Swiss Life Asset Management Ltd Cuts Position in Live Nation Entertainment, Inc. $LYV

Key Points

• Swiss Life Asset Management reduced its stake in Live Nation Entertainment by 28.2% in the fourth quarter, leaving it with 19,526 shares worth about $2.78 million.
• Several other institutional investors made changes to their LYV positions, while hedge funds and institutions still own a large majority of the stock at 74.52%.
• Live Nation reported Q1 earnings of -$1.85 per share, missing estimates, even as revenue rose 12.1% year over year to $3.79 billion and topped forecasts; analysts still rate the stock a Moderate Buy with an average target of $187.75.

Swiss Life Asset Management Ltd lessened its position in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 28.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,526 shares of the company's stock after selling 7,656 shares during the quarter. Swiss Life Asset Management Ltd's holdings in Live Nation Entertainment were worth $2,782,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in LYV. Nvest Wealth Strategies Inc. purchased a new position in Live Nation Entertainment during the 4th quarter valued at approximately $26,000. Ameriflex Group Inc. grew its holdings in Live Nation Entertainment by 102.4% during the 3rd quarter. Ameriflex Group Inc. now owns 166 shares of the company's stock valued at $27,000 after buying an additional 84 shares in the last quarter. Root Financial Partners LLC purchased a new position in Live Nation Entertainment during the 3rd quarter valued at approximately $37,000. Blue Trust Inc. grew its holdings in Live Nation Entertainment by 62.6% during the 4th quarter. Blue Trust Inc. now owns 278 shares of the company's stock valued at $40,000 after buying an additional 107 shares in the last quarter. Finally, KERR FINANCIAL PLANNING Corp purchased a new position in Live Nation Entertainment during the 3rd quarter valued at approximately $41,000. Hedge funds and other institutional investors own 74.52% of the company's stock.

Insider Buying and Selling

In related news, EVP Michael Rowles sold 63,776 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 204,716 shares of the company's stock, valued at approximately $33,622,555.84. This trade represents a 23.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John Hopmans sold 93,078 shares of the firm'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 directly owned 188,751 shares of the company's stock, valued at $31,345,878.57. This represents a 33.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 157,798 shares of company stock valued at $26,088,615. Insiders own 2.89% of the company's stock.

Live Nation Entertainment Stock Performance

Shares of NYSE:LYV opened at $169.97 on Friday. Live Nation Entertainment, Inc. has a 12 month low of $125.34 and a 12 month high of $175.25. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 13.93. The company has a market capitalization of $40.04 billion, a price-to-earnings ratio of -96.03 and a beta of 1.11. The firm's 50-day moving average is $158.15 and its 200 day moving average is $149.08.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($1.85) earnings per share (EPS) 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 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. Live Nation Entertainment's revenue was up 12.1% on a year-over-year basis. Research analysts predict that Live Nation Entertainment, Inc. will post 1.13 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on LYV. Moffett Nathanson cut their price target on Live Nation Entertainment from $185.00 to $180.00 and set a "buy" rating for the company in a report on Thursday, January 22nd. Bank of America raised their price objective on Live Nation Entertainment from $170.00 to $180.00 and gave the company a "buy" rating in a research note on Friday, February 20th. Morgan Stanley reaffirmed an "overweight" rating and issued a $185.00 price objective on shares of Live Nation Entertainment in a research note on Friday, February 20th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Live Nation Entertainment in a research note on Monday, March 9th. Finally, Wells Fargo & Company lowered their price objective on Live Nation Entertainment from $203.00 to $199.00 and set an "overweight" rating for the company in a research note on Wednesday, May 6th. Twenty research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Live Nation Entertainment has an average rating of "Moderate Buy" and a consensus target price of $187.75.

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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