Live Nation Entertainment, Inc. $LYV Shares Sold by Exchange Traded Concepts LLC

Key Points

• Exchange Traded Concepts LLC has reduced its holdings in Live Nation Entertainment by 10.2%, selling 1,939 shares, and now holds a total of 17,145 shares valued at approximately $2.59 million.
• Live Nation's latest quarterly earnings showed a net margin of 3.88% and a revenue of $7.01 billion, surpassing analyst expectations of $6.93 billion, although reported earnings per share were lower than predicted.
• Analysts have generally rated Live Nation positively, with several firms raising their price targets; the consensus price target for the stock is currently $170.68.

Exchange Traded Concepts LLC cut its stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 10.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,145 shares of the company's stock after selling 1,939 shares during the period. Exchange Traded Concepts LLC's holdings in Live Nation Entertainment were worth $2,594,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vident Advisory LLC grew its stake in Live Nation Entertainment by 68.0% in the fourth quarter. Vident Advisory LLC now owns 3,199 shares of the company's stock worth $414,000 after purchasing an additional 1,295 shares in the last quarter. Woodline Partners LP acquired a new position in shares of Live Nation Entertainment in the 4th quarter worth approximately $7,249,000. Vise Technologies Inc. acquired a new stake in shares of Live Nation Entertainment during the 4th quarter valued at approximately $334,000. Neo Ivy Capital Management bought a new position in Live Nation Entertainment during the fourth quarter worth $102,000. Finally, Public Employees Retirement System of Ohio acquired a new position in Live Nation Entertainment in the fourth quarter worth $9,449,000. Institutional investors own 74.52% of the company's stock.

Wall Street Analyst Weigh In

LYV has been the topic of a number of recent research reports. Sanford C. Bernstein assumed coverage on shares of Live Nation Entertainment in a research report on Wednesday, June 4th. They issued an "outperform" rating and a $185.00 price target on the stock. Benchmark raised their target price on shares of Live Nation Entertainment from $178.00 to $180.00 and gave the stock a "buy" rating in a report on Friday, August 8th. 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 report on Tuesday, June 10th. Moffett Nathanson began coverage on Live Nation Entertainment in a report on Monday, August 18th. They issued a "buy" rating and a $195.00 price target on the stock. Finally, Oppenheimer boosted their price objective on Live Nation Entertainment from $165.00 to $180.00 and gave the company an "outperform" rating in a research report on Tuesday, August 12th. Eighteen analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, Live Nation Entertainment currently has an average rating of "Moderate Buy" and an average price target of $170.68.

Live Nation Entertainment Price Performance

Shares of NYSE LYV traded up $1.51 during mid-day trading on Monday, reaching $165.23. 1,962,881 shares of the company traded hands, compared to its average volume of 2,462,941. The firm has a market cap of $38.74 billion, a PE ratio of 71.53, a price-to-earnings-growth ratio of 11.04 and a beta of 1.42. The company has a debt-to-equity ratio of 5.38, a current ratio of 0.88 and a quick ratio of 0.88. Live Nation Entertainment, Inc. has a fifty-two week low of $103.28 and a fifty-two week high of $175.25. The stock has a fifty day simple moving average of $159.36 and a 200-day simple moving average of $144.07.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last issued its quarterly earnings results 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). Live Nation Entertainment had a net margin of 3.88% and a return on equity of 105.85%. The firm had revenue of $7.01 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same quarter last year, the business posted $1.03 earnings per share. The firm's revenue for the quarter was up 16.3% compared to the same quarter last year. Equities research analysts anticipate that Live Nation Entertainment, Inc. will post 2.38 EPS for the current fiscal 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.