Live Nation Entertainment, Inc. $LYV Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. trimmed its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 3.6% in the 1st quarter, HoldingsChannel reports. The firm owned 343,718 shares of the company’s stock after selling 12,652 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Live Nation Entertainment were worth $52,420,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of LYV. Leonteq Securities AG purchased a new position in shares of Live Nation Entertainment in the 4th quarter valued at about $25,000. Nvest Wealth Strategies Inc. purchased a new stake in shares of Live Nation Entertainment during the fourth quarter worth approximately $26,000. Elyxium Wealth LLC acquired a new stake in Live Nation Entertainment in the fourth quarter valued at approximately $30,000. DV Equities LLC purchased a new position in Live Nation Entertainment in the fourth quarter worth approximately $31,000. Finally, KERR FINANCIAL PLANNING Corp acquired a new position in Live Nation Entertainment during the 3rd quarter worth approximately $41,000. Institutional investors and hedge funds own 74.52% of the company’s stock.

Live Nation Entertainment Price Performance

Shares of LYV opened at $179.68 on Monday. The company has a debt-to-equity ratio of 13.93, a current ratio of 0.88 and a quick ratio of 0.88. Live Nation Entertainment, Inc. has a 1-year low of $125.34 and a 1-year high of $188.00. The stock has a market cap of $42.32 billion, a PE ratio of -101.51 and a beta of 1.11. The firm has a fifty day moving average price of $170.56 and a 200 day moving average price of $158.73.

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

Wall Street Analyst Weigh In

LYV has been the subject of several recent analyst reports. Rothschild & Co Redburn lifted their price objective on shares of Live Nation Entertainment from $193.00 to $195.00 in a research report on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft increased their target price on Live Nation Entertainment from $180.00 to $185.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Citizens Jmp started coverage on Live Nation Entertainment in a report on Monday, March 30th. They set a “market outperform” rating and a $190.00 price target for the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Live Nation Entertainment in a research report on Thursday, June 4th. Finally, JPMorgan Chase & Co. raised their target price on Live Nation Entertainment from $178.00 to $180.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Twenty investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Live Nation Entertainment presently has a consensus rating of “Moderate Buy” and an average target price of $190.15.

Insider Buying and Selling

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

Live Nation Entertainment Company 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.