Scout Investments Inc. lowered its position in Live Nation Entertainment, Inc. (NYSE:LYV) by 69.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 78,265 shares of the company’s stock after selling 177,325 shares during the quarter. Scout Investments Inc.’s holdings in Live Nation Entertainment were worth $3,855,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. Advisor Partners LLC purchased a new stake in Live Nation Entertainment during the 3rd quarter worth about $215,000. MML Investors Services LLC purchased a new stake in Live Nation Entertainment during the 3rd quarter worth about $244,000. Cornerstone Wealth Management LLC purchased a new stake in Live Nation Entertainment during the 3rd quarter worth about $250,000. Tocqueville Asset Management L.P. purchased a new stake in Live Nation Entertainment during the 3rd quarter worth about $300,000. Finally, Global X Management Co LLC increased its position in Live Nation Entertainment by 28.0% during the 2nd quarter. Global X Management Co LLC now owns 6,972 shares of the company’s stock worth $339,000 after purchasing an additional 1,525 shares in the last quarter. Institutional investors and hedge funds own 68.63% of the company’s stock.
LYV opened at $53.47 on Monday. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.08 and a quick ratio of 1.08. The stock has a market capitalization of $11.05 billion, a price-to-earnings ratio of -111.40 and a beta of 1.08. Live Nation Entertainment, Inc. has a 12 month low of $35.94 and a 12 month high of $58.26.
Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings results on Thursday, November 1st. The company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.64 by $0.06. The business had revenue of $3.84 billion during the quarter, compared to analysts’ expectations of $3.72 billion. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.53 EPS. As a group, sell-side analysts forecast that Live Nation Entertainment, Inc. will post -0.02 EPS for the current fiscal year.
LYV has been the subject of a number of recent research reports. JPMorgan Chase & Co. lifted their price objective on Live Nation Entertainment from $53.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, November 2nd. ValuEngine upgraded Live Nation Entertainment from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 12th. Finally, Macquarie reiterated a “buy” rating and set a $60.00 price objective on shares of Live Nation Entertainment in a research report on Thursday, November 22nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Live Nation Entertainment presently has a consensus rating of “Buy” and an average price target of $57.35.
In other Live Nation Entertainment news, CEO Michael Rapino sold 85,000 shares of Live Nation Entertainment stock in a transaction dated Wednesday, January 2nd. The stock was sold at an average price of $47.93, for a total value of $4,074,050.00. Following the completion of the sale, the chief executive officer now owns 797,030 shares in the company, valued at approximately $38,201,647.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Rowles sold 25,000 shares of Live Nation Entertainment stock in a transaction dated Friday, November 9th. The shares were sold at an average price of $56.47, for a total value of $1,411,750.00. Following the completion of the sale, the executive vice president now owns 191,237 shares of the company’s stock, valued at approximately $10,799,153.39. The disclosure for this sale can be found here. Insiders sold a total of 280,000 shares of company stock valued at $14,148,150 in the last 90 days. 5.19% of the stock is owned by company insiders.
About Live Nation Entertainment
Live Nation Entertainment, Inc operates as a live entertainment company. It operates through Concerts, Sponsorship & Advertising, and Ticketing segments. The Concerts segment promotes live music events in its owned and/or operated venues, and in rented third-party venues; operates and manages music venues; and produces music festivals and creates associated content.
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