Sterling Capital Management LLC Decreases Stock Position in Live Nation Entertainment, Inc. $LYV

Key Points

• Sterling Capital Management cut its Live Nation Entertainment stake by 35.2% in the first quarter, selling 8,332 shares and leaving it with 15,307 shares valued at about $2.33 million.
• Live Nation’s latest quarter showed a wider-than-expected loss of $1.85 per share versus estimates of a $0.35 loss, even though revenue rose 12.1% year over year to $3.79 billion.
• Analysts remain generally upbeat: the stock has a Moderate Buy consensus with an average price target of $188.50, while several executives recently sold shares and institutional investors still own 74.52% of the company.

Sterling Capital Management LLC lessened its holdings in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 35.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 15,307 shares of the company's stock after selling 8,332 shares during the quarter. Sterling Capital Management LLC's holdings in Live Nation Entertainment were worth $2,334,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Axxcess Wealth Management LLC boosted its stake in Live Nation Entertainment by 4.9% in the 4th quarter. Axxcess Wealth Management LLC now owns 1,602 shares of the company's stock worth $228,000 after purchasing an additional 75 shares in the last quarter. Vident Advisory LLC raised its holdings in shares of Live Nation Entertainment by 2.1% in the second quarter. Vident Advisory LLC now owns 3,622 shares of the company's stock worth $548,000 after buying an additional 75 shares during the last quarter. Prairie Wealth Advisors Inc. lifted its stake in shares of Live Nation Entertainment by 5.0% during the third quarter. Prairie Wealth Advisors Inc. now owns 1,665 shares of the company's stock worth $272,000 after buying an additional 80 shares during the period. Sumitomo Life Insurance Co. grew its holdings in shares of Live Nation Entertainment by 1.2% during the fourth quarter. Sumitomo Life Insurance Co. now owns 6,821 shares of the company's stock valued at $972,000 after buying an additional 82 shares during the last quarter. Finally, Ameriflex Group Inc. increased its position in shares of Live Nation Entertainment by 102.4% in the 3rd quarter. Ameriflex Group Inc. now owns 166 shares of the company's stock valued at $27,000 after acquiring an additional 84 shares during the period. Institutional investors and hedge funds own 74.52% of the company's stock.

Live Nation Entertainment Stock Performance

Shares of NYSE LYV opened at $179.44 on Monday. Live Nation Entertainment, Inc. has a 1 year low of $125.34 and a 1 year high of $180.92. The company has a debt-to-equity ratio of 13.93, a quick ratio of 0.88 and a current ratio of 0.88. The company's fifty day moving average price is $165.03 and its 200 day moving average price is $155.68. The company has a market capitalization of $42.27 billion, a PE ratio of -101.38 and a beta of 1.12.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($1.85) earnings per share for the quarter, missing analysts' consensus estimates 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 firm had revenue of $3.79 billion during the quarter, compared to analyst estimates of $3.57 billion. During the same quarter last year, the company posted ($0.32) EPS. The company's revenue was up 12.1% on a year-over-year basis. On average, research analysts predict that Live Nation Entertainment, Inc. will post 1.09 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Live Nation Entertainment in a research report on Thursday, June 4th. Rothschild & Co Redburn lifted their target price on Live Nation Entertainment from $193.00 to $195.00 in a report on Wednesday, May 6th. Guggenheim upped their target price on Live Nation Entertainment from $192.00 to $197.00 and gave the company a "buy" rating in a research report on Wednesday, May 6th. Citizens Jmp initiated coverage on shares of Live Nation Entertainment in a research report on Monday, March 30th. They set a "market outperform" rating and a $190.00 price target for the company. Finally, Jefferies Financial Group restated a "hold" rating on shares of Live Nation Entertainment in a research note on Monday, March 9th. Twenty investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $188.50.

Insider Transactions at Live Nation Entertainment

In other Live Nation Entertainment news, EVP John Hopmans sold 93,078 shares of the stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $166.07, for a total transaction of $15,457,463.46. Following the transaction, the executive vice president owned 188,751 shares in the company, valued at approximately $31,345,878.57. This represents a 33.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Michael Rowles sold 63,776 shares of the firm's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $164.24, for a total value of $10,474,570.24. Following the completion of 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.89% of the company's stock.

Live Nation Entertainment 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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