Rafferty Asset Management LLC Sells 3,296 Shares of Live Nation Entertainment, Inc. $LYV

Key Points

• Rafferty Asset Management LLC reduced its stake in Live Nation Entertainment by 22.2%, holding 11,526 shares after selling 3,296 shares during the first quarter.
• Analysts have set optimistic price targets for Live Nation Entertainment, with Benchmark raising its target from $178 to $180 and other firms maintaining "buy" ratings.
• In its recent earnings report, Live Nation posted a revenue of $7.01 billion for the quarter, exceeding expectations, although earnings per share missed forecasts.

Rafferty Asset Management LLC lessened its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 22.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,526 shares of the company's stock after selling 3,296 shares during the quarter. Rafferty Asset Management LLC's holdings in Live Nation Entertainment were worth $1,505,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Robeco Institutional Asset Management B.V. purchased a new position in Live Nation Entertainment during the 1st quarter valued at about $1,153,000. Praxis Investment Management Inc. increased its holdings in Live Nation Entertainment by 45.2% during the 1st quarter. Praxis Investment Management Inc. now owns 5,560 shares of the company's stock worth $726,000 after acquiring an additional 1,730 shares during the period. Stratos Wealth Partners LTD. bought a new stake in Live Nation Entertainment during the 1st quarter worth approximately $272,000. Teacher Retirement System of Texas bought a new stake in Live Nation Entertainment during the 1st quarter worth approximately $3,081,000. Finally, Personal CFO Solutions LLC bought a new stake in Live Nation Entertainment during the 1st quarter worth approximately $277,000. Hedge funds and other institutional investors own 74.52% of the company's stock.

Live Nation Entertainment Trading Up 0.2%

Shares of Live Nation Entertainment stock traded up $0.27 during trading on Friday, reaching $163.25. The company's stock had a trading volume of 764,812 shares, compared to its average volume of 2,437,663. Live Nation Entertainment, Inc. has a 52-week low of $92.57 and a 52-week high of $167.94. The company has a market cap of $38.28 billion, a price-to-earnings ratio of 70.70, a PEG ratio of 10.93 and a beta of 1.42. The firm's 50-day moving average is $154.57 and its two-hundred day moving average is $142.22. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 5.38.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $7.01 billion during the quarter, compared to analysts' expectations of $6.93 billion. During the same period last year, the company posted $1.03 EPS. Live Nation Entertainment's revenue for the quarter was up 16.3% on a year-over-year basis. On average, sell-side analysts anticipate that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current year.

Analyst Ratings Changes

LYV has been the topic of a number of analyst reports. Benchmark upped 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 boosted their price objective on Live Nation Entertainment from $160.00 to $168.00 and gave the stock an "outperform" rating in a report on Tuesday, June 10th. Moffett Nathanson initiated coverage on Live Nation Entertainment in a report on Monday, August 18th. They set a "buy" rating and a $195.00 price objective for the company. Oppenheimer boosted their price objective on Live Nation Entertainment from $165.00 to $180.00 and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Finally, Guggenheim reissued a "buy" rating and set a $170.00 price objective on shares of Live Nation Entertainment in a report on Wednesday, June 18th. Eighteen equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $168.94.

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.