Sumitomo Mitsui Trust Group Inc. Reduces Stock Position in Live Nation Entertainment, Inc. (NYSE:LYV)

Sumitomo Mitsui Trust Group Inc. lessened its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 0.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 358,402 shares of the company's stock after selling 2,646 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.15% of Live Nation Entertainment worth $46,800,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of LYV. Measured Risk Portfolios Inc. acquired a new stake in shares of Live Nation Entertainment in the 4th quarter worth $29,000. Murphy & Mullick Capital Management Corp acquired a new stake in shares of Live Nation Entertainment in the 4th quarter worth $40,000. Smartleaf Asset Management LLC lifted its position in Live Nation Entertainment by 17.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 493 shares of the company's stock worth $65,000 after acquiring an additional 75 shares during the period. SBI Securities Co. Ltd. acquired a new stake in Live Nation Entertainment during the 4th quarter worth about $74,000. Finally, Optiver Holding B.V. lifted its position in Live Nation Entertainment by 211.0% during the 4th quarter. Optiver Holding B.V. now owns 594 shares of the company's stock worth $77,000 after acquiring an additional 403 shares during the period. Institutional investors own 74.52% of the company's stock.

Live Nation Entertainment Price Performance

NYSE:LYV traded up $0.16 during trading hours on Friday, hitting $149.27. 925,403 shares of the stock were exchanged, compared to its average volume of 2,336,666. Live Nation Entertainment, Inc. has a 52-week low of $87.33 and a 52-week high of $157.75. The firm's fifty day moving average price is $142.53 and its 200 day moving average price is $137.05. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 7.43. The company has a market cap of $34.60 billion, a P/E ratio of 50.95, a P/E/G ratio of 5.79 and a beta of 1.45.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.29). The company had revenue of $3.38 billion during the quarter, compared to analysts' expectations of $3.63 billion. Live Nation Entertainment had a net margin of 4.28% and a return on equity of 125.77%. Live Nation Entertainment's revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter last year, the company earned $0.60 earnings per share. As a group, equities research analysts anticipate that Live Nation Entertainment, Inc. will post 2.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented on LYV shares. 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. Benchmark reaffirmed a "buy" rating and set a $178.00 price target on shares of Live Nation Entertainment in a research report on Tuesday, April 1st. Guggenheim reaffirmed a "buy" rating and set a $170.00 price target on shares of Live Nation Entertainment in a research report on Wednesday, June 18th. Wolfe Research lifted their price objective on Live Nation Entertainment from $160.00 to $168.00 and gave the company an "outperform" rating in a research note on Tuesday, June 10th. Finally, Sanford C. Bernstein assumed coverage on Live Nation Entertainment in a research note on Wednesday, June 4th. They set an "outperform" rating and a $185.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $165.24.

Insider Activity

In other news, EVP John Hopmans sold 34,808 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $147.38, for a total value of $5,130,003.04. Following the completion of the sale, the executive vice president directly owned 189,456 shares in the company, valued at $27,922,025.28. This represents a 15.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.01% of the stock is owned by company insiders.

About Live Nation Entertainment

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.