Reinhart Partners LLC. Sells 22,683 Shares of Live Nation Entertainment, Inc. $LYV

Key Points

• Reinhart Partners cut its Live Nation stake by 53.1% in the second quarter, selling 22,683 shares and retaining 20,006 shares valued at approximately $3.66 million. Institutional investors and hedge funds collectively own 74.52% of the company.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating from MarketBeat and an average price target of $197.19. Twenty analysts rate the stock Buy, compared with two Hold and two Sell ratings.
• Live Nation reported quarterly earnings of $1.05 per share, beating estimates of $0.66, while revenue rose 9.4% year over year to $7.67 billion. Shares opened at $180.52, near their 52-week high of $188.00.

Reinhart Partners LLC. lessened its holdings in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 53.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,006 shares of the company's stock after selling 22,683 shares during the period. Reinhart Partners LLC.'s holdings in Live Nation Entertainment were worth $3,663,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its position in shares of Live Nation Entertainment by 3.4% during the first quarter. Principal Financial Group Inc. now owns 11,095,305 shares of the company's stock valued at $1,692,151,000 after buying an additional 367,624 shares during the last quarter. Independent Franchise Partners LLP raised its position in Live Nation Entertainment by 3.5% in the 4th quarter. Independent Franchise Partners LLP now owns 5,733,718 shares of the company's stock valued at $817,055,000 after buying an additional 193,104 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Live Nation Entertainment by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 4,301,900 shares of the company's stock worth $610,707,000 after acquiring an additional 20,165 shares in the last quarter. Jericho Capital Asset Management L.P. raised its holdings in shares of Live Nation Entertainment by 37.9% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,996,512 shares of the company's stock valued at $569,503,000 after purchasing an additional 1,099,350 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of Live Nation Entertainment by 4.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,195,473 shares of the company's stock valued at $455,355,000 after purchasing an additional 123,800 shares during the last quarter. Institutional investors and hedge funds own 74.52% of the company's stock.

Analyst Ratings Changes

LYV has been the topic of a number of research analyst reports. Wolfe Research boosted their target price on Live Nation Entertainment from $205.00 to $206.00 and gave the stock an "outperform" rating in a research note on Monday, April 13th. BTIG Research reissued a "buy" rating and issued a $215.00 price objective on shares of Live Nation Entertainment in a research report on Friday, July 31st. Weiss Ratings lowered Live Nation Entertainment from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, July 31st. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $205.00 target price on shares of Live Nation Entertainment in a research note on Friday, July 31st. Finally, Guggenheim raised their price objective on shares of Live Nation Entertainment from $197.00 to $218.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Twenty investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Live Nation Entertainment presently has a consensus rating of "Moderate Buy" and an average target price of $197.19.

Live Nation Entertainment Stock Down 0.7%

LYV stock opened at $180.52 on Friday. The stock has a fifty day moving average of $176.56 and a 200-day moving average of $163.55. Live Nation Entertainment, Inc. has a fifty-two week low of $125.34 and a fifty-two week high of $188.00. The company has a market capitalization of $42.54 billion, a price-to-earnings ratio of -159.76 and a beta of 1.12. The company has a debt-to-equity ratio of 8.25, a quick ratio of 0.85 and a current ratio of 0.85.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last issued its earnings results on Thursday, July 30th. The company reported $1.05 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $7.56 billion. During the same quarter last year, the business earned $0.41 earnings per share. The company's quarterly revenue was up 9.4% on a year-over-year basis. As a group, equities research analysts predict that Live Nation Entertainment, Inc. will post 1.05 earnings per share for the current year.

Live Nation Entertainment Company Profile

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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