Live Nation Entertainment (NYSE:LYV) CFO Joe Berchtold Sells 93,537 Shares of Company Stock

Key Points

• CFO Joe Berchtold sold 93,537 shares for about $16.73 million at an average price of $178.84, reducing his stake by 9.4% to 901,617 shares.
• Live Nation reported quarterly EPS of $1.69, beating the $1.50 consensus, while revenue of $10.11 billion topped expectations and rose 18.9% year over year.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $203.14; shares traded at $178.32 in Friday midday trading.

Live Nation Entertainment, Inc. (NYSE:LYV - Get Free Report) CFO Joe Berchtold sold 93,537 shares of the stock in a transaction on Friday, November 13th. The shares were sold at an average price of $178.84, for a total value of $16,728,157.08. Following the completion of the transaction, the chief financial officer owned 901,617 shares in the company, valued at $161,245,184.28. The trade was a 9.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Live Nation Entertainment Trading Down 1.0%

LYV stock traded down $1.82 during midday trading on Friday, reaching $178.32. The stock had a trading volume of 3,529,123 shares, compared to its average volume of 2,634,714. Live Nation Entertainment, Inc. has a twelve month low of $125.34 and a twelve month high of $189.24. The business has a fifty day simple moving average of $172.81 and a two-hundred day simple moving average of $168.28. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 6.64. The firm has a market cap of $42.03 billion, a price-to-earnings ratio of -1,048.94 and a beta of 1.15.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last issued its earnings results on Thursday, November 5th. The company reported $1.69 EPS for the quarter, beating the consensus estimate of $1.50 by $0.19. The company had revenue of $10.11 billion during the quarter, compared to analysts' expectations of $9.60 billion. Live Nation Entertainment had a net margin of 0.38% and a return on equity of 55.62%. The business's revenue for the quarter was up 18.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.73 EPS. As a group, research analysts expect that Live Nation Entertainment, Inc. will post 1.09 EPS for the current fiscal year.

Institutional Investors Weigh In On Live Nation Entertainment

Several institutional investors and hedge funds have recently bought and sold shares of LYV. Bank of America Corp DE bought a new stake in Live Nation Entertainment during the second quarter worth $1,221,398,000. Canada Pension Plan Investment Board bought a new position in shares of Live Nation Entertainment in the 2nd quarter valued at $859,018,000. Bessemer Group Inc. raised its holdings in shares of Live Nation Entertainment by 25.8% during the 1st quarter. Bessemer Group Inc. now owns 2,319,123 shares of the company's stock worth $353,690,000 after buying an additional 475,373 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Live Nation Entertainment by 11.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,393,745 shares of the company's stock worth $212,502,000 after buying an additional 143,432 shares in the last quarter. Finally, Findlay Park Partners LLP bought a new stake in shares of Live Nation Entertainment during the 2nd quarter worth $195,781,000. Institutional investors own 74.52% of the company's stock.

Analysts Set New Price Targets

LYV has been the topic of several recent analyst reports. Deutsche Bank reiterated a "buy" rating and set a $205.00 price objective on shares of Live Nation Entertainment in a report on Friday, July 31st. Sanford C. Bernstein reiterated an "outperform" rating and issued a $220.00 price objective on shares of Live Nation Entertainment in a report on Tuesday, October 13th. Roth Capital set a $208.00 price objective on shares of Live Nation Entertainment in a research report on Friday, July 31st. Weiss Ratings upgraded shares of Live Nation Entertainment from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday. Finally, Citizens Jmp raised their target price on shares of Live Nation Entertainment from $190.00 to $215.00 and gave the company a "market outperform" rating in a research report on Wednesday, July 22nd. Twenty equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $203.14.

About Live Nation Entertainment

Live Nation Entertainment, Inc. is a live entertainment company that promotes concerts, operates and manages venues, and provides ticketing services. Its activities span the live-event process, from helping artists plan and promote tours to connecting fans with events. The company's businesses include concert promotion and venue operations, ticketing through Ticketmaster, and sponsorship and advertising services for brands seeking to reach live-event audiences. Ticketmaster provides ticket sales and related technology for concerts and other events.

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