Cibc World Market Inc. Sells 22,554 Shares of Live Nation Entertainment, Inc. $LYV

by · The Markets Daily

Cibc World Market Inc. cut its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV – Free Report) by 69.0% in the 4th quarter, Holdings Channel reports. The firm owned 10,115 shares of the company’s stock after selling 22,554 shares during the period. Cibc World Market Inc.’s holdings in Live Nation Entertainment were worth $1,441,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in LYV. Axxcess Wealth Management LLC increased its holdings in shares of Live Nation Entertainment by 4.9% during the fourth quarter. Axxcess Wealth Management LLC now owns 1,602 shares of the company’s stock worth $228,000 after buying an additional 75 shares in the last quarter. Vident Advisory LLC increased its holdings in shares of Live Nation Entertainment by 2.1% during the second quarter. Vident Advisory LLC now owns 3,622 shares of the company’s stock worth $548,000 after buying an additional 75 shares in the last quarter. Prairie Wealth Advisors Inc. increased its holdings in shares of Live Nation Entertainment by 5.0% during the third quarter. Prairie Wealth Advisors Inc. now owns 1,665 shares of the company’s stock worth $272,000 after buying an additional 80 shares in the last quarter. Ameriflex Group Inc. increased its holdings in shares of Live Nation Entertainment by 102.4% during the third quarter. Ameriflex Group Inc. now owns 166 shares of the company’s stock worth $27,000 after buying an additional 84 shares in the last quarter. Finally, GW&K Investment Management LLC increased its holdings in shares of Live Nation Entertainment by 22.2% during the third quarter. GW&K Investment Management LLC now owns 468 shares of the company’s stock worth $76,000 after buying an additional 85 shares in the last quarter. 74.52% of the stock is currently owned by institutional investors.

Live Nation Entertainment Stock Performance

NYSE LYV opened at $162.13 on Wednesday. The company has a market capitalization of $38.19 billion, a price-to-earnings ratio of -91.60 and a beta of 1.12. Live Nation Entertainment, Inc. has a twelve month low of $125.34 and a twelve month high of $175.25. The stock has a fifty day simple moving average of $161.39 and a 200 day simple moving average of $152.02. 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 – Get Free Report) last posted its quarterly earnings data 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 company had revenue of $3.79 billion during the quarter, compared to analyst estimates 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 revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.32) earnings per share. Sell-side analysts expect that Live Nation Entertainment, Inc. will post 1.13 EPS for the current year.

Wall Street Analysts Forecast Growth

LYV has been the subject of several research analyst reports. Evercore reiterated an “outperform” rating and set a $198.00 price target on shares of Live Nation Entertainment in a report on Friday, February 20th. The Goldman Sachs Group upped their price target on shares of Live Nation Entertainment from $190.00 to $192.00 in a report on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Live Nation Entertainment from $180.00 to $185.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Roth Mkm reiterated a “buy” rating and set a $190.00 price target on shares of Live Nation Entertainment in a report on Friday, February 20th. Finally, Sanford C. Bernstein upped their price target on shares of Live Nation Entertainment from $185.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, February 20th. Twenty equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $187.75.

Read Our Latest Report on Live Nation Entertainment

Insiders Place Their Bets

In related news, EVP Michael Rowles sold 63,776 shares of the 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 completion of the sale, the executive vice president directly owned 204,716 shares in the company, valued at $33,622,555.84. This represents a 23.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John Hopmans sold 93,078 shares of the stock in a transaction 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 $31,345,878.57. The trade was a 33.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.89% of the company’s stock.

Live Nation Entertainment Profile

(Free Report)

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.

Recommended Stories

Want to see what other hedge funds are holding LYV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Live Nation Entertainment, Inc. (NYSE:LYV – Free Report).