Primecap Management Co. CA Cuts Stock Position in Live Nation Entertainment, Inc. (NYSE:LYV)

Primecap Management Co. CA lowered its holdings in Live Nation Entertainment, Inc. (NYSE:LYV) by 1.0% during the 2nd quarter, Holdings Channel reports. The firm owned 803,150 shares of the company’s stock after selling 8,495 shares during the period. Primecap Management Co. CA’s holdings in Live Nation Entertainment were worth $75,287,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. boosted its position in Live Nation Entertainment by 0.6% in the first quarter. Vanguard Group Inc. now owns 18,068,765 shares of the company’s stock worth $1,911,133,000 after purchasing an additional 110,097 shares during the last quarter. William Blair Investment Management LLC boosted its position in Live Nation Entertainment by 12.0% in the first quarter. William Blair Investment Management LLC now owns 3,633,791 shares of the company’s stock worth $384,346,000 after purchasing an additional 388,980 shares during the last quarter. Cantillon Capital Management LLC boosted its position in Live Nation Entertainment by 16.7% in the first quarter. Cantillon Capital Management LLC now owns 3,205,694 shares of the company’s stock worth $339,066,000 after purchasing an additional 458,893 shares during the last quarter. Norges Bank purchased a new position in Live Nation Entertainment in the fourth quarter worth $248,139,000. Finally, Artisan Partners Limited Partnership raised its stake in shares of Live Nation Entertainment by 7.5% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,191,712 shares of the company’s stock valued at $205,144,000 after buying an additional 153,825 shares during the period. Hedge funds and other institutional investors own 74.52% of the company’s stock.

Insiders Place Their Bets

In other Live Nation Entertainment news, Director Jeffrey T. Hinson sold 1,500 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $94.11, for a total value of $141,165.00. Following the transaction, the director now directly owns 59,789 shares in the company, valued at approximately $5,626,742.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Michael Rowles sold 35,000 shares of the company’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $97.64, for a total value of $3,417,400.00. Following the completion of the transaction, the executive vice president now directly owns 167,447 shares in the company, valued at approximately $16,349,525.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeffrey T. Hinson sold 1,500 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $94.11, for a total value of $141,165.00. Following the completion of the transaction, the director now owns 59,789 shares of the company’s stock, valued at $5,626,742.79. The disclosure for this sale can be found here. Insiders have sold 177,000 shares of company stock worth $17,238,181 in the last ninety days. 2.85% of the stock is currently owned by insiders.

Live Nation Entertainment Price Performance

Shares of NYSE LYV opened at $102.92 on Wednesday. The firm has a market capitalization of $23.65 billion, a P/E ratio of 98.02, a P/E/G ratio of 2.29 and a beta of 1.34. 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 stock’s 50-day simple moving average is $95.03 and its two-hundred day simple moving average is $95.97. Live Nation Entertainment, Inc. has a twelve month low of $76.48 and a twelve month high of $107.24.

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

Wall Street Analyst Weigh In

LYV has been the topic of several research reports. JPMorgan Chase & Co. boosted their target price on Live Nation Entertainment from $116.00 to $118.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Oppenheimer boosted their target price on Live Nation Entertainment from $110.00 to $120.00 and gave the company an “outperform” rating in a research note on Friday, September 6th. Northcoast Research lowered Live Nation Entertainment from a “buy” rating to a “neutral” rating in a research note on Tuesday, May 28th. Benchmark restated a “buy” rating and issued a $132.00 target price on shares of Live Nation Entertainment in a research note on Tuesday, September 10th. Finally, Macquarie restated an “outperform” rating and issued a $125.00 target price on shares of Live Nation Entertainment in a research note on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $119.46.

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.