Live Nation Entertainment (NYSE:LYV) EVP Michael Rowles Sells 63,776 Shares

Key Points

• Live Nation EVP Michael Rowles sold 63,776 shares on May 8 at an average price of $164.24, for proceeds of about $10.47 million. After the sale, he still held 204,716 shares, and the transaction cut his position by 23.75%.
• Live Nation reported mixed quarterly results, missing earnings expectations with EPS of ($1.85) versus the expected ($0.35), even as revenue came in above estimates at $3.79 billion. Revenue was up 12.1% year over year.
• Wall Street remains broadly positive on LYV, with 20 Buy ratings, two Holds, and one Sell, giving the stock a consensus “Moderate Buy” rating. The average price target is $187.75, above the recent trading level.

Live Nation Entertainment, Inc. (NYSE:LYV - Get Free Report) EVP Michael Rowles sold 63,776 shares of the business's stock in a transaction on 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 sale, the executive vice president owned 204,716 shares of the company's stock, valued at approximately $33,622,555.84. The trade was a 23.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Live Nation Entertainment Stock Performance

LYV stock traded down $2.84 during trading on Friday, hitting $162.91. 3,571,340 shares of the company's stock traded hands, compared to its average volume of 3,009,708. The company has a quick ratio of 1.00, a current ratio of 0.88 and a debt-to-equity ratio of 13.93. Live Nation Entertainment, Inc. has a 52 week low of $125.34 and a 52 week high of $175.25. The stock has a fifty day moving average price of $157.51 and a two-hundred day moving average price of $148.70. The stock has a market capitalization of $38.37 billion, a price-to-earnings ratio of -92.04 and a beta of 1.11.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported ($1.85) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($1.50). Live Nation Entertainment had a net margin of 0.15% and a return on equity of 45.92%. The business had revenue of $3.79 billion for the quarter, compared to the consensus estimate of $3.57 billion. During the same quarter in the previous year, the firm earned ($0.32) EPS. The firm's revenue for the quarter was up 12.1% on a year-over-year basis. As a group, equities analysts anticipate that Live Nation Entertainment, Inc. will post 1.39 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Citizens Jmp started coverage on shares of Live Nation Entertainment in a research report on Monday, March 30th. They set a "market outperform" rating and a $190.00 price target for the company. Oppenheimer reissued an "outperform" rating and set a $190.00 target price on shares of Live Nation Entertainment in a research note on Friday, February 20th. Wolfe Research raised their price target on shares of Live Nation Entertainment from $205.00 to $206.00 and gave the company an "outperform" rating in a research note on Monday, April 13th. TD Cowen reiterated a "buy" rating on shares of Live Nation Entertainment in a research report on Monday, February 23rd. Finally, Susquehanna increased their price objective on Live Nation Entertainment from $180.00 to $181.00 in a report on Wednesday. Twenty investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $187.75.

Hedge Funds Weigh In On Live Nation Entertainment

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Axxcess Wealth Management LLC grew its position in Live Nation Entertainment by 4.9% in the 4th quarter. Axxcess Wealth Management LLC now owns 1,602 shares of the company's stock valued at $228,000 after buying an additional 75 shares in the last quarter. Vident Advisory LLC grew its position in Live Nation Entertainment by 2.1% in the 2nd quarter. Vident Advisory LLC now owns 3,622 shares of the company's stock valued at $548,000 after buying an additional 75 shares in the last quarter. Prairie Wealth Advisors Inc. grew its position in Live Nation Entertainment by 5.0% in the 3rd quarter. Prairie Wealth Advisors Inc. now owns 1,665 shares of the company's stock valued at $272,000 after buying an additional 80 shares in the last quarter. Sumitomo Life Insurance Co. grew its position in Live Nation Entertainment by 1.2% in the 4th quarter. Sumitomo Life Insurance Co. now owns 6,821 shares of the company's stock valued at $972,000 after buying an additional 82 shares in the last quarter. Finally, Ameriflex Group Inc. grew its position in Live Nation Entertainment by 102.4% in the 3rd quarter. Ameriflex Group Inc. now owns 166 shares of the company's stock valued at $27,000 after buying an additional 84 shares in the last quarter. Institutional investors own 74.52% of the company's stock.

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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