Retirement Systems of Alabama decreased its stake in Live Nation Entertainment, Inc. (NYSE:LYV – Free Report) by 7.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 42,136 shares of the company’s stock after selling 3,626 shares during the period. Retirement Systems of Alabama’s holdings in Live Nation Entertainment were worth $2,950,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in the stock. Raymond James Trust N.A. increased its holdings in shares of Live Nation Entertainment by 4.3% in the 1st quarter. Raymond James Trust N.A. now owns 3,139 shares of the company’s stock worth $369,000 after buying an additional 130 shares during the last quarter. Industrial Alliance Investment Management Inc. increased its holdings in shares of Live Nation Entertainment by 21.5% in the 1st quarter. Industrial Alliance Investment Management Inc. now owns 746 shares of the company’s stock worth $88,000 after buying an additional 132 shares during the last quarter. Kestra Advisory Services LLC increased its holdings in shares of Live Nation Entertainment by 1.9% in the 4th quarter. Kestra Advisory Services LLC now owns 8,405 shares of the company’s stock worth $586,000 after buying an additional 153 shares during the last quarter. Fisher Asset Management LLC increased its holdings in shares of Live Nation Entertainment by 3.3% in the 4th quarter. Fisher Asset Management LLC now owns 5,208 shares of the company’s stock worth $363,000 after buying an additional 165 shares during the last quarter. Finally, Texas Permanent School Fund grew its holdings in shares of Live Nation Entertainment by 1.0% during the 4th quarter. Texas Permanent School Fund now owns 20,295 shares of the company’s stock valued at $1,415,000 after purchasing an additional 191 shares during the last quarter. Institutional investors own 68.37% of the company’s stock.
Analyst Ratings Changes
LYV has been the topic of several recent research reports. StockNews.com raised shares of Live Nation Entertainment from a “hold” rating to a “buy” rating in a report on Friday. JPMorgan Chase & Co. increased their target price on shares of Live Nation Entertainment from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Friday. TheStreet raised shares of Live Nation Entertainment from a “d+” rating to a “c-” rating in a report on Wednesday, July 5th. Evercore ISI increased their target price on shares of Live Nation Entertainment from $90.00 to $100.00 and gave the company an “in-line” rating in a report on Monday, July 24th. Finally, Benchmark reduced their target price on shares of Live Nation Entertainment from $120.00 to $105.00 in a report on Wednesday, May 3rd. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $104.54.
Live Nation Entertainment Stock Down 7.8 %
Live Nation Entertainment (NYSE:LYV – Get Free Report) last issued its quarterly earnings results on Thursday, July 27th. The company reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.45. The company had revenue of $5.63 billion during the quarter, compared to analyst estimates of $4.95 billion. Live Nation Entertainment had a net margin of 1.90% and a return on equity of 226.22%. Live Nation Entertainment’s quarterly revenue was up 27.0% compared to the same quarter last year. During the same period last year, the business earned $0.66 EPS. As a group, sell-side analysts anticipate that Live Nation Entertainment, Inc. will post 0.5 earnings per share for the current fiscal year.
Insider Buying and Selling at Live Nation Entertainment
In other Live Nation Entertainment news, EVP Michael Rowles sold 100,000 shares of the firm’s stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $78.00, for a total transaction of $7,800,000.00. Following the completion of the sale, the executive vice president now directly owns 157,786 shares in the company, valued at approximately $12,307,308. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Jeffrey T. Hinson sold 1,000 shares of Live Nation Entertainment stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $85.79, for a total value of $85,790.00. Following the completion of the sale, the director now directly owns 60,975 shares in the company, valued at $5,231,045.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Michael Rowles sold 100,000 shares of Live Nation Entertainment stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $78.00, for a total transaction of $7,800,000.00. Following the completion of the sale, the executive vice president now owns 157,786 shares of the company’s stock, valued at $12,307,308. The disclosure for this sale can be found here. 2.85% of the stock is owned by company insiders.
Live Nation Entertainment Profile
Live Nation Entertainment, Inc operates as a live entertainment company. 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; operates and manages music venues; produces music festivals; creates and streams associated content; and offers management and other services to artists.
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