Gabelli Funds LLC lowered its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV – Get Rating) by 4.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 53,700 shares of the company’s stock after selling 2,300 shares during the quarter. Gabelli Funds LLC’s holdings in Live Nation Entertainment were worth $3,745,000 as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of LYV. CIBC Asset Management Inc lifted its holdings in shares of Live Nation Entertainment by 3.8% in the 4th quarter. CIBC Asset Management Inc now owns 22,261 shares of the company’s stock worth $1,552,000 after buying an additional 806 shares during the period. Bessemer Group Inc. lifted its holdings in shares of Live Nation Entertainment by 2.1% in the 4th quarter. Bessemer Group Inc. now owns 17,759 shares of the company’s stock worth $1,238,000 after buying an additional 365 shares during the period. Panagora Asset Management Inc. lifted its holdings in shares of Live Nation Entertainment by 33.6% in the 4th quarter. Panagora Asset Management Inc. now owns 33,943 shares of the company’s stock worth $2,367,000 after buying an additional 8,535 shares during the period. Natixis lifted its holdings in shares of Live Nation Entertainment by 1.8% in the 4th quarter. Natixis now owns 16,203 shares of the company’s stock worth $1,130,000 after buying an additional 280 shares during the period. Finally, USS Investment Management Ltd lifted its holdings in shares of Live Nation Entertainment by 6.6% in the 4th quarter. USS Investment Management Ltd now owns 27,553 shares of the company’s stock worth $1,921,000 after buying an additional 1,714 shares during the period. Hedge funds and other institutional investors own 69.90% of the company’s stock.
Insider Activity
In other news, EVP Michael Rowles sold 100,000 shares of the stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $78.00, for a total value of $7,800,000.00. Following the transaction, the executive vice president now directly owns 157,786 shares of the company’s stock, valued at $12,307,308. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.85% of the company’s stock.
Live Nation Entertainment Trading Up 1.1 %
Live Nation Entertainment (NYSE:LYV – Get Rating) last announced its quarterly earnings data on Thursday, May 4th. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.20. The business had revenue of $3.13 billion for the quarter, compared to analyst estimates of $2.24 billion. Live Nation Entertainment had a return on equity of 226.22% and a net margin of 1.90%. On average, research analysts predict that Live Nation Entertainment, Inc. will post 0.4 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
Several research analysts have recently commented on LYV shares. Northcoast Research raised Live Nation Entertainment from a “neutral” rating to a “buy” rating and set a $85.00 price target for the company in a research report on Monday, March 20th. Roth Mkm started coverage on Live Nation Entertainment in a research report on Wednesday, March 22nd. They issued a “neutral” rating and a $72.00 price target for the company. Roth Capital started coverage on Live Nation Entertainment in a research report on Wednesday, March 22nd. They issued a “neutral” rating for the company. TheStreet lowered Live Nation Entertainment from a “c-” rating to a “d+” rating in a research report on Friday, March 3rd. Finally, Rosenblatt Securities boosted their price target on Live Nation Entertainment from $101.00 to $105.00 and gave the stock a “buy” rating in a research report on Monday, February 27th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $96.50.
Live Nation Entertainment Profile
Live Nation Entertainment, Inc operates as an entertainment company. The firm engages in producing, marketing, and selling live concerts for artists via its global concert pipe. It operates through the following segments: Concerts, Sponsorship and Advertising, and Ticketing. The Concerts segment is involved in the promotion of live music events in owned or operated venues and in rented third-party venues.
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