Live Nation Entertainment, Inc. (NYSE:LYV) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lessened its position in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 0.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & 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 about 0.15% of Live Nation Entertainment worth $46,800,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Independent Franchise Partners LLP grew its stake in shares of Live Nation Entertainment by 207.6% during the fourth quarter. Independent Franchise Partners LLP now owns 4,693,986 shares of the company's stock worth $607,871,000 after acquiring an additional 3,168,210 shares during the last quarter. Groupama Asset Managment acquired a new stake in Live Nation Entertainment in the 4th quarter worth approximately $259,000,000. Norges Bank purchased a new stake in Live Nation Entertainment during the 4th quarter worth approximately $255,955,000. Jericho Capital Asset Management L.P. increased its stake in Live Nation Entertainment by 32.0% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,208,082 shares of the company's stock valued at $415,447,000 after purchasing an additional 777,105 shares in the last quarter. Finally, Voloridge Investment Management LLC purchased a new position in shares of Live Nation Entertainment in the fourth quarter worth $88,394,000. Hedge funds and other institutional investors own 74.52% of the company's stock.

Live Nation Entertainment Price Performance

LYV stock traded up $0.16 during midday trading on Friday, reaching $149.27. The stock had a trading volume of 925,403 shares, compared to its average volume of 2,333,807. Live Nation Entertainment, Inc. has a 52-week low of $87.33 and a 52-week high of $157.75. 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's fifty day simple moving average is $142.21 and its 200 day simple moving average is $136.94. The company has a market cap of $34.60 billion, a price-to-earnings ratio of 50.95, a price-to-earnings-growth ratio of 5.78 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 for the quarter, missing the consensus estimate of ($0.03) by ($0.29). Live Nation Entertainment had a return on equity of 125.77% and a net margin of 4.28%. The business had revenue of $3.38 billion during the quarter, compared to analysts' expectations of $3.63 billion. During the same period in the prior year, the business posted $0.60 earnings per share. The business's quarterly revenue was down 11.0% on a year-over-year basis. As a group, sell-side analysts predict that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on LYV. Wolfe Research upped their target price on Live Nation Entertainment from $160.00 to $168.00 and gave the company an "outperform" rating in a research report on Tuesday, June 10th. Benchmark reiterated a "buy" rating and issued a $178.00 target price on shares of Live Nation Entertainment in a research report on Tuesday, April 1st. Macquarie lifted their price objective on shares of Live Nation Entertainment from $146.00 to $165.00 and gave the company an "outperform" rating in a research note on Thursday, March 6th. Guggenheim reiterated a "buy" rating and issued a $170.00 price objective on shares of Live Nation Entertainment in a research note on Wednesday, June 18th. Finally, Susquehanna set a $165.00 target price on shares of Live Nation Entertainment and gave the company a "positive" rating in a research report on Tuesday, June 10th. One 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 stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $165.24.

Insiders Place Their Bets

In related news, EVP John Hopmans sold 34,808 shares of the 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 owned 189,456 shares of the company's stock, valued at approximately $27,922,025.28. This trade 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 can be accessed through 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.