Hsbc Holdings PLC Sells 28,081 Shares of Live Nation Entertainment, Inc. $LYV

Key Points

• Hsbc Holdings PLC decreased its stake in Live Nation Entertainment by 7.3%, selling 28,081 shares and retaining 357,571 shares, valued at approximately $46.6 million.
• Several institutional investors, including Vanguard Group Inc. and Massachusetts Financial Services, increased their holdings in Live Nation, with institutional investors owning 74.52% of the stock.
• Live Nation reported earnings per share (EPS) of $0.41 for the last quarter, missing estimates, despite revenues of $7.01 billion, which exceeded expectations and reflected a 16.3% year-over-year increase.

Hsbc Holdings PLC trimmed its position in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 7.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 357,571 shares of the company's stock after selling 28,081 shares during the period. Hsbc Holdings PLC owned 0.15% of Live Nation Entertainment worth $46,601,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Live Nation Entertainment by 3.7% during the first quarter. Vanguard Group Inc. now owns 19,882,872 shares of the company's stock valued at $2,596,305,000 after purchasing an additional 713,020 shares during the period. Principal Financial Group Inc. grew its holdings 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 valued at $991,952,000 after purchasing an additional 294,310 shares during the period. Jericho Capital Asset Management L.P. grew its holdings 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 valued at $415,447,000 after purchasing an additional 777,105 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in Live Nation Entertainment by 46.1% during 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 period. Finally, Nuveen LLC bought a new position in Live Nation Entertainment during the first quarter valued at $201,501,000. 74.52% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

LYV has been the subject of several research reports. Benchmark increased their price objective on Live Nation Entertainment from $178.00 to $180.00 and gave the company a "buy" rating in a report on Friday, August 8th. Moffett Nathanson began coverage on Live Nation Entertainment in a research report on Monday. They set a "buy" rating and a $195.00 target price on the stock. Rosenblatt Securities dropped their target price 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. Wolfe Research increased their target price 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. Finally, Susquehanna set a $165.00 target price on Live Nation Entertainment and gave the stock a "positive" rating in a research report on Tuesday, June 10th. Eighteen investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $168.94.

Live Nation Entertainment Price Performance

NYSE:LYV opened at $162.48 on Friday. The firm has a market capitalization of $38.10 billion, a price-to-earnings ratio of 70.34, a P/E/G ratio of 9.76 and a beta of 1.46. Live Nation Entertainment, Inc. has a 52-week low of $92.57 and a 52-week high of $164.06. The stock has a fifty day moving average of $150.76 and a 200 day moving average of $141.15. The company has a debt-to-equity ratio of 5.38, a quick ratio of 0.88 and a current ratio of 0.88.

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

Live Nation Entertainment 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.

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