Voya Investment Management LLC Cuts Holdings in Live Nation Entertainment, Inc. (NYSE:LYV)

Voya Investment Management LLC cut its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 99.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 177,903 shares of the company's stock after selling 213,849,496 shares during the period. Voya Investment Management LLC owned approximately 0.08% of Live Nation Entertainment worth $23,038,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in LYV. World Investment Advisors LLC bought a new stake in shares of Live Nation Entertainment in the 3rd quarter valued at about $38,000. Murphy & Mullick Capital Management Corp bought a new position in shares of Live Nation Entertainment during the fourth quarter worth $40,000. Morse Asset Management Inc acquired a new position in shares of Live Nation Entertainment in the 3rd quarter valued at $42,000. Golden State Wealth Management LLC acquired a new stake in Live Nation Entertainment during the 4th quarter worth $42,000. Finally, Retirement Wealth Solutions LLC bought a new position in Live Nation Entertainment during the fourth quarter worth about $44,000. Institutional investors and hedge funds own 74.52% of the company's stock.

Live Nation Entertainment Price Performance

NYSE:LYV traded up $2.58 during mid-day trading on Friday, reaching $133.92. The stock had a trading volume of 1,798,678 shares, compared to its average volume of 2,244,465. The stock has a 50-day simple moving average of $128.60 and a two-hundred day simple moving average of $132.12. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.01 and a quick ratio of 1.01. Live Nation Entertainment, Inc. has a 12 month low of $86.81 and a 12 month high of $157.75. The stock has a market capitalization of $31.26 billion, a PE ratio of 49.16, a P/E/G ratio of 1.81 and a beta of 1.31.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported ($0.32) earnings per share for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.29). The company 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 3.90% and a return on equity of 139.09%. The company's revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.60 earnings per share. On average, equities analysts anticipate that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current year.

Insider Activity

In related news, CAO Brian Capo sold 5,066 shares of the business's stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $123.24, for a total value of $624,333.84. Following the transaction, the chief accounting officer now owns 10,549 shares in the company, valued at $1,300,058.76. The trade was a 32.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jeffrey T. Hinson sold 500 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $122.95, for a total value of $61,475.00. Following the sale, the director now directly owns 52,624 shares of the company's stock, valued at $6,470,120.80. This represents a 0.94 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 68,702 shares of company stock valued at $10,497,143. 2.72% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on LYV shares. Macquarie raised their price target on Live Nation Entertainment from $146.00 to $165.00 and gave the stock an "outperform" rating in a research report on Thursday, March 6th. Roth Mkm lowered their price objective on shares of Live Nation Entertainment from $174.00 to $164.00 and set a "buy" rating for the company in a research report on Friday. Rosenblatt Securities cut their price objective on shares of Live Nation Entertainment from $174.00 to $170.00 and set a "buy" rating on the stock in a research report on Friday. Benchmark reiterated a "buy" rating and issued a $178.00 price objective on shares of Live Nation Entertainment in a report on Tuesday, April 1st. Finally, Morgan Stanley raised their target price on shares of Live Nation Entertainment from $150.00 to $170.00 and gave the company an "overweight" rating in a research report on Tuesday, February 18th. Two equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $159.13.

Live Nation Entertainment 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.