Reinhart Partners LLC. Sells 15,584 Shares of Live Nation Entertainment, Inc. $LYV

Key Points

• Reinhart Partners LLC cut its Live Nation stake by 25.4% in the fourth quarter, selling 15,584 shares and leaving it with 45,657 shares worth about $6.5 million.
• Live Nation reported mixed quarterly results: revenue of $3.79 billion topped estimates and rose 12.1% year over year, but EPS of ($1.85) missed expectations by a wide margin.
• Despite the earnings miss, analysts remain upbeat, with 20 Buy ratings and a consensus price target of $187.75; the stock was trading around $167.72 and was down 1.6% on the day.

Reinhart Partners LLC. lowered its position in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 25.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 45,657 shares of the company's stock after selling 15,584 shares during the period. Reinhart Partners LLC.'s holdings in Live Nation Entertainment were worth $6,506,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in LYV. Norges Bank bought a new stake in shares of Live Nation Entertainment in the 4th quarter valued at $285,924,000. Principal Financial Group Inc. increased its position in shares of Live Nation Entertainment by 10.3% in the 4th quarter. Principal Financial Group Inc. now owns 10,727,681 shares of the company's stock valued at $1,528,700,000 after buying an additional 1,001,905 shares in the last quarter. Bessemer Group Inc. increased its holdings in Live Nation Entertainment by 70.0% during the 4th quarter. Bessemer Group Inc. now owns 1,843,750 shares of the company's stock worth $262,733,000 after purchasing an additional 759,363 shares in the last quarter. Woodline Partners LP increased its holdings in Live Nation Entertainment by 3,475.4% during the 3rd quarter. Woodline Partners LP now owns 609,574 shares of the company's stock worth $99,604,000 after purchasing an additional 592,525 shares in the last quarter. Finally, Holocene Advisors LP increased its holdings in Live Nation Entertainment by 127.6% during the 3rd quarter. Holocene Advisors LP now owns 814,163 shares of the company's stock worth $133,034,000 after purchasing an additional 456,373 shares in the last quarter. Institutional investors own 74.52% of the company's stock.

Live Nation Entertainment Trading Down 1.6%

Shares of LYV stock opened at $167.72 on Wednesday. The firm has a 50 day moving average price of $159.97 and a two-hundred day moving average price of $150.84. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 13.93. The company has a market capitalization of $39.51 billion, a PE ratio of -94.76 and a beta of 1.12. 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 announced its earnings results 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 for the quarter, compared to the consensus estimate of $3.57 billion. During the same period in the prior year, the business posted ($0.32) earnings per share. The firm's revenue for the quarter was up 12.1% compared to the same quarter last year. As a group, analysts predict that Live Nation Entertainment, Inc. will post 1.13 earnings per share for the current year.

Insiders Place Their Bets

In other Live Nation Entertainment news, Director Jeffrey T. Hinson sold 944 shares of the business's stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $165.87, for a total transaction of $156,581.28. Following the sale, the director owned 48,030 shares of the company's stock, valued at approximately $7,966,736.10. The trade was a 1.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Michael Rowles sold 63,776 shares of the business's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $164.24, for a total transaction of $10,474,570.24. Following the sale, the executive vice president directly owned 204,716 shares in the company, valued at approximately $33,622,555.84. The trade was a 23.75% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 157,798 shares of company stock valued at $26,088,615. 2.89% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

LYV has been the subject of a number of research reports. TD Cowen reiterated a "buy" rating on shares of Live Nation Entertainment in a report on Monday, February 23rd. Jefferies Financial Group reiterated a "hold" rating on shares of Live Nation Entertainment in a report on Monday, March 9th. Citizens Jmp initiated coverage on Live Nation Entertainment in a report on Monday, March 30th. They set a "market outperform" rating and a $190.00 target price for the company. Guggenheim increased their target price on Live Nation Entertainment from $192.00 to $197.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Finally, Bank of America increased their target price on Live Nation Entertainment from $170.00 to $180.00 and gave the stock a "buy" rating in a report on Friday, February 20th. Twenty analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently 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.

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