Live Nation Entertainment, Inc. (NYSE:LYV) Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA cut its position in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 6.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 453,370 shares of the company's stock after selling 33,502 shares during the period. Pictet Asset Management Holding SA owned approximately 0.20% of Live Nation Entertainment worth $58,711,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in LYV. New Age Alpha Advisors LLC purchased a new stake in shares of Live Nation Entertainment during the fourth quarter valued at $954,000. Norges Bank bought a new stake in Live Nation Entertainment during the 4th quarter valued at $255,955,000. NEOS Investment Management LLC grew its position in shares of Live Nation Entertainment by 26.3% during the 4th quarter. NEOS Investment Management LLC now owns 5,954 shares of the company's stock worth $771,000 after buying an additional 1,239 shares in the last quarter. Elo Mutual Pension Insurance Co increased its stake in shares of Live Nation Entertainment by 14.1% during the fourth quarter. Elo Mutual Pension Insurance Co now owns 16,294 shares of the company's stock valued at $2,110,000 after buying an additional 2,009 shares during the period. Finally, Artisan Partners Limited Partnership lifted its stake in Live Nation Entertainment by 19.5% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,733,176 shares of the company's stock worth $353,946,000 after acquiring an additional 445,704 shares during the period. 74.52% of the stock is currently owned by institutional investors.

Remove Ads

Insider Buying and Selling at Live Nation Entertainment

In other news, EVP Michael Rowles sold 63,136 shares of the company's stock in a transaction dated Monday, February 24th. The stock was 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 $30,356,768.40. This represents a 24.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeffrey T. Hinson sold 500 shares of the firm's stock in a transaction dated 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 in the company, valued at approximately $6,470,120.80. This trade represents a 0.94 % decrease in their ownership of the stock. 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 owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on LYV shares. 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. Guggenheim upped their target price on Live Nation Entertainment from $146.00 to $155.00 and gave the stock a "buy" rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. lifted their price target on Live Nation Entertainment from $150.00 to $170.00 and gave the company an "overweight" rating in a report on Friday, February 21st. The Goldman Sachs Group upped their price objective on Live Nation Entertainment from $148.00 to $166.00 and gave the stock a "buy" rating in a research note on Thursday, February 13th. Finally, Macquarie lifted their target price on Live Nation Entertainment from $146.00 to $165.00 and gave the company an "outperform" rating in a research note on Thursday, March 6th. Two research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $160.33.

Live Nation Entertainment Stock Performance

LYV stock traded down $7.67 during midday trading on Thursday, reaching $126.98. The stock had a trading volume of 1,072,231 shares, compared to its average volume of 2,442,346. The firm has a fifty day simple moving average of $137.82 and a two-hundred day simple moving average of $129.34. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a market cap of $29.64 billion, a PE ratio of 46.68, a P/E/G ratio of 1.81 and a beta of 1.38. Live Nation Entertainment, Inc. has a 52-week low of $86.81 and a 52-week high of $157.75.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The company reported $0.56 earnings per share for the quarter, topping the consensus estimate of ($0.93) by $1.49. The company had revenue of $5.68 billion for the quarter, compared to the consensus estimate of $5.67 billion. Live Nation Entertainment had a net margin of 3.90% and a return on equity of 139.09%. As a group, equities research analysts anticipate that Live Nation Entertainment, Inc. will post 2.38 EPS for the current year.

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.