HighTower Advisors LLC Trims Stock Holdings in Live Nation Entertainment, Inc. $LYV

Key Points

• HighTower Advisors LLC reduced its stake in Live Nation Entertainment, Inc. by 3.3% in Q1, now holding 171,193 shares valued at approximately $22.35 million.
• Analysts have set price targets for Live Nation Entertainment, with Oppenheimer raising its target from $165.00 to $180.00 and maintaining an "outperform" rating.
• Live Nation recently reported earnings of $0.41 per share, missing consensus estimates of $1.08 but achieving revenue of $7.01 billion, surpassing analyst predictions.

HighTower Advisors LLC cut its position in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 3.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 171,193 shares of the company's stock after selling 5,895 shares during the quarter. HighTower Advisors LLC owned approximately 0.07% of Live Nation Entertainment worth $22,354,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of LYV. Nuveen LLC purchased a new stake in shares of Live Nation Entertainment during the first quarter worth about $201,501,000. Massachusetts Financial Services Co. MA boosted its position in 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 purchasing an additional 884,745 shares in the last quarter. Jericho Capital Asset Management L.P. boosted its position in 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 purchasing an additional 777,105 shares in the last quarter. Vanguard Group Inc. boosted its position in Live Nation Entertainment by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 19,882,872 shares of the company's stock worth $2,596,305,000 after purchasing an additional 713,020 shares in the last quarter. Finally, Voloridge Investment Management LLC purchased a new stake in Live Nation Entertainment in the 4th quarter worth approximately $88,394,000. Hedge funds and other institutional investors own 74.52% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Susquehanna set a $165.00 target price on Live Nation Entertainment and gave the stock a "positive" rating in a research note on Tuesday, June 10th. Moffett Nathanson began coverage on Live Nation Entertainment in a research note on Monday. They issued a "buy" rating and a $195.00 price objective for the company. Rosenblatt Securities dropped their target price on Live Nation Entertainment from $174.00 to $170.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Guggenheim reiterated a "buy" rating and set a $170.00 price target on shares of Live Nation Entertainment in a report on Wednesday, June 18th. Finally, Wolfe Research increased their price target on Live Nation Entertainment from $160.00 to $168.00 and gave the stock an "outperform" rating in a report on Tuesday, June 10th. Eighteen analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $168.94.

Live Nation Entertainment Trading Up 0.4%

Shares of NYSE LYV traded up $0.58 during midday trading on Thursday, hitting $162.48. The stock had a trading volume of 1,518,029 shares, compared to its average volume of 2,222,491. Live Nation Entertainment, Inc. has a 1-year low of $92.57 and a 1-year high of $164.06. The company has a fifty day moving average price of $150.76 and a 200 day moving average price of $141.15. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 5.38. The company has a market capitalization of $38.10 billion, a price-to-earnings ratio of 70.34, a PEG ratio of 9.76 and a beta of 1.46.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last issued 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 return on equity of 105.85% and a net margin of 3.88%.The company had revenue of $7.01 billion during the quarter, compared to analysts' expectations of $6.93 billion. During the same period in the previous year, the company earned $1.03 EPS. Live Nation Entertainment's quarterly revenue was up 16.3% on a year-over-year basis. On average, analysts predict that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current 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.