Rainier Investment Management LLC Sells 71,540 Shares of Live Nation Entertainment, Inc. (LYV)

Rainier Investment Management LLC cut its position in Live Nation Entertainment, Inc. (NYSE:LYV) by 39.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 109,800 shares of the company’s stock after selling 71,540 shares during the period. Rainier Investment Management LLC owned approximately 0.05% of Live Nation Entertainment worth $3,826,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of LYV. Markel Corp boosted its stake in Live Nation Entertainment by 25.2% in the first quarter. Markel Corp now owns 327,700 shares of the company’s stock worth $9,952,000 after buying an additional 66,000 shares during the period. Canada Pension Plan Investment Board boosted its stake in Live Nation Entertainment by 118.3% in the first quarter. Canada Pension Plan Investment Board now owns 50,000 shares of the company’s stock worth $1,519,000 after buying an additional 27,100 shares during the period. BB&T Corp boosted its stake in Live Nation Entertainment by 4.2% in the first quarter. BB&T Corp now owns 169,258 shares of the company’s stock worth $5,141,000 after buying an additional 6,882 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in Live Nation Entertainment by 1.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 46,241 shares of the company’s stock worth $1,404,000 after buying an additional 600 shares during the period. Finally, Russell Investments Group Ltd. boosted its stake in Live Nation Entertainment by 122.2% in the first quarter. Russell Investments Group Ltd. now owns 85,064 shares of the company’s stock worth $2,584,000 after buying an additional 46,787 shares during the period. Hedge funds and other institutional investors own 65.62% of the company’s stock.

Live Nation Entertainment, Inc. (LYV) opened at 39.04 on Friday. The stock’s 50 day moving average is $36.67 and its 200-day moving average is $32.88. Live Nation Entertainment, Inc. has a 12 month low of $25.56 and a 12 month high of $42.20. The firm has a market cap of $8.00 billion, a price-to-earnings ratio of 5577.14 and a beta of 1.00.

Live Nation Entertainment (NYSE:LYV) last announced its earnings results on Wednesday, August 9th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.19 by $0.10. The business had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.37 billion. Live Nation Entertainment had a net margin of 0.25% and a return on equity of 1.60%. Live Nation Entertainment’s revenue was up 29.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.13 EPS. On average, analysts anticipate that Live Nation Entertainment, Inc. will post $0.22 earnings per share for the current fiscal year.

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A number of equities research analysts have issued reports on the stock. ValuEngine upgraded shares of Live Nation Entertainment from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Guggenheim assumed coverage on shares of Live Nation Entertainment in a report on Wednesday, May 24th. They set a “buy” rating and a $40.00 price target for the company. Citigroup Inc. restated a “buy” rating and set a $39.00 price target (up from $32.00) on shares of Live Nation Entertainment in a report on Friday, May 19th. Jefferies Group LLC reaffirmed a “buy” rating on shares of Live Nation Entertainment in a research report on Friday, May 5th. Finally, Macquarie upped their price objective on shares of Live Nation Entertainment from $34.00 to $37.00 and gave the company a “buy” rating in a research report on Monday, April 24th. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Live Nation Entertainment has an average rating of “Buy” and a consensus price target of $38.75.

In related news, CFO Elizabeth Kathleen Willard sold 20,000 shares of Live Nation Entertainment stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $34.86, for a total transaction of $697,200.00. Following the completion of the sale, the chief financial officer now owns 286,216 shares of the company’s stock, valued at approximately $9,977,489.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert Ted Enloe III sold 6,337 shares of Live Nation Entertainment stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $35.82, for a total transaction of $226,991.34. Following the sale, the director now directly owns 23,450 shares of the company’s stock, valued at approximately $839,979. The disclosure for this sale can be found here. Insiders own 4.77% of the company’s stock.

About Live Nation Entertainment

Live Nation Entertainment, Inc is a live entertainment company. The Company’s businesses consist of the promotion of live events, including ticketing, sponsorship and advertising. Its segments include Concerts, Sponsorship & Advertising, Ticketing and Artist Nation. The Concerts segment is engaged in promotion of live music events in its owned or operated venues and in rented third-party venues; operation and management of music venues; production of music festivals, and creation of associated content.

Institutional Ownership by Quarter for Live Nation Entertainment (NYSE:LYV)

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