Live Nation Entertainment, Inc. $LYV Stock Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its Live Nation stake by 11.4%, selling 68,994 shares in the third quarter; it still held 536,809 shares valued at about $89.6 million.
• Live Nation beat quarterly estimates, reporting EPS of $1.69 versus $1.50 expected and revenue of $10.11 billion versus $9.60 billion. Revenue rose 18.9% year over year.
• Analysts hold a consensus “Moderate Buy” rating, with an average price target of $197.67; 20 analysts rate the stock Buy, two Hold, and three Sell.

Allspring Global Investments Holdings LLC decreased its position in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 11.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 536,809 shares of the company's stock after selling 68,994 shares during the period. Allspring Global Investments Holdings LLC owned 0.23% of Live Nation Entertainment worth $89,567,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of LYV. Burkett Financial Services LLC acquired a new position in shares of Live Nation Entertainment in the second quarter worth about $26,000. Kilter Group LLC acquired a new stake in Live Nation Entertainment in the second quarter valued at approximately $27,000. Meeder Asset Management Inc. acquired a new stake in Live Nation Entertainment in the second quarter valued at approximately $27,000. Transamerica Financial Advisors LLC acquired a new stake in Live Nation Entertainment in the second quarter valued at approximately $27,000. Finally, Keating Financial Advisory Services Inc. bought a new stake in Live Nation Entertainment in the second quarter worth approximately $32,000. Institutional investors own 74.52% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on LYV. Oppenheimer set a $100.00 price objective on Live Nation Entertainment in a report on Tuesday, July 28th. Susquehanna reduced their price target on shares of Live Nation Entertainment from $187.00 to $183.00 and set a "neutral" rating for the company in a report on Tuesday, October 20th. JPMorgan Chase & Co. reduced their price target on shares of Live Nation Entertainment from $205.00 to $200.00 and set an "overweight" rating for the company in a report on Friday. TD Cowen reaffirmed a "buy" rating on shares of Live Nation Entertainment in a research report on Monday, August 3rd. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $205.00 target price on shares of Live Nation Entertainment in a research note on Friday, July 31st. Twenty equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $197.67.

Insider Activity at Live Nation Entertainment

In other news, CAO Brian Capo sold 2,900 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $184.00, for a total transaction of $533,600.00. Following the sale, the chief accounting officer owned 8,655 shares in the company, valued at approximately $1,592,520. This represents a 25.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.89% of the company's stock.

Live Nation Entertainment Stock Up 0.9%

Shares of LYV opened at $176.78 on Tuesday. The company has a market capitalization of $41.65 billion, a P/E ratio of -1,039.87 and a beta of 1.15. Live Nation Entertainment, Inc. has a one year low of $125.34 and a one year high of $189.24. The business's 50 day simple moving average is $172.76 and its 200-day simple moving average is $167.59. The company has a debt-to-equity ratio of 8.25, a current ratio of 0.85 and a quick ratio of 0.85.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last released its quarterly earnings results on Thursday, November 5th. The company reported $1.69 earnings per share for the quarter, beating analysts' consensus estimates of $1.50 by $0.19. Live Nation Entertainment had a return on equity of 54.61% and a net margin of 0.34%. The firm had revenue of $10.11 billion during the quarter, compared to analysts' expectations of $9.60 billion. During the same period last year, the firm posted $0.73 EPS. The business's revenue was up 18.9% on a year-over-year basis. As a group, sell-side analysts predict that Live Nation Entertainment, Inc. will post 1.06 EPS for the current fiscal year.

Live Nation Entertainment Company Profile

Live Nation Entertainment, Inc is a live entertainment company that promotes concerts, operates and manages venues, and provides ticketing services. Its activities span the live-event process, from helping artists plan and promote tours to connecting fans with events.

The company's businesses include concert promotion and venue operations, ticketing through Ticketmaster, and sponsorship and advertising services for brands seeking to reach live-event audiences. Ticketmaster provides ticket sales and related technology for concerts and other events.

Live Nation was formed in 2010 through the merger of concert promoter Live Nation and ticketing company Ticketmaster.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.