Live Nation Entertainment, Inc. $LYV Shares Sold by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS cut its position in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 38.7% during the 1st quarter, HoldingsChannel.com reports. The firm owned 52,700 shares of the company’s stock after selling 33,300 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Live Nation Entertainment were worth $8,037,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Live Nation Entertainment during the fourth quarter valued at $285,924,000. Sachem Head Capital Management LP acquired a new position in shares of Live Nation Entertainment in the 4th quarter valued at about $173,380,000. Jericho Capital Asset Management L.P. boosted its holdings in shares of Live Nation Entertainment by 37.9% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,996,512 shares of the company’s stock valued at $569,503,000 after buying an additional 1,099,350 shares during the period. First Trust Advisors LP grew its position in shares of Live Nation Entertainment by 653.7% during the 4th quarter. First Trust Advisors LP now owns 1,191,347 shares of the company’s stock valued at $169,767,000 after buying an additional 1,033,289 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in Live Nation Entertainment by 10.3% during the fourth quarter. Principal Financial Group Inc. now owns 10,727,681 shares of the company’s stock worth $1,528,700,000 after acquiring an additional 1,001,905 shares during the period. Institutional investors and hedge funds own 74.52% of the company’s stock.

Analyst Upgrades and Downgrades

LYV has been the subject of a number of research reports. Zacks Research upgraded Live Nation Entertainment from a “strong sell” rating to a “hold” rating in a research note on Friday, May 8th. Wells Fargo & Company increased their price target on Live Nation Entertainment from $199.00 to $222.00 and gave the stock an “overweight” rating in a research report on Thursday. Citizens Jmp initiated coverage on Live Nation Entertainment in a report on Monday, March 30th. They issued a “market outperform” rating and a $190.00 price target on the stock. Wolfe Research upped their price objective on Live Nation Entertainment from $205.00 to $206.00 and gave the stock an “outperform” rating in a research note on Monday, April 13th. Finally, Rothschild & Co Redburn increased their target price on Live Nation Entertainment from $193.00 to $195.00 in a research report on Wednesday, May 6th. Twenty investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $190.15.

Live Nation Entertainment Stock Performance

NYSE LYV traded down $2.90 on Friday, hitting $179.68. The stock had a trading volume of 1,631,283 shares, compared to its average volume of 2,554,460. The company’s 50-day moving average is $170.56 and its two-hundred day moving average is $158.61. Live Nation Entertainment, Inc. has a one year low of $125.34 and a one year high of $188.00. The stock has a market cap of $42.32 billion, a price-to-earnings ratio of -101.51 and a beta of 1.11. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 13.93.

Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($1.85) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.35) by ($1.50). The business had revenue of $3.79 billion for the quarter, compared to the consensus estimate of $3.57 billion. Live Nation Entertainment had a net margin of 0.15% and a return on equity of 45.92%. The business’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period last year, the firm posted ($0.32) EPS. On average, analysts expect that Live Nation Entertainment, Inc. will post 1.09 earnings per share for the current year.

Insider Buying and Selling at Live Nation Entertainment

In other Live Nation Entertainment news, EVP John Hopmans sold 93,078 shares of Live Nation Entertainment stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $166.07, for a total transaction of $15,457,463.46. Following the sale, the executive vice president owned 188,751 shares of the company’s stock, valued at $31,345,878.57. The trade was a 33.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael Rowles sold 63,776 shares of the business’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $164.24, for a total value of $10,474,570.24. Following the transaction, the executive vice president owned 204,716 shares of the company’s stock, valued at $33,622,555.84. This trade represents a 23.75% decrease in their position. The SEC filing for this sale provides additional information. 2.89% of the stock is owned by insiders.

Live Nation Entertainment Profile

Live Nation Entertainment is a global live entertainment company that promotes, operates and sells tickets for live events. The company’s core activities include concert promotion and production, venue operations and management, ticketing services through its Ticketmaster platform, artist management and development, and sponsorship and advertising services tied to live events. These integrated businesses are designed to connect artists, fans and commercial partners across the live event ecosystem.

The company in its current form was created following the 2010 merger of Live Nation and Ticketmaster, combining a promoter and venue operator with one of the industry’s largest ticketing platforms.