Sumitomo Mitsui Trust Group Inc. Reduces Holdings in Live Nation Entertainment, Inc. $LYV

Key Points

• Sumitomo Mitsui Trust Group cut its Live Nation stake by 3.6% in the first quarter, selling 12,652 shares and leaving it with 343,718 shares worth about $52.4 million.
• Several Live Nation insiders sold shares in May, including EVP John Hopmans and EVP Michael Rowles, with both transactions reducing their ownership positions significantly.
• Live Nation reported mixed quarterly results: revenue came in above expectations at $3.79 billion, but EPS missed estimates by a wide margin. Analysts remain broadly bullish, with 20 Buy ratings and a consensus target price of about $190.15.

Sumitomo Mitsui Trust Group Inc. lowered its position in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 3.6% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 343,718 shares of the company's stock after selling 12,652 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.15% of Live Nation Entertainment worth $52,420,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of LYV. Leonteq Securities AG acquired a new stake in shares of Live Nation Entertainment in the fourth quarter valued at about $25,000. Nvest Wealth Strategies Inc. purchased a new stake in Live Nation Entertainment during the 4th quarter valued at about $26,000. Elyxium Wealth LLC acquired a new stake in Live Nation Entertainment in the 4th quarter valued at about $30,000. DV Equities LLC purchased a new position in Live Nation Entertainment in the 4th quarter worth approximately $31,000. Finally, KERR FINANCIAL PLANNING Corp acquired a new position in shares of Live Nation Entertainment during the 3rd quarter worth approximately $41,000. Hedge funds and other institutional investors own 74.52% of the company's stock.

Insider Activity at Live Nation Entertainment

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

Analyst Ratings Changes

LYV has been the subject of a number of analyst reports. Weiss Ratings restated a "hold (c-)" rating on shares of Live Nation Entertainment in a research report on Thursday, June 4th. Wolfe Research boosted their price objective 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. Susquehanna raised their target price on Live Nation Entertainment from $180.00 to $181.00 in a research note on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft lifted their price target on Live Nation Entertainment from $180.00 to $185.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Finally, Citizens Jmp initiated coverage on shares of Live Nation Entertainment in a report on Monday, March 30th. They issued a "market outperform" rating and a $190.00 price objective for the company. Twenty equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Live Nation Entertainment has an average rating of "Moderate Buy" and a consensus target price of $190.15.

Live Nation Entertainment Stock Performance

NYSE LYV opened at $179.68 on Monday. The stock has a market cap of $42.32 billion, a PE ratio of -101.51 and a beta of 1.11. Live Nation Entertainment, Inc. has a twelve month low of $125.34 and a twelve month high of $188.00. The stock has a fifty day simple moving average of $170.56 and a 200-day simple moving average of $158.73. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 13.93.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported ($1.85) EPS for the quarter, missing analysts' consensus estimates of ($0.35) by ($1.50). The company had revenue of $3.79 billion during the quarter, compared to analyst estimates of $3.57 billion. Live Nation Entertainment had a net margin of 0.15% and a return on equity of 45.92%. The company's quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.32) EPS. Equities analysts anticipate that Live Nation Entertainment, Inc. will post 1.09 earnings per share for the current year.

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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