Premier Fund Managers Ltd Cuts Stock Position in Live Nation Entertainment, Inc. (NYSE:LYV)

Key Points

• Premier Fund Managers Ltd reduced its holdings in Live Nation Entertainment by 16.6%, owning 500,200 shares valued at $62.53 million, making it the fund's 10th biggest holding.
• Independent Franchise Partners LLP significantly increased its position in Live Nation by 207.6%, now holding nearly 4.7 million shares worth around $607.87 million, amidst a trend of institutional investment in the company.
• Live Nation's recent quarterly earnings report showed a loss of ($0.32) EPS, missing estimates and reflecting an 11% decline in revenue year-over-year, despite a strong market cap of $35.48 billion.

Premier Fund Managers Ltd cut its position in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 16.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 500,200 shares of the company's stock after selling 99,800 shares during the quarter. Live Nation Entertainment accounts for 2.3% of Premier Fund Managers Ltd's portfolio, making the stock its 10th biggest holding. Premier Fund Managers Ltd owned approximately 0.21% of Live Nation Entertainment worth $62,534,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Measured Risk Portfolios Inc. bought a new position in Live Nation Entertainment during the fourth quarter worth about $29,000. Wayfinding Financial LLC bought a new position in shares of Live Nation Entertainment in the first quarter valued at approximately $30,000. Chilton Capital Management LLC bought a new position in shares of Live Nation Entertainment in the first quarter valued at approximately $33,000. GW&K Investment Management LLC raised its stake in shares of Live Nation Entertainment by 690.2% in the first quarter. GW&K Investment Management LLC now owns 324 shares of the company's stock valued at $42,000 after acquiring an additional 283 shares during the last quarter. Finally, N.E.W. Advisory Services LLC bought a new position in shares of Live Nation Entertainment in the first quarter valued at approximately $42,000. 74.52% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently weighed in on LYV shares. Roth Mkm dropped their price objective on shares of Live Nation Entertainment from $174.00 to $164.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Guggenheim restated a "buy" rating and issued a $170.00 price objective on shares of Live Nation Entertainment in a research report on Wednesday, June 18th. Sanford C. Bernstein started coverage on shares of Live Nation Entertainment in a research report on Wednesday, June 4th. They issued an "outperform" rating and a $185.00 price objective for the company. Wolfe Research boosted their price objective on shares of Live Nation Entertainment from $160.00 to $168.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 10th. Finally, Morgan Stanley set a $180.00 target price on shares of Live Nation Entertainment in a report on Thursday, July 24th. One analyst has rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $165.82.

Live Nation Entertainment Stock Down 1.0%

Shares of NYSE:LYV traded down $1.51 during trading on Friday, hitting $146.19. 1,129,488 shares of the company's stock traded hands, compared to its average volume of 2,497,614. Live Nation Entertainment, Inc. has a 52 week low of $87.33 and a 52 week high of $157.75. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 7.43. The company has a market cap of $33.88 billion, a price-to-earnings ratio of 50.00, a price-to-earnings-growth ratio of 5.92 and a beta of 1.45. The company has a 50-day moving average price of $146.35 and a 200-day moving average price of $139.39.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported ($0.32) earnings per share for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.29). The company had revenue of $3.38 billion during the quarter, compared to analyst estimates of $3.63 billion. Live Nation Entertainment had a return on equity of 125.77% and a net margin of 4.28%. Live Nation Entertainment's revenue for the quarter was down 11.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.60 earnings per share. As a group, research analysts forecast that Live Nation Entertainment, Inc. will post 2.38 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP John Hopmans sold 34,808 shares of the company's stock in a transaction on Friday, May 16th. The shares were 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 of the company's stock, valued at approximately $27,922,025.28. This represents a 15.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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.