NewEdge Wealth LLC Invests $1.04 Million in Live Nation Entertainment, Inc. $LYV

Key Points

• NewEdge Wealth LLC bought a new stake in Live Nation Entertainment, acquiring 7,317 shares valued at about $1.04 million in the fourth quarter.
• Live Nation reported revenue of $3.79 billion for the quarter, beating expectations, but posted EPS of -$1.85, which missed analyst estimates by a wide margin.
• Analysts remain generally bullish on LYV, with 20 Buy ratings and a consensus Moderate Buy target price of $187.75; however, insiders have recently sold shares, including a large sale by EVP Michael Rowles.

NewEdge Wealth LLC acquired a new stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,317 shares of the company's stock, valued at approximately $1,043,000.

Several other institutional investors and hedge funds have also made changes to their positions in LYV. Ameriflex Group Inc. increased its position in Live Nation Entertainment by 102.4% during the third quarter. Ameriflex Group Inc. now owns 166 shares of the company's stock worth $27,000 after buying an additional 84 shares during the period. Nvest Wealth Strategies Inc. purchased a new position in shares of Live Nation Entertainment during the fourth quarter worth approximately $26,000. Root Financial Partners LLC acquired a new position in shares of Live Nation Entertainment in the 3rd quarter valued at $37,000. KERR FINANCIAL PLANNING Corp acquired a new position in shares of Live Nation Entertainment in the 3rd quarter valued at $41,000. Finally, Blue Trust Inc. raised its position in Live Nation Entertainment by 62.6% in the 4th quarter. Blue Trust Inc. now owns 278 shares of the company's stock valued at $40,000 after purchasing an additional 107 shares during the last quarter. 74.52% of the stock is owned by hedge funds and other institutional investors.

Live Nation Entertainment Price Performance

LYV stock opened at $169.97 on Friday. The firm has a 50 day moving average of $158.15 and a 200-day moving average of $149.08. The company has a market cap of $40.04 billion, a price-to-earnings ratio of -96.03 and a beta of 1.11. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 13.93. Live Nation Entertainment, Inc. has a 12-month low of $125.34 and a 12-month high of $175.25.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($1.85) EPS for the quarter, missing the consensus estimate of ($0.35) by ($1.50). Live Nation Entertainment had a return on equity of 45.92% and a net margin of 0.15%.The business had revenue of $3.79 billion during the quarter, compared to analysts' expectations of $3.57 billion. During the same quarter in the prior year, the firm earned ($0.32) earnings per share. Live Nation Entertainment's quarterly revenue was up 12.1% on a year-over-year basis. As a group, equities analysts expect that Live Nation Entertainment, Inc. will post 1.13 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Michael Rowles sold 63,776 shares of the firm's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $164.24, for a total transaction of $10,474,570.24. Following the sale, the executive vice president owned 204,716 shares in the company, valued at approximately $33,622,555.84. This trade represents a 23.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jeffrey T. Hinson sold 944 shares of the firm's stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $165.87, for a total value of $156,581.28. Following the sale, the director owned 48,030 shares in the company, valued at $7,966,736.10. This trade represents a 1.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 157,798 shares of company stock valued at $26,088,615 in the last ninety days. Insiders own 2.89% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on LYV. Morgan Stanley reaffirmed an "overweight" rating and issued a $185.00 target price on shares of Live Nation Entertainment in a report on Friday, February 20th. Deutsche Bank Aktiengesellschaft boosted their price target on Live Nation Entertainment from $180.00 to $185.00 and gave the company a "buy" rating in a research report on Wednesday, May 6th. Wolfe Research upped their price objective on Live Nation Entertainment from $205.00 to $206.00 and gave the company an "outperform" rating in a research note on Monday, April 13th. Moffett Nathanson lowered their target price on Live Nation Entertainment from $185.00 to $180.00 and set a "buy" rating on the stock in a research note on Thursday, January 22nd. Finally, Susquehanna boosted their target price on Live Nation Entertainment from $180.00 to $181.00 in a report on Wednesday, May 6th. Twenty research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Live Nation Entertainment presently has a consensus rating of "Moderate Buy" and an average price target of $187.75.

About Live Nation Entertainment

Live Nation Entertainment is a global live entertainment company that promotes, operates and sells tickets for live events. The company's core activities include concert promotion and production, venue operations and management, ticketing services through its Ticketmaster platform, artist management and development, and sponsorship and advertising services tied to live events. These integrated businesses are designed to connect artists, fans and commercial partners across the live event ecosystem.

The company in its current form was created following the 2010 merger of Live Nation and Ticketmaster, combining a promoter and venue operator with one of the industry's largest ticketing platforms.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.