Legal & General Group Plc Sells 248,732 Shares of Live Nation Entertainment, Inc. (NYSE:LYV)

Legal & General Group Plc cut its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 26.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 699,069 shares of the company's stock after selling 248,732 shares during the quarter. Legal & General Group Plc owned 0.30% of Live Nation Entertainment worth $90,529,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. World Investment Advisors LLC bought a new stake in Live Nation Entertainment in the third quarter worth $38,000. Murphy & Mullick Capital Management Corp purchased a new stake in Live Nation Entertainment during the 4th quarter valued at about $40,000. Morse Asset Management Inc bought a new position in Live Nation Entertainment during the 3rd quarter worth approximately $42,000. Golden State Wealth Management LLC purchased a new position in Live Nation Entertainment in the 4th quarter worth approximately $42,000. Finally, Retirement Wealth Solutions LLC purchased a new stake in shares of Live Nation Entertainment during the fourth quarter valued at approximately $44,000. 74.52% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Live Nation Entertainment

In related news, EVP Michael Rowles sold 63,136 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $155.40, for a total value of $9,811,334.40. Following the sale, the executive vice president now owns 195,346 shares in the company, valued at approximately $30,356,768.40. This trade represents a 24.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Brian Capo sold 5,066 shares of the 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 directly 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 68,702 shares of company stock worth $10,497,143. Company insiders own 2.72% of the company's stock.

Remove Ads

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. The Goldman Sachs Group upped their price target on shares of Live Nation Entertainment from $148.00 to $166.00 and gave the company a "buy" rating in a report on Thursday, February 13th. Benchmark restated a "buy" rating and set a $178.00 price target on shares of Live Nation Entertainment in a report on Tuesday, April 1st. Rosenblatt Securities reiterated a "buy" rating and issued a $174.00 price objective on shares of Live Nation Entertainment in a research report on Tuesday, April 1st. 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 note on Thursday, March 6th. Finally, Morgan Stanley boosted their price objective 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 research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $160.33.

Live Nation Entertainment Stock Up 0.4 %

Live Nation Entertainment stock traded up $0.48 during mid-day trading on Tuesday, reaching $128.88. The stock had a trading volume of 1,552,542 shares, compared to its average volume of 2,284,427. The company has a market capitalization of $30.08 billion, a price-to-earnings ratio of 47.38, a PEG ratio of 1.81 and a beta of 1.31. 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 one year low of $86.81 and a one year high of $157.75. The company has a 50-day moving average price of $134.17 and a two-hundred day moving average price of $130.77.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The company reported $0.56 earnings per share for the quarter, topping analysts' consensus estimates of ($0.93) by $1.49. Live Nation Entertainment had a net margin of 3.90% and a return on equity of 139.09%. The company had revenue of $5.68 billion during the quarter, compared to analyst estimates of $5.67 billion. On average, analysts expect that Live Nation Entertainment, Inc. will post 2.38 EPS for the current fiscal year.

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.