Ritholtz Wealth Management Raises Stake in Live Nation Entertainment, Inc. (NYSE:LYV)

Ritholtz Wealth Management increased its holdings in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 130.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,516 shares of the company's stock after buying an additional 3,119 shares during the quarter. Ritholtz Wealth Management's holdings in Live Nation Entertainment were worth $720,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vontobel Holding Ltd. raised its stake in Live Nation Entertainment by 14.0% during the 4th quarter. Vontobel Holding Ltd. now owns 7,578 shares of the company's stock worth $981,000 after acquiring an additional 930 shares during the period. Principal Securities Inc. raised its stake in Live Nation Entertainment by 11.9% during the 4th quarter. Principal Securities Inc. now owns 5,701 shares of the company's stock worth $738,000 after acquiring an additional 606 shares during the period. Sanctuary Advisors LLC raised its stake in Live Nation Entertainment by 3.3% during the 4th quarter. Sanctuary Advisors LLC now owns 16,780 shares of the company's stock worth $2,173,000 after acquiring an additional 532 shares during the period. CIBC Asset Management Inc raised its stake in Live Nation Entertainment by 4.7% during the 4th quarter. CIBC Asset Management Inc now owns 26,093 shares of the company's stock worth $3,379,000 after acquiring an additional 1,177 shares during the period. Finally, Atria Wealth Solutions Inc. bought a new stake in Live Nation Entertainment during the 4th quarter worth approximately $226,000. Hedge funds and other institutional investors own 74.52% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Rosenblatt Securities decreased their target price on shares of Live Nation Entertainment from $174.00 to $170.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Susquehanna set a $165.00 price objective on shares of Live Nation Entertainment and gave the company a "positive" rating in a research report on Tuesday, June 10th. Wolfe Research lifted their price objective on shares of Live Nation Entertainment from $160.00 to $168.00 and gave the company an "outperform" rating in a research report on Tuesday, June 10th. Benchmark reiterated a "buy" rating and set a $178.00 price objective on shares of Live Nation Entertainment in a research report on Tuesday, April 1st. Finally, Guggenheim reiterated a "buy" rating and set a $170.00 price objective on shares of Live Nation Entertainment in a research report on Wednesday. One investment analyst has rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat.com, Live Nation Entertainment currently has an average rating of "Moderate Buy" and a consensus target price of $165.24.

Insiders Place Their Bets

In other news, EVP John Hopmans sold 34,808 shares of the business's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $147.38, for a total transaction of $5,130,003.04. Following the completion of the sale, the executive vice president now directly owns 189,456 shares of the company's stock, valued at approximately $27,922,025.28. The trade was a 15.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.01% of the stock is owned by insiders.

Live Nation Entertainment Price Performance

Shares of LYV stock traded up $0.66 on Friday, reaching $148.92. The company's stock had a trading volume of 6,524,635 shares, compared to its average volume of 2,350,764. The stock's fifty day simple moving average is $138.45 and its 200-day simple moving average is $136.10. Live Nation Entertainment, Inc. has a 1 year low of $87.33 and a 1 year 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 capitalization of $34.52 billion, a price-to-earnings ratio of 50.83, a price-to-earnings-growth ratio of 5.90 and a beta of 1.44.

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 the consensus estimate of ($0.03) by ($0.29). Live Nation Entertainment had a net margin of 4.28% and a return on equity of 125.77%. The firm had revenue of $3.38 billion during the quarter, compared to analysts' expectations of $3.63 billion. During the same period in the prior year, the company posted $0.60 EPS. The company's revenue was down 11.0% compared to the same quarter last year. Analysts forecast that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current fiscal year.

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.