State Board of Administration of Florida Retirement System Sells 6,474 Shares of Live Nation Entertainment, Inc. (NYSE:LYV)

State Board of Administration of Florida Retirement System reduced its position in Live Nation Entertainment, Inc. (NYSE:LYV) by 3.4% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 185,154 shares of the company’s stock after selling 6,474 shares during the period. State Board of Administration of Florida Retirement System owned 0.08% of Live Nation Entertainment worth $16,218,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in LYV. Commonwealth Equity Services LLC raised its stake in Live Nation Entertainment by 44.5% in the 1st quarter. Commonwealth Equity Services LLC now owns 36,498 shares of the company’s stock valued at $3,089,000 after acquiring an additional 11,234 shares during the period. Envestnet Asset Management Inc. raised its stake in Live Nation Entertainment by 5.0% in the 1st quarter. Envestnet Asset Management Inc. now owns 140,659 shares of the company’s stock valued at $11,907,000 after acquiring an additional 6,693 shares during the period. Standard Life Aberdeen plc increased its position in shares of Live Nation Entertainment by 5.6% during the first quarter. Standard Life Aberdeen plc now owns 49,854 shares of the company’s stock valued at $4,220,000 after buying an additional 2,657 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in shares of Live Nation Entertainment by 16.3% during the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 51,301 shares of the company’s stock valued at $4,343,000 after buying an additional 7,175 shares during the period. Finally, Edgestream Partners L.P. bought a new stake in shares of Live Nation Entertainment during the first quarter valued at about $2,317,000. Institutional investors and hedge funds own 70.59% of the company’s stock.

LYV opened at $86.83 on Friday. The stock has a fifty day simple moving average of $83.04 and a two-hundred day simple moving average of $84.96. The company has a market cap of $19.01 billion, a price-to-earnings ratio of -12.71 and a beta of 1.34. Live Nation Entertainment, Inc. has a 12-month low of $47.97 and a 12-month high of $94.63.

Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings data on Tuesday, August 3rd. The company reported ($0.90) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.35) by $0.45. The business had revenue of $575.95 million during the quarter, compared to the consensus estimate of $469.84 million. Live Nation Entertainment had a negative return on equity of 1,833.44% and a negative net margin of 114.44%. On average, sell-side analysts predict that Live Nation Entertainment, Inc. will post -3.4 EPS for the current fiscal year.

Several equities research analysts have recently weighed in on LYV shares. Morgan Stanley upped their price target on Live Nation Entertainment from $75.00 to $85.00 and gave the company an “equal weight” rating in a research report on Thursday, August 5th. Zacks Investment Research upgraded shares of Live Nation Entertainment from a “sell” rating to a “hold” rating in a research report on Wednesday, July 21st. Citigroup upped their price objective on shares of Live Nation Entertainment from $94.00 to $98.00 and gave the stock a “neutral” rating in a research report on Thursday. The Goldman Sachs Group began coverage on shares of Live Nation Entertainment in a research report on Thursday, July 15th. They issued a “buy” rating and a $110.00 price objective on the stock. Finally, Jefferies Financial Group upped their price objective on shares of Live Nation Entertainment from $99.00 to $103.00 and gave the stock a “buy” rating in a research report on Tuesday. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $94.00.

Live Nation Entertainment Company Profile

Live Nation Entertainment, Inc operates as an entertainment company. The firm engages in producing, marketing and selling live concerts for artists via global concert pipe. It operates through the following segments: Concerts, Sponsorship & Advertising and Ticketing. The Concerts segment involves in the promotion of live music events in owned or operated and in rented third-party venues.

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Institutional Ownership by Quarter for Live Nation Entertainment (NYSE:LYV)

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