WASHINGTON TRUST Co Has $15.73 Million Stock Position in Live Nation Entertainment, Inc. (NYSE:LYV)

WASHINGTON TRUST Co cut its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 1.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 120,469 shares of the company's stock after selling 2,209 shares during the quarter. WASHINGTON TRUST Co owned 0.05% of Live Nation Entertainment worth $15,731,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of the company. Independent Franchise Partners LLP increased its stake in shares of Live Nation Entertainment by 207.6% during the fourth quarter. Independent Franchise Partners LLP now owns 4,693,986 shares of the company's stock valued at $607,871,000 after buying an additional 3,168,210 shares during the period. Groupama Asset Managment purchased a new stake in shares of Live Nation Entertainment during the 4th quarter valued at about $259,000,000. Norges Bank purchased a new position in Live Nation Entertainment during the fourth quarter valued at $255,955,000. Jericho Capital Asset Management L.P. increased its stake in shares of Live Nation Entertainment by 32.0% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,208,082 shares of the company's stock worth $415,447,000 after purchasing an additional 777,105 shares in the last quarter. Finally, Voloridge Investment Management LLC purchased a new stake in shares of Live Nation Entertainment during the fourth quarter worth about $88,394,000. 74.52% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP John Hopmans sold 34,808 shares of Live Nation Entertainment stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $147.38, for a total transaction of $5,130,003.04. Following the transaction, the executive vice president directly owned 189,456 shares of the company's stock, valued at $27,922,025.28. The trade was a 15.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.72% of the company's stock.

Live Nation Entertainment Trading Down 0.9%

Shares of LYV stock traded down $1.29 on Tuesday, reaching $149.99. 1,635,952 shares of the stock were exchanged, compared to its average volume of 2,333,386. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 7.43. Live Nation Entertainment, Inc. has a 1-year low of $87.33 and a 1-year high of $157.75. The firm has a 50 day moving average of $141.10 and a two-hundred day moving average of $136.69. The stock has a market cap of $34.76 billion, a P/E ratio of 51.19, a price-to-earnings-growth ratio of 5.91 and a beta of 1.45.

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 (EPS) for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.29). The business had revenue of $3.38 billion during the quarter, compared to analyst estimates of $3.63 billion. Live Nation Entertainment had a net margin of 4.28% and a return on equity of 125.77%. The business's revenue for the quarter was down 11.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.60 earnings per share. On average, research analysts anticipate that Live Nation Entertainment, Inc. will post 2.38 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently commented on LYV. Sanford C. Bernstein assumed coverage on shares of Live Nation Entertainment in a report on Wednesday, June 4th. They issued an "outperform" rating and a $185.00 price target for the company. Wolfe Research raised their target price on shares of Live Nation Entertainment from $160.00 to $168.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 10th. Roth Mkm cut their target price on shares of Live Nation Entertainment from $174.00 to $164.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Susquehanna set a $165.00 price target on shares of Live Nation Entertainment and gave the company a "positive" rating in a report on Tuesday, June 10th. Finally, Rosenblatt Securities decreased their price target on Live Nation Entertainment from $174.00 to $170.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. One investment analyst has rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $165.24.

About Live Nation Entertainment

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.