Envestnet Asset Management Inc. Trims Position in Live Nation Entertainment, Inc. (NYSE:LYV)

Envestnet Asset Management Inc. cut its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 22.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 310,715 shares of the company’s stock after selling 91,769 shares during the quarter. Envestnet Asset Management Inc. owned 0.14% of Live Nation Entertainment worth $29,126,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. YHB Investment Advisors Inc. purchased a new position in Live Nation Entertainment during the 1st quarter worth approximately $32,000. Rise Advisors LLC raised its position in Live Nation Entertainment by 90.3% during the 1st quarter. Rise Advisors LLC now owns 335 shares of the company’s stock worth $35,000 after buying an additional 159 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its position in Live Nation Entertainment by 119.5% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 371 shares of the company’s stock worth $34,000 after buying an additional 202 shares during the last quarter. Lindbrook Capital LLC raised its position in Live Nation Entertainment by 44.1% during the 1st quarter. Lindbrook Capital LLC now owns 389 shares of the company’s stock worth $41,000 after buying an additional 119 shares during the last quarter. Finally, UMB Bank n.a. increased its holdings in shares of Live Nation Entertainment by 67.4% during the 2nd quarter. UMB Bank n.a. now owns 437 shares of the company’s stock valued at $41,000 after purchasing an additional 176 shares in the last quarter. 74.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

LYV has been the subject of several recent research reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $123.00 target price on shares of Live Nation Entertainment in a report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Live Nation Entertainment from $121.00 to $122.00 and gave the company a “buy” rating in a report on Thursday, August 1st. JPMorgan Chase & Co. lifted their target price on shares of Live Nation Entertainment from $116.00 to $118.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Oppenheimer lifted their target price on shares of Live Nation Entertainment from $110.00 to $120.00 and gave the company an “outperform” rating in a report on Friday, September 6th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $120.00 price target on shares of Live Nation Entertainment in a report on Wednesday, June 12th. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Live Nation Entertainment currently has a consensus rating of “Moderate Buy” and an average price target of $119.46.

Insider Activity

In other news, Director Jeffrey T. Hinson sold 1,500 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $94.11, for a total transaction of $141,165.00. Following the transaction, the director now owns 59,789 shares of the company’s stock, valued at approximately $5,626,742.79. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Ping Fu sold 1,701 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $96.56, for a total value of $164,248.56. Following the sale, the director now directly owns 15,128 shares in the company, valued at approximately $1,460,759.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jeffrey T. Hinson sold 1,500 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $94.11, for a total transaction of $141,165.00. Following the completion of the sale, the director now owns 59,789 shares in the company, valued at $5,626,742.79. The disclosure for this sale can be found here. In the last quarter, insiders have sold 177,000 shares of company stock valued at $17,238,181. 2.85% of the stock is currently owned by insiders.

Live Nation Entertainment Trading Down 0.7 %

Shares of LYV opened at $103.64 on Friday. Live Nation Entertainment, Inc. has a 52-week low of $76.48 and a 52-week high of $107.24. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 9.22. The firm’s fifty day moving average is $95.64 and its two-hundred day moving average is $96.14. The stock has a market cap of $23.81 billion, a PE ratio of 98.70, a price-to-earnings-growth ratio of 2.29 and a beta of 1.34.

Live Nation Entertainment (NYSE:LYV) last announced its earnings results on Tuesday, July 30th. The company reported $1.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.03). Live Nation Entertainment had a return on equity of 84.78% and a net margin of 2.20%. The business had revenue of $6.02 billion for the quarter, compared to analyst estimates of $6.02 billion. During the same period last year, the firm earned $1.02 EPS. The company’s revenue for the quarter was up 7.0% compared to the same quarter last year. Research analysts forecast that Live Nation Entertainment, Inc. will post 1.21 earnings per share for the current fiscal year.

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.