Truist Financial Corp Sells 324,746 Shares of Live Nation Entertainment, Inc. $LYV

Key Points

• Truist Financial sharply reduced its stake in Live Nation Entertainment, selling 324,746 shares in the fourth quarter and cutting its holdings by 96.7% to 11,062 shares valued at about $1.58 million.
• Despite some mixed sentiment, Wall Street remains constructive on LYV: 20 analysts rate it a Buy, three rate it Hold, and the average price target is $187.75, with Bank of America recently raising its target to $180.
• Live Nation reported strong revenue but weak earnings in its latest quarter, posting $3.79 billion in revenue, up 12.1% year over year, while missing EPS estimates with a loss of $1.85 per share.

Truist Financial Corp lowered its holdings in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 96.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,062 shares of the company's stock after selling 324,746 shares during the period. Truist Financial Corp's holdings in Live Nation Entertainment were worth $1,576,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vident Advisory LLC increased its position 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 valued at $548,000 after acquiring an additional 75 shares during the last quarter. Prairie Wealth Advisors Inc. increased its position in shares of Live Nation Entertainment by 5.0% in the third quarter. Prairie Wealth Advisors Inc. now owns 1,665 shares of the company's stock valued at $272,000 after acquiring an additional 80 shares during the last quarter. Ameriflex Group Inc. raised its stake in shares of Live Nation Entertainment by 102.4% during the 3rd quarter. Ameriflex Group Inc. now owns 166 shares of the company's stock worth $27,000 after purchasing an additional 84 shares in the last quarter. GW&K Investment Management LLC raised its stake in shares of Live Nation Entertainment by 22.2% during the 3rd quarter. GW&K Investment Management LLC now owns 468 shares of the company's stock worth $76,000 after purchasing an additional 85 shares in the last quarter. Finally, Alteri Wealth LLC raised its stake in shares of Live Nation Entertainment by 5.1% during the 3rd quarter. Alteri Wealth LLC now owns 1,841 shares of the company's stock worth $301,000 after purchasing an additional 89 shares in the last quarter. Institutional investors and hedge funds own 74.52% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on LYV shares. Bank of America upped their price objective on Live Nation Entertainment from $170.00 to $180.00 and gave the stock a "buy" rating in a research note on Friday, February 20th. Moffett Nathanson cut their price target on shares of Live Nation Entertainment from $185.00 to $180.00 and set a "buy" rating for the company in a research note on Thursday, January 22nd. TD Cowen reiterated a "buy" rating on shares of Live Nation Entertainment in a research note on Monday, February 23rd. Zacks Research upgraded shares of Live Nation Entertainment from a "strong sell" rating to a "hold" rating in a research note on Friday, May 8th. Finally, Benchmark reiterated a "buy" rating on shares of Live Nation Entertainment in a report on Thursday, February 19th. Twenty investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Live Nation Entertainment presently has an average rating of "Moderate Buy" and an average target price of $187.75.

Insider Activity

In other news, Director Jeffrey T. Hinson sold 944 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $165.87, for a total value of $156,581.28. Following the transaction, the director directly owned 48,030 shares of the company's stock, valued at $7,966,736.10. This represents a 1.93% 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. 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 transaction 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. This trade represents a 33.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 157,798 shares of company stock valued at $26,088,615 over the last ninety days. 2.89% of the stock is currently owned by company insiders.

Live Nation Entertainment Stock Up 0.9%

LYV stock opened at $169.97 on Friday. 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 firm has a market capitalization of $40.04 billion, a PE ratio of -96.03 and a beta of 1.11. Live Nation Entertainment, Inc. has a 1-year low of $125.34 and a 1-year high of $175.25. The business's 50 day simple moving average is $158.15 and its 200 day simple moving average is $149.08.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last posted its earnings results 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). The business had revenue of $3.79 billion for the quarter, compared to analyst estimates of $3.57 billion. Live Nation Entertainment had a return on equity of 45.92% and a net margin of 0.15%.The firm's revenue was up 12.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.32) earnings per share. As a group, research analysts anticipate that Live Nation Entertainment, Inc. will post 1.13 EPS 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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