Live Nation Entertainment, Inc. (NYSE:LYV) Shares Sold by Palestra Capital Management LLC

Palestra Capital Management LLC trimmed its stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 11.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 707,731 shares of the company's stock after selling 89,473 shares during the period. Live Nation Entertainment accounts for approximately 2.5% of Palestra Capital Management LLC's holdings, making the stock its 20th largest position. Palestra Capital Management LLC owned about 0.30% of Live Nation Entertainment worth $91,651,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of LYV. Murphy & Mullick Capital Management Corp purchased a new stake in shares of Live Nation Entertainment in the fourth quarter worth about $40,000. Golden State Wealth Management LLC bought a new position in shares of Live Nation Entertainment during the 4th quarter valued at approximately $42,000. Retirement Wealth Solutions LLC purchased a new position in shares of Live Nation Entertainment in the fourth quarter valued at $44,000. Independence Bank of Kentucky bought a new stake in Live Nation Entertainment in the fourth quarter worth $45,000. Finally, Morse Asset Management Inc purchased a new stake in Live Nation Entertainment during the third quarter valued at $42,000. 74.52% of the stock is owned by institutional investors.

Insider Activity at Live Nation Entertainment

In other Live Nation Entertainment news, EVP Michael Rowles sold 63,136 shares of the stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $155.40, for a total transaction of $9,811,334.40. Following the transaction, the executive vice president now owns 195,346 shares of the company's stock, valued at $30,356,768.40. This trade represents a 24.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Brian Capo sold 5,066 shares of the company's stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $123.24, for a total value of $624,333.84. Following the sale, the chief accounting officer now owns 10,549 shares of the company's stock, valued at approximately $1,300,058.76. The trade was a 32.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 68,702 shares of company stock valued at $10,497,143 over the last quarter. Insiders own 2.72% of the company's stock.

Live Nation Entertainment Price Performance

Live Nation Entertainment stock traded up $2.77 during midday trading on Friday, reaching $134.11. The company's stock had a trading volume of 3,356,734 shares, compared to its average volume of 2,236,462. The firm has a market capitalization of $31.39 billion, a PE ratio of 49.31, a P/E/G ratio of 1.81 and a beta of 1.47. Live Nation Entertainment, Inc. has a fifty-two week low of $86.81 and a fifty-two week high of $157.75. The stock's 50 day simple moving average is $128.41 and its 200 day simple moving average is $132.37. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.01 and a current ratio of 1.01.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last released 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 firm had revenue of $3.38 billion during the quarter, compared to analyst estimates of $3.63 billion. Live Nation Entertainment had a return on equity of 139.09% and a net margin of 3.90%. The business's revenue was down 11.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.60 EPS. On average, equities research analysts forecast that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports 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. Bank of America lifted their price target on shares of Live Nation Entertainment from $149.00 to $175.00 and gave the stock a "buy" rating in a research note on Monday, February 24th. Benchmark reissued a "buy" rating and issued a $178.00 price objective on shares of Live Nation Entertainment in a research report on Tuesday, April 1st. Roth Mkm dropped their target price on Live Nation Entertainment from $174.00 to $164.00 and set a "buy" rating for the company in a research report on Friday. Finally, JPMorgan Chase & Co. upped their target price on Live Nation Entertainment from $150.00 to $170.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Two research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Live Nation Entertainment currently has an average rating of "Moderate Buy" and an average price target of $159.13.

About Live Nation Entertainment

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.