Westfield Capital Management Co. LP Increases Stake in Live Nation Entertainment, Inc. $LYV

Key Points

• Westfield Capital Management increased its stake in Live Nation Entertainment by 19.9% in the fourth quarter, holding 775,234 shares valued at about $110.5 million.
• Several insiders have been selling shares: EVP John Hopmans and EVP Michael Rowles both made large sales in May, and insiders sold 157,798 shares total over the last 90 days.
• Analysts remain mostly bullish on LYV, with a consensus rating of Moderate Buy and a price target of $187.75, even after the company reported quarterly EPS that missed estimates while revenue beat forecasts.

Westfield Capital Management Co. LP grew its position in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 19.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 775,234 shares of the company's stock after acquiring an additional 128,864 shares during the quarter. Westfield Capital Management Co. LP owned about 0.33% of Live Nation Entertainment worth $110,471,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Ameriflex Group Inc. increased its stake in Live Nation Entertainment by 102.4% in the 3rd quarter. Ameriflex Group Inc. now owns 166 shares of the company's stock worth $27,000 after buying an additional 84 shares during the period. Leonteq Securities AG purchased a new position in Live Nation Entertainment in the 4th quarter worth about $25,000. Nvest Wealth Strategies Inc. purchased a new position in Live Nation Entertainment in the 4th quarter worth about $26,000. Elyxium Wealth LLC purchased a new position in Live Nation Entertainment in the 4th quarter worth about $30,000. Finally, KERR FINANCIAL PLANNING Corp purchased a new position in Live Nation Entertainment in the 3rd quarter worth about $41,000. Hedge funds and other institutional investors own 74.52% of the company's stock.

Insider Activity

In other news, EVP John Hopmans sold 93,078 shares of the firm's stock in a transaction dated Thursday, May 7th. The shares were 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 in the company, valued at approximately $31,345,878.57. This trade represents a 33.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Michael Rowles sold 63,776 shares of the firm's stock in a transaction dated Friday, May 8th. The shares were 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 owned 204,716 shares in the company, valued at $33,622,555.84. This represents a 23.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 157,798 shares of company stock worth $26,088,615. Corporate insiders own 2.89% of the company's stock.

Wall Street Analysts Forecast Growth

LYV has been the topic of several recent analyst reports. Bank of America raised their price target on shares of Live Nation Entertainment from $170.00 to $180.00 and gave the stock a "buy" rating in a research note on Friday, February 20th. Wells Fargo & Company reduced their price target on shares of Live Nation Entertainment from $203.00 to $199.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 6th. Wall Street Zen raised shares of Live Nation Entertainment from a "sell" rating to a "hold" rating in a research note on Saturday, April 11th. Weiss Ratings raised shares of Live Nation Entertainment from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday, March 9th. Finally, Sanford C. Bernstein raised their target price on shares of Live Nation Entertainment from $185.00 to $200.00 and gave the company an "outperform" rating in a research report on Friday, February 20th. Twenty research 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, Live Nation Entertainment presently has a consensus rating of "Moderate Buy" and a consensus price target of $187.75.

Live Nation Entertainment Trading Down 1.8%

NYSE LYV opened at $161.25 on Friday. 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 has a market capitalization of $37.98 billion, a price-to-earnings ratio of -91.10 and a beta of 1.12. The company's 50-day simple moving average is $160.77 and its two-hundred day simple moving average is $151.40. Live Nation Entertainment, Inc. has a one year low of $125.34 and a one year high of $175.25.

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 business had revenue of $3.79 billion for the quarter, compared to analysts' expectations 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 revenue for the quarter was up 12.1% on a year-over-year basis. During the same period last year, the business posted ($0.32) EPS. Equities analysts forecast that Live Nation Entertainment, Inc. will post 1.13 EPS for the current fiscal 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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