NewEdge Advisors LLC Reduces Position in Live Nation Entertainment, Inc. $LYV

Key Points

• NewEdge Advisors cut its Live Nation stake by 85.2% in the second quarter, selling 18,557 shares and retaining 3,212 shares valued at approximately $588,000. Institutional investors collectively own 74.52% of the company.
• Live Nation reported quarterly EPS of $1.05, beating estimates of $0.66, while revenue rose 9.4% year over year to $7.67 billion. Analysts expect full-year EPS of $1.12.
• Analyst sentiment remains favorable, with 20 Buy ratings and four Holds producing a consensus “Moderate Buy” rating and an average price target of $197.19, compared with the stock’s reported price of $171.09.

NewEdge Advisors LLC reduced its stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 85.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,212 shares of the company's stock after selling 18,557 shares during the period. NewEdge Advisors LLC's holdings in Live Nation Entertainment were worth $588,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Leonteq Securities AG purchased a new stake in Live Nation Entertainment during the 4th quarter valued at about $25,000. Burkett Financial Services LLC bought a new stake in shares of Live Nation Entertainment during the second quarter valued at approximately $26,000. Kilter Group LLC purchased a new position in Live Nation Entertainment in the 2nd quarter worth approximately $27,000. Meeder Asset Management Inc. bought a new stake in shares of Live Nation Entertainment in the 2nd quarter worth $27,000. Finally, Transamerica Financial Advisors LLC purchased a new position in shares of Live Nation Entertainment in the second quarter worth $27,000. Hedge funds and other institutional investors own 74.52% of the company's stock.

Live Nation Entertainment Price Performance

Shares of NYSE:LYV opened at $171.09 on Friday. The company has a market capitalization of $40.31 billion, a P/E ratio of -151.41 and a beta of 1.11. Live Nation Entertainment, Inc. has a 1-year low of $125.34 and a 1-year high of $189.24. The firm's 50 day simple moving average is $178.22 and its two-hundred day simple moving average is $169.84. The company has a debt-to-equity ratio of 8.25, a current ratio of 0.85 and a quick ratio of 0.85.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $0.66 by $0.39. Live Nation Entertainment had a net margin of 0.34% and a return on equity of 54.61%. The firm had revenue of $7.67 billion for the quarter, compared to the consensus estimate of $7.56 billion. During the same period last year, the firm earned $0.41 EPS. The company's revenue was up 9.4% on a year-over-year basis. Research analysts expect that Live Nation Entertainment, Inc. will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling at Live Nation Entertainment

In other news, CAO Brian Capo sold 2,900 shares of the company's stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $184.00, for a total value of $533,600.00. Following the completion of the transaction, the chief accounting officer owned 8,655 shares of the company's stock, valued at $1,592,520. This represents a 25.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.89% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on LYV shares. Susquehanna upped their target price on shares of Live Nation Entertainment from $186.00 to $187.00 and gave the company a "neutral" rating in a research note on Friday, July 31st. Citizens Jmp lifted their price target on shares of Live Nation Entertainment from $190.00 to $215.00 and gave the stock a "market outperform" rating in a research note on Wednesday, July 22nd. BTIG Research restated a "buy" rating and set a $215.00 price objective on shares of Live Nation Entertainment in a research report on Friday, July 31st. Weiss Ratings upgraded shares of Live Nation Entertainment from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday. Finally, Oppenheimer set a $100.00 target price on shares of Live Nation Entertainment in a research report on Tuesday, July 28th. Twenty analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $197.19.

Live Nation Entertainment Profile

Live Nation Entertainment, Inc is a global live entertainment company that produces, promotes and operates concerts, music festivals and other live events. Through its concert promotion business, the company works with artists and venues to organize events across a broad range of music genres.

The company also operates Ticketmaster, a ticketing platform that provides ticket sales, distribution and related technology for concerts, sports and other events. In addition, Live Nation manages and operates entertainment venues and provides sponsorship and advertising services that connect brands with live audiences.

Live Nation was formed in 2005 through the combination of Clear Channel Entertainment's live entertainment business and Live Nation.

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