Levin Capital Strategies L.P. cut its stake in Live Nation Entertainment, Inc. (NYSE:LYV) by 3.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,848 shares of the company’s stock after selling 1,025 shares during the quarter. Levin Capital Strategies L.P.’s holdings in Live Nation Entertainment were worth $1,421,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently modified their holdings of the company. Exane Derivatives purchased a new stake in shares of Live Nation Entertainment during the fourth quarter valued at approximately $32,000. Hanseatic Management Services Inc. increased its position in shares of Live Nation Entertainment by 52.0% during the fourth quarter. Hanseatic Management Services Inc. now owns 1,201 shares of the company’s stock valued at $59,000 after acquiring an additional 411 shares during the last quarter. Quantamental Technologies LLC purchased a new stake in shares of Live Nation Entertainment during the fourth quarter valued at approximately $77,000. We Are One Seven LLC purchased a new stake in shares of Live Nation Entertainment during the fourth quarter valued at approximately $128,000. Finally, Ipswich Investment Management Co. Inc. purchased a new stake in shares of Live Nation Entertainment during the fourth quarter valued at approximately $143,000. 70.46% of the stock is owned by hedge funds and other institutional investors.
In other Live Nation Entertainment news, CEO Michael Rapino sold 85,000 shares of the stock in a transaction on Friday, December 21st. The stock was sold at an average price of $49.40, for a total transaction of $4,199,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,052,030 shares of the company’s stock, valued at $51,970,282. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last three months, insiders have sold 255,000 shares of company stock valued at $12,736,400. 5.19% of the stock is owned by corporate insiders.
Shares of NYSE LYV opened at $54.02 on Tuesday. Live Nation Entertainment, Inc. has a 1-year low of $35.94 and a 1-year high of $58.26. The firm has a market cap of $11.32 billion, a price-to-earnings ratio of -112.54 and a beta of 1.14. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.08 and a quick ratio of 1.08.
A number of brokerages recently commented on LYV. Zacks Investment Research raised Live Nation Entertainment from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a research report on Tuesday, January 29th. Macquarie reissued a “buy” rating and set a $60.00 price objective on shares of Live Nation Entertainment in a report on Thursday, November 22nd. Finally, JPMorgan Chase & Co. increased their price objective on Live Nation Entertainment from $53.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, November 2nd. Two analysts have rated the stock with 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 has an average rating of “Buy” and an average price target of $57.61.
Live Nation Entertainment Company Profile
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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