Palestra Capital Management LLC Sells 675,077 Shares of Live Nation Entertainment, Inc. $LYV

Key Points

• Palestra Capital Management LLC significantly decreased its holdings in Live Nation Entertainment, reducing its shares by 95.4% to 32,654 shares, worth approximately $4.26 million.
• Other institutional investors such as Nuveen LLC and Massachusetts Financial Services have increased their stakes, indicating strong interest in Live Nation Entertainment, which sees 74.52% of its stock held by institutional investors.
• Analysts have expressed optimism for Live Nation, with key targets reaching as high as $185.00, reflecting a consensus "Buy" rating and a target average of $168.94.

Palestra Capital Management LLC lowered its position in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 95.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,654 shares of the company's stock after selling 675,077 shares during the period. Live Nation Entertainment accounts for approximately 0.2% of Palestra Capital Management LLC's investment portfolio, making the stock its 25th biggest holding. Palestra Capital Management LLC's holdings in Live Nation Entertainment were worth $4,264,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in LYV. Vanguard Group Inc. increased its position in Live Nation Entertainment by 3.7% during the 1st quarter. Vanguard Group Inc. now owns 19,882,872 shares of the company's stock worth $2,596,305,000 after buying an additional 713,020 shares during the period. Canada Pension Plan Investment Board increased its position in Live Nation Entertainment by 4.4% during the first quarter. Canada Pension Plan Investment Board now owns 9,029,939 shares of the company's stock worth $1,179,129,000 after acquiring an additional 379,924 shares during the period. Principal Financial Group Inc. raised its stake in Live Nation Entertainment by 4.0% in the 1st quarter. Principal Financial Group Inc. now owns 7,596,509 shares of the company's stock worth $991,952,000 after purchasing an additional 294,310 shares in the last quarter. Independent Franchise Partners LLP boosted its holdings in Live Nation Entertainment by 21.4% in the 1st quarter. Independent Franchise Partners LLP now owns 5,698,560 shares of the company's stock valued at $744,118,000 after purchasing an additional 1,004,574 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in shares of Live Nation Entertainment by 46.1% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,804,375 shares of the company's stock worth $366,195,000 after purchasing an additional 884,745 shares in the last quarter. 74.52% of the stock is currently owned by institutional investors.

Live Nation Entertainment Price Performance

NYSE:LYV traded up $0.96 on Tuesday, hitting $170.36. The company had a trading volume of 2,150,008 shares, compared to its average volume of 1,775,279. Live Nation Entertainment, Inc. has a 52 week low of $93.64 and a 52 week high of $170.86. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 5.38. The stock has a market capitalization of $39.94 billion, a price-to-earnings ratio of 73.75, a PEG ratio of 11.43 and a beta of 1.42. The firm has a 50 day moving average of $155.60 and a two-hundred day moving average of $142.46.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last announced its quarterly earnings results 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). Live Nation Entertainment had a return on equity of 105.85% and a net margin of 3.88%.The company had revenue of $7.01 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same quarter last year, the company posted $1.03 earnings per share. The firm's quarterly revenue was up 16.3% on a year-over-year basis. On average, research analysts anticipate that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

LYV has been the subject of several recent research reports. Citigroup boosted their price target on Live Nation Entertainment from $165.00 to $195.00 and gave the company a "buy" rating in a research note on Tuesday. Morgan Stanley set a $180.00 price objective on shares of Live Nation Entertainment in a research note on Thursday, July 24th. Susquehanna set a $165.00 price target on shares of Live Nation Entertainment and gave the stock a "positive" rating in a research report on Tuesday, June 10th. Benchmark lifted their price objective on shares of Live Nation Entertainment from $178.00 to $180.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Finally, Wolfe Research upped their target price on Live Nation Entertainment from $160.00 to $168.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 10th. Eighteen analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Live Nation Entertainment currently has an average rating of "Buy" and an average price target of $170.72.

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.