Prudential Financial Inc. Trims Stake in Live Nation Entertainment, Inc. (NYSE:LYV)

Prudential Financial Inc. reduced its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 45.7% in the 2nd quarter, Holdings Channel reports. The fund owned 88,099 shares of the company’s stock after selling 74,190 shares during the period. Prudential Financial Inc.’s holdings in Live Nation Entertainment were worth $5,837,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in LYV. Parallel Advisors LLC raised its position in Live Nation Entertainment by 81.0% during the first quarter. Parallel Advisors LLC now owns 543 shares of the company’s stock valued at $35,000 after acquiring an additional 243 shares in the last quarter. Steward Partners Investment Advisory LLC acquired a new stake in Live Nation Entertainment in the second quarter valued at approximately $37,000. Icon Wealth Partners LLC acquired a new stake in Live Nation Entertainment in the first quarter valued at approximately $40,000. Hilton Capital Management LLC acquired a new stake in Live Nation Entertainment in the first quarter valued at approximately $69,000. Finally, Qtron Investments LLC acquired a new stake in Live Nation Entertainment in the first quarter valued at approximately $211,000. Institutional investors own 69.42% of the company’s stock.

LYV has been the topic of several research analyst reports. Zacks Investment Research lowered Live Nation Entertainment from a “buy” rating to a “hold” rating in a report on Friday, August 2nd. Atlantic Securities initiated coverage on Live Nation Entertainment in a report on Tuesday, June 11th. They issued an “overweight” rating and a $75.00 price objective on the stock. Citigroup lowered Live Nation Entertainment from a “neutral” rating to a “sell” rating and set a $63.00 price objective on the stock. in a report on Friday, June 28th. Finally, Guggenheim set a $80.00 price objective on Live Nation Entertainment and gave the company a “buy” rating in a report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $70.00.

Shares of NYSE:LYV traded up $0.92 during trading on Thursday, reaching $71.19. The stock had a trading volume of 26,443 shares, compared to its average volume of 1,133,695. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.93 and a current ratio of 0.93. The business has a fifty day moving average price of $70.80 and a 200-day moving average price of $66.02. The stock has a market cap of $15.16 billion, a PE ratio of -795.22 and a beta of 1.17. Live Nation Entertainment, Inc. has a 1-year low of $46.02 and a 1-year high of $73.71.

Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings data on Thursday, July 25th. The company reported $0.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.02. The company had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.18 billion. Live Nation Entertainment had a return on equity of 4.49% and a net margin of 0.55%. The firm’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.24 earnings per share. Sell-side analysts expect that Live Nation Entertainment, Inc. will post 0.3 earnings per share for the current year.

In other Live Nation Entertainment news, EVP Michael Rowles sold 67,840 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $71.71, for a total transaction of $4,864,806.40. Following the transaction, the executive vice president now owns 257,691 shares of the company’s stock, valued at $18,479,021.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 4.82% of the company’s stock.

Live Nation Entertainment Profile

Live Nation Entertainment, Inc operates as a live entertainment company. It operates through Concerts, Sponsorship & Advertising, and Ticketing 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; and produces music festivals and creates associated content.

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

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