Live Nation Entertainment, Inc. $LYV Shares Sold by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. reduced its ownership in Live Nation Entertainment by 10.4%, now holding approximately 323,585 shares, valued at around $42.2 million.
• Live Nation's quarterly earnings reported a loss of $0.67 per share, falling short of analysts' expectations, despite a revenue increase of 16.3% year-over-year to $7.01 billion.
• Analysts maintain a positive outlook on Live Nation with many expecting targeted share prices around $165 to $170, marking it as a noteworthy investment opportunity.

Russell Investments Group Ltd. trimmed its position in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 10.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 323,585 shares of the company's stock after selling 37,674 shares during the period. Russell Investments Group Ltd. owned 0.14% of Live Nation Entertainment worth $42,223,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Nuveen LLC bought a new position in shares of Live Nation Entertainment during the first quarter worth $201,501,000. Massachusetts Financial Services Co. MA grew its stake in shares of Live Nation Entertainment by 46.1% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,804,375 shares of the company's stock worth $366,195,000 after buying an additional 884,745 shares in the last quarter. Jericho Capital Asset Management L.P. increased its holdings in shares of Live Nation Entertainment by 32.0% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,208,082 shares of the company's stock worth $415,447,000 after buying an additional 777,105 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Live Nation Entertainment by 3.7% during the 1st quarter. Vanguard Group Inc. now owns 19,882,872 shares of the company's stock valued at $2,596,305,000 after buying an additional 713,020 shares in the last quarter. Finally, Voloridge Investment Management LLC bought a new position in shares of Live Nation Entertainment in the 4th quarter valued at about $88,394,000. 74.52% of the stock is currently owned by hedge funds and other institutional investors.

Live Nation Entertainment Stock Up 0.9%

Shares of NYSE LYV traded up $1.48 during mid-day trading on Monday, reaching $162.41. 1,018,619 shares of the company were exchanged, compared to its average volume of 2,503,447. The firm has a 50-day moving average of $149.21 and a 200 day moving average of $140.61. 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, Inc. has a 1 year low of $92.57 and a 1 year high of $163.00. The stock has a market cap of $38.08 billion, a price-to-earnings ratio of 70.46, a P/E/G ratio of 9.71 and a beta of 1.46.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.41 earnings per share 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 during the quarter, compared to analyst estimates of $6.93 billion. During the same quarter last year, the business earned $1.03 earnings per share. Live Nation Entertainment's revenue was up 16.3% on a year-over-year basis. On average, research analysts expect that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Moffett Nathanson began coverage on Live Nation Entertainment in a research report on Monday. They set a "buy" rating and a $195.00 price objective on the stock. Roth Mkm lowered their price target on Live Nation Entertainment from $174.00 to $164.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Wolfe Research boosted their price objective on shares of Live Nation Entertainment from $160.00 to $168.00 and gave the company an "outperform" rating in a research report on Tuesday, June 10th. Guggenheim restated a "buy" rating and issued a $170.00 target price on shares of Live Nation Entertainment in a report on Wednesday, June 18th. Finally, Sanford C. Bernstein started coverage on shares of Live Nation Entertainment in a report on Wednesday, June 4th. They set an "outperform" rating and a $185.00 price target on the stock. One research analyst has rated the stock with a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat.com, Live Nation Entertainment has an average rating of "Moderate Buy" and a consensus price target 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.