Live Nation Entertainment, Inc. $LYV Stock: Sumitomo Mitsui Trust Group Inc. Reduces Stake

Key Points

• Sumitomo Mitsui Trust Group cut its Live Nation stake 2.6% in the third quarter, selling 8,664 shares and retaining 324,961 shares valued at about $55 million.
• Analysts’ consensus rating is Moderate Buy, with a $197.95 average price target; 20 analysts rate the stock Buy, two Hold, and three Sell.
• Institutional investors own 74.52% of Live Nation shares. Chief Accounting Officer Brian Capo also sold 2,900 shares in August, reducing his position by 25.1%.

Sumitomo Mitsui Trust Group Inc. reduced its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 2.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 324,961 shares of the company's stock after selling 8,664 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.14% of Live Nation Entertainment worth $55,016,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of LYV. Nissay Asset Management Corp Japan boosted its position in shares of Live Nation Entertainment by 0.3% during the second quarter. Nissay Asset Management Corp Japan now owns 21,068 shares of the company's stock worth $3,858,000 after acquiring an additional 66 shares during the last quarter. MGO One Seven LLC increased its holdings in Live Nation Entertainment by 5.0% in the 3rd quarter. MGO One Seven LLC now owns 1,499 shares of the company's stock valued at $254,000 after acquiring an additional 72 shares during the last quarter. MCF Advisors LLC increased its holdings in Live Nation Entertainment by 7.7% in the 2nd quarter. MCF Advisors LLC now owns 1,188 shares of the company's stock valued at $218,000 after acquiring an additional 85 shares during the last quarter. Sequoia Financial Advisors LLC lifted its stake in Live Nation Entertainment by 1.6% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 5,685 shares of the company's stock worth $1,041,000 after purchasing an additional 89 shares in the last quarter. Finally, Wedmont Private Capital lifted its stake in Live Nation Entertainment by 6.9% in the 3rd quarter. Wedmont Private Capital now owns 1,427 shares of the company's stock worth $245,000 after purchasing an additional 92 shares in the last quarter. Institutional investors own 74.52% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on LYV shares. UBS Group increased their price objective on shares of Live Nation Entertainment from $181.00 to $208.00 and gave the company a "buy" rating in a report on Monday, July 20th. BTIG Research reaffirmed a "buy" rating and issued a $215.00 target price on shares of Live Nation Entertainment in a report on Monday, October 19th. Weiss Ratings downgraded Live Nation Entertainment from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Thursday, October 8th. Roth Capital set a $208.00 price target on Live Nation Entertainment in a research note on Friday, July 31st. Finally, Citigroup reissued a "market outperform" rating on shares of Live Nation Entertainment in a research note on Thursday, October 1st. Twenty analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $197.95.

Insider Activity at Live Nation Entertainment

In other news, CAO Brian Capo sold 2,900 shares of the business's stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $184.00, for a total value of $533,600.00. Following the sale, the chief accounting officer directly owned 8,655 shares in the company, valued at $1,592,520. The trade was a 25.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.89% of the stock is owned by insiders.

Live Nation Entertainment Trading Up 1.0%

Shares of LYV opened at $178.95 on Wednesday. The stock has a market capitalization of $42.17 billion, a PE ratio of -158.36 and a beta of 1.15. The company's fifty day moving average is $173.04 and its 200 day moving average is $166.86. The company has a debt-to-equity ratio of 8.25, a quick ratio of 0.85 and a current ratio of 0.85. Live Nation Entertainment, Inc. has a fifty-two week low of $125.34 and a fifty-two week high of $189.24.

Live Nation Entertainment Company Profile

Live Nation Entertainment, Inc is a global live entertainment company that promotes, produces and operates concerts, music festivals and other live events. Through its Live Nation Concerts business, the company works with artists and manages event production, marketing and venue operations across a broad range of musical genres.

The company also operates Ticketmaster, a ticketing platform that provides ticket sales, distribution and related services for concerts, sports events, performing arts programs and other live entertainment.

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