Longbow Finance SA Sells 30,292 Shares of Live Nation Entertainment, Inc. (NYSE:LYV)

Key Points

• Longbow Finance SA reduced its stake in Live Nation Entertainment by 52.5% during Q1, now holding 27,411 shares valued at $3.58 million.
• Several institutional investors, including the Canada Pension Plan Investment Board, increased their holdings in Live Nation, demonstrating continued strong interest in the stock.
• Live Nation reported a loss of ($0.32) EPS for Q1, missing estimates significantly, while revenues were down 11% year-over-year, highlighting challenges faced by the company.

Longbow Finance SA lessened its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 52.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,411 shares of the company's stock after selling 30,292 shares during the period. Longbow Finance SA's holdings in Live Nation Entertainment were worth $3,579,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Freemont Management S.A. acquired a new stake in Live Nation Entertainment in the 1st quarter valued at approximately $1,671,000. Assetmark Inc. lifted its stake in Live Nation Entertainment by 4.4% in the 1st quarter. Assetmark Inc. now owns 197,196 shares of the company's stock valued at $25,750,000 after acquiring an additional 8,221 shares in the last quarter. Cetera Investment Advisers lifted its stake in Live Nation Entertainment by 27.7% in the 1st quarter. Cetera Investment Advisers now owns 11,225 shares of the company's stock valued at $1,466,000 after acquiring an additional 2,435 shares in the last quarter. Avantax Advisory Services Inc. bought a new stake in Live Nation Entertainment in the 1st quarter valued at approximately $206,000. Finally, Gilbert & Cook Inc. lifted its stake in Live Nation Entertainment by 1.4% in the 1st quarter. Gilbert & Cook Inc. now owns 5,538 shares of the company's stock valued at $723,000 after acquiring an additional 75 shares in the last quarter. Institutional investors own 74.52% of the company's stock.

Live Nation Entertainment Price Performance

Shares of LYV traded down $2.59 during trading hours on Tuesday, hitting $150.49. 755,220 shares of the company were exchanged, compared to its average volume of 2,502,610. The company has a market cap of $34.88 billion, a price-to-earnings ratio of 51.42, a P/E/G ratio of 5.96 and a beta of 1.45. Live Nation Entertainment, Inc. has a fifty-two week low of $87.33 and a fifty-two week high of $157.75. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 7.43. The firm's fifty day moving average is $146.04 and its 200 day moving average is $139.10.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter in the prior year, the company earned $0.60 earnings per share. Live Nation Entertainment's quarterly revenue was down 11.0% compared to the same quarter last year. On average, equities analysts anticipate that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on LYV shares. Wolfe Research boosted their target price 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. Morgan Stanley set a $180.00 price objective on Live Nation Entertainment in a research note on Thursday. Roth Mkm dropped their price objective on Live Nation Entertainment from $174.00 to $164.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. 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 on the stock. Finally, Benchmark reiterated a "buy" rating and set a $178.00 price objective on shares of Live Nation Entertainment in a research note on Tuesday, April 1st. One research analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat.com, Live Nation Entertainment has a consensus rating of "Moderate Buy" and an average price target of $165.82.

Insider Buying and Selling

In other Live Nation Entertainment news, EVP John Hopmans sold 34,808 shares of the stock in a transaction dated 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 transaction, the executive vice president directly owned 189,456 shares in the company, 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. Corporate insiders own 3.01% of the company's stock.

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.