note on Tuesday, June 10th. Morgan Stanley increased their price objective on Live Nation Entertainment from $150.00 to $170.00 and gave the company an "overweight" rating in a report on Tuesday, February 18th. Bank of America raised their target price on Live Nation Entertainment from $149.00 to $175.00 and gave the stock a "buy" rating in a research note on Monday, February 24th. 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 research report on Friday, May 2nd. Finally, Susquehanna set a $165.00 price objective on Live Nation Entertainment and gave the stock a "positive" rating in a report on Tuesday, June 10th. One research analyst has rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $164.35.

Insider Transactions at Live Nation Entertainment

In related news, EVP John Hopmans sold 34,808 shares of the stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 189,456 shares of the company's stock, valued at $27,922,025.28. This represents a 15.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 3.01% of the company's stock.

Live Nation Entertainment Stock Down 2.3%

Shares of Live Nation Entertainment stock traded down $3.23 during trading hours on Friday, reaching $138.08. 1,794,105 shares of the company were exchanged, compared to its average volume of 2,320,118. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.01 and a current ratio of 1.01. The stock's fifty day moving average is $136.62 and its 200 day moving average is $135.80. The firm has a market cap of $32.00 billion, a PE ratio of 50.76, a PEG ratio of 1.81 and a beta of 1.44. Live Nation Entertainment, Inc. has a 1 year low of $87.33 and a 1 year high of $157.75.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.29). Live Nation Entertainment had a net margin of 3.90% and a return on equity of 139.09%. The company had revenue of $3.38 billion during the quarter, compared to analyst estimates of $3.63 billion. During the same quarter in the prior year, the company earned $0.60 EPS. The business's revenue was down 11.0% on a year-over-year basis. As a group, equities research analysts forecast 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.