LPL Financial LLC Sells 3,624 Shares of Live Nation Entertainment, Inc. (NYSE:LYV)

Key Points

• LPL Financial LLC has decreased its stake in Live Nation Entertainment by 7.0%, selling 3,624 shares and owning a total of 47,892 shares valued at $6.25 million.
• Live Nation Entertainment reported quarterly earnings of $0.41 EPS, missing estimates of $1.08, but its revenue of $7.01 billion exceeded expectations.
• Institutional investors currently own 74.52% of Live Nation's stock, with several firms significantly increasing their holdings during recent quarters.

LPL Financial LLC lowered its stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 7.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 47,892 shares of the company's stock after selling 3,624 shares during the period. LPL Financial LLC's holdings in Live Nation Entertainment were worth $6,254,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in LYV. Massachusetts Financial Services Co. MA lifted its position in Live Nation Entertainment by 46.1% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,804,375 shares of the company's stock valued at $366,195,000 after buying an additional 884,745 shares during the period. Jericho Capital Asset Management L.P. lifted its position in Live Nation Entertainment by 32.0% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,208,082 shares of the company's stock valued at $415,447,000 after buying an additional 777,105 shares during the period. Voloridge Investment Management LLC purchased a new position in Live Nation Entertainment during the fourth quarter valued at $88,394,000. Capital World Investors lifted its position in Live Nation Entertainment by 54.2% during the fourth quarter. Capital World Investors now owns 1,707,284 shares of the company's stock valued at $221,093,000 after buying an additional 599,784 shares during the period. Finally, GAMMA Investing LLC lifted its position in Live Nation Entertainment by 16,161.2% during the first quarter. GAMMA Investing LLC now owns 511,090 shares of the company's stock valued at $66,738,000 after buying an additional 507,947 shares during the period. Institutional investors own 74.52% of the company's stock.

Live Nation Entertainment Trading Up 0.9%

LYV opened at $154.48 on Tuesday. Live Nation Entertainment, Inc. has a 12 month low of $91.25 and a 12 month high of $157.75. The stock has a market capitalization of $36.22 billion, a price-to-earnings ratio of 66.87, a PEG ratio of 5.06 and a beta of 1.46. The company has a debt-to-equity ratio of 5.38, a current ratio of 0.88 and a quick ratio of 0.88. The business has a fifty day moving average price of $147.72 and a 200 day moving average price of $140.12.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.67). The business had revenue of $7.01 billion for the quarter, compared to analyst estimates of $6.93 billion. Live Nation Entertainment had a return on equity of 105.85% and a net margin of 3.88%. The company's revenue was up 16.3% compared to the same quarter last year. During the same period in the prior year, the company posted $1.03 earnings per share. Sell-side analysts expect that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Susquehanna set a $165.00 price target on Live Nation Entertainment and gave the company a "positive" rating in a research note on Tuesday, June 10th. 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. Rosenblatt Securities cut their price objective on Live Nation Entertainment from $174.00 to $170.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Wolfe Research boosted 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, Benchmark boosted their price objective on Live Nation Entertainment from $178.00 to $180.00 and gave the company a "buy" rating in a research note on Friday. One analyst has rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $165.94.

Insiders Place Their Bets

In other news, EVP John Hopmans sold 34,808 shares of the firm'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 of the company's stock, valued at $27,922,025.28. This trade represents a 15.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.72% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.