Fred Alger Management LLC Sells 104,160 Shares of Live Nation Entertainment, Inc. (NYSE:LYV)

Fred Alger Management LLC cut its holdings in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 99.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 534 shares of the company's stock after selling 104,160 shares during the period. Fred Alger Management LLC's holdings in Live Nation Entertainment were worth $58,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Brooklyn Investment Group purchased a new stake in shares of Live Nation Entertainment during the 3rd quarter worth approximately $31,000. Migdal Insurance & Financial Holdings Ltd. increased its holdings in Live Nation Entertainment by 119.5% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 371 shares of the company's stock worth $34,000 after acquiring an additional 202 shares during the last quarter. UMB Bank n.a. raised its stake in Live Nation Entertainment by 67.4% in the 2nd quarter. UMB Bank n.a. now owns 437 shares of the company's stock valued at $41,000 after acquiring an additional 176 shares during the period. Reston Wealth Management LLC bought a new position in Live Nation Entertainment during the third quarter worth about $41,000. Finally, Family Firm Inc. purchased a new position in shares of Live Nation Entertainment in the second quarter worth about $42,000. 74.52% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

LYV has been the subject of several analyst reports. TD Cowen raised their price objective on shares of Live Nation Entertainment from $108.00 to $145.00 and gave the stock a "buy" rating in a report on Tuesday, November 12th. JPMorgan Chase & Co. boosted their price objective on Live Nation Entertainment from $118.00 to $137.00 and gave the company an "overweight" rating in a research note on Thursday, October 24th. Evercore ISI lifted their target price on Live Nation Entertainment from $110.00 to $150.00 and gave the company an "outperform" rating in a report on Tuesday, November 12th. Benchmark raised their price objective on shares of Live Nation Entertainment from $132.00 to $144.00 and gave the company a "buy" rating in a research report on Tuesday, November 12th. Finally, The Goldman Sachs Group upped their target price on shares of Live Nation Entertainment from $132.00 to $148.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th. Two analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $141.53.

Live Nation Entertainment Trading Down 0.4 %

Shares of Live Nation Entertainment stock traded down $0.53 during trading on Monday, reaching $137.72. The company's stock had a trading volume of 1,967,192 shares, compared to its average volume of 2,175,052. The company has a market cap of $32.00 billion, a price-to-earnings ratio of 147.20, a PEG ratio of 3.75 and a beta of 1.33. The firm's 50-day moving average is $120.38 and its two-hundred day moving average is $103.79. Live Nation Entertainment, Inc. has a 52-week low of $81.38 and a 52-week high of $141.18. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 6.10.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last released its quarterly earnings data on Monday, November 11th. The company reported $1.66 EPS for the quarter, topping the consensus estimate of $1.58 by $0.08. Live Nation Entertainment had a return on equity of 77.62% and a net margin of 2.11%. The firm had revenue of $7.65 billion for the quarter, compared to the consensus estimate of $7.75 billion. During the same quarter in the previous year, the business earned $1.78 earnings per share. The company's quarterly revenue was down 6.2% on a year-over-year basis. On average, sell-side analysts anticipate that Live Nation Entertainment, Inc. will post 1.04 earnings per share for the current year.

Insider Transactions at Live Nation Entertainment

In related news, Director Jeffrey T. Hinson sold 5,640 shares of the business's stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $95.18, for a total transaction of $536,815.20. Following the transaction, the director now owns 53,949 shares in the company, valued at $5,134,865.82. The trade was a 9.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Joe Berchtold sold 29,310 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $97.50, for a total value of $2,857,725.00. Following the completion of the sale, the chief financial officer now owns 566,722 shares of the company's stock, valued at approximately $55,255,395. This trade represents a 4.92 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 168,799 shares of company stock worth $16,449,718. Insiders own 2.72% of the company's stock.

Live Nation Entertainment Company 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.