Hennessy Advisors Inc. Sells 10,000 Shares of Live Nation Entertainment, Inc. (NYSE:LYV)

Hennessy Advisors Inc. lessened its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 10.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 87,000 shares of the company’s stock after selling 10,000 shares during the period. Hennessy Advisors Inc.’s holdings in Live Nation Entertainment were worth $11,360,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC grew its position in Live Nation Entertainment by 4.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 3,728 shares of the company’s stock valued at $487,000 after buying an additional 154 shares during the period. Fifth Third Bancorp lifted its holdings in shares of Live Nation Entertainment by 21.1% in the first quarter. Fifth Third Bancorp now owns 5,339 shares of the company’s stock worth $697,000 after buying an additional 932 shares in the last quarter. USA Financial Formulas purchased a new stake in Live Nation Entertainment in the first quarter valued at approximately $1,063,000. Rockingstone Advisors LLC raised its stake in Live Nation Entertainment by 8.2% in the first quarter. Rockingstone Advisors LLC now owns 9,794 shares of the company’s stock valued at $1,279,000 after purchasing an additional 740 shares in the last quarter. Finally, Curated Wealth Partners LLC bought a new stake in shares of Live Nation Entertainment in the 1st quarter worth approximately $1,120,000. Institutional investors and hedge funds own 74.52% of the company’s stock.

Live Nation Entertainment Trading Down 2.3%

Shares of LYV stock opened at $138.08 on Friday. Live Nation Entertainment, Inc. has a fifty-two week low of $86.81 and a fifty-two week high of $157.75. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.01 and a current ratio of 1.01. The stock’s fifty day moving average is $136.62 and its two-hundred day moving average is $135.83. The firm has a market capitalization of $32.00 billion, a P/E ratio of 50.76, a PEG ratio of 1.81 and a beta of 1.44.

Live Nation Entertainment (NYSE:LYV) last issued its quarterly earnings data on Thursday, May 1st. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.29). The company had revenue of $3.38 billion during the quarter, compared to analysts’ expectations of $3.63 billion. Live Nation Entertainment had a net margin of 3.90% and a return on equity of 139.09%. The firm’s quarterly revenue was down 11.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.60 earnings per share. Research analysts expect that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on LYV. Wolfe Research raised their price target on shares of Live Nation Entertainment from $160.00 to $168.00 and gave the stock an “outperform” rating in a report on Tuesday. Sanford C. Bernstein initiated coverage on shares of Live Nation Entertainment in a research report on Wednesday, June 4th. They set an “outperform” rating and a $185.00 price objective on the stock. Macquarie raised their price target on shares of Live Nation Entertainment from $146.00 to $165.00 and gave the company an “outperform” rating in a report on Thursday, March 6th. Susquehanna set a $165.00 price objective on shares of Live Nation Entertainment and gave the stock a “positive” rating in a research note on Tuesday. Finally, Roth Mkm lowered their price objective on shares of Live Nation Entertainment from $174.00 to $164.00 and set a “buy” rating on the stock in a research note on Friday, May 2nd. One research analyst has rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $164.35.

Insider Transactions at Live Nation Entertainment

In other news, EVP John Hopmans sold 34,808 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $147.38, for a total value of $5,130,003.04. Following the completion of the sale, the executive vice president now directly owns 189,456 shares of the company’s stock, valued at approximately $27,922,025.28. This represents a 15.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.01% of the company’s stock.

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.