Wittenberg Investment Management Inc. Has $2.50 Million Stock Position in Live Nation Entertainment, Inc. (NYSE:LYV)

Key Points

• Wittenberg Investment Management Inc. reduced its stake in Live Nation Entertainment by 12.3%, currently holding a stock position worth $2.50 million, representing about 1.1% of its total investment portfolio.
• Multiple institutional investors, including Independent Franchise Partners LLP and Massachusetts Financial Services Co., have significantly increased their stakes in Live Nation Entertainment, signaling strong interest and confidence in the company's future.
• Live Nation Entertainment's stock has a current consensus rating of "Moderate Buy" with an average price target of $165.82, despite a recent decline of 0.8% in share price.

Wittenberg Investment Management Inc. lessened its stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 12.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,176 shares of the company's stock after selling 2,700 shares during the quarter. Live Nation Entertainment comprises about 1.1% of Wittenberg Investment Management Inc.'s investment portfolio, making the stock its 14th largest holding. Wittenberg Investment Management Inc.'s holdings in Live Nation Entertainment were worth $2,504,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Independent Franchise Partners LLP increased its position in shares of Live Nation Entertainment by 207.6% in the fourth quarter. Independent Franchise Partners LLP now owns 4,693,986 shares of the company's stock valued at $607,871,000 after acquiring an additional 3,168,210 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in Live Nation Entertainment by 46.1% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,804,375 shares of the company's stock worth $366,195,000 after acquiring an additional 884,745 shares in the last quarter. Jericho Capital Asset Management L.P. grew its position in shares of Live Nation Entertainment by 32.0% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,208,082 shares of the company's stock valued at $415,447,000 after acquiring an additional 777,105 shares during the period. Vanguard Group Inc. increased its stake in shares of Live Nation Entertainment by 3.7% during the 1st quarter. Vanguard Group Inc. now owns 19,882,872 shares of the company's stock worth $2,596,305,000 after purchasing an additional 713,020 shares during the last quarter. Finally, Voloridge Investment Management LLC acquired a new stake in Live Nation Entertainment in the 4th quarter valued at about $88,394,000. Institutional investors own 74.52% of the company's stock.

Analyst Ratings Changes

LYV has been the topic of a number of research analyst reports. Rosenblatt Securities dropped their price target on Live Nation Entertainment from $174.00 to $170.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Morgan Stanley set a $180.00 price target on Live Nation Entertainment in a report on Thursday, July 24th. Wolfe Research increased their price objective on Live Nation Entertainment from $160.00 to $168.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 10th. Guggenheim restated a "buy" rating and issued a $170.00 price target on shares of Live Nation Entertainment in a research note on Wednesday, June 18th. Finally, Susquehanna set a $165.00 price objective on shares of Live Nation Entertainment and gave the stock a "positive" rating in a research note on Tuesday, June 10th. One equities research analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Live Nation Entertainment currently has a consensus rating of "Moderate Buy" and an average target price of $165.82.

Insider Buying and Selling

In other news, EVP John Hopmans sold 34,808 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $147.38, for a total value of $5,130,003.04. Following the completion of the transaction, the executive vice president owned 189,456 shares of the company's stock, valued at $27,922,025.28. This represents a 15.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 3.01% of the company's stock.

Live Nation Entertainment Stock Down 0.8%

Shares of LYV opened at $149.28 on Thursday. The company has a debt-to-equity ratio of 7.43, a quick ratio of 0.96 and a current ratio of 0.96. Live Nation Entertainment, Inc. has a 52 week low of $89.69 and a 52 week high of $157.75. The stock has a market capitalization of $34.60 billion, a price-to-earnings ratio of 50.95, a PEG ratio of 5.86 and a beta of 1.46. The stock has a fifty day moving average of $146.83 and a 200-day moving average of $139.82.

Live Nation Entertainment Company Profile

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.

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