Kornitzer Capital Management Inc. KS Sells 7,128 Shares of Live Nation Entertainment, Inc. $LYV

Kornitzer Capital Management Inc. KS lowered its stake in Live Nation Entertainment, Inc. (NYSE:LYV) by 15.3% in the 3rd quarter, Holdings Channel.com reports. The firm owned 39,572 shares of the company’s stock after selling 7,128 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Live Nation Entertainment were worth $6,700,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in LYV. Daiichi Life Insurance Co. Ltd. bought a new stake in shares of Live Nation Entertainment in the 2nd quarter worth approximately $626,000. Maven Securities LTD bought a new position in Live Nation Entertainment in the 2nd quarter valued at about $2,283,000. WINTON GROUP Ltd bought a new position in shares of Live Nation Entertainment in the second quarter valued at approximately $1,115,000. Troluce Capital Advisors LLC acquired a new position in shares of Live Nation Entertainment during the 1st quarter valued at $50,328,000. Finally, Visualize Group LP acquired a new position in Live Nation Entertainment during the first quarter worth about $14,934,000. 74.52% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

LYV has been the subject of a number of recent analyst reports. Citigroup reiterated a “market outperform” rating on shares of Live Nation Entertainment in a research report on Thursday, October 1st. Susquehanna dropped their price target on shares of Live Nation Entertainment from $187.00 to $183.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 20th. Oppenheimer set a $100.00 price objective on shares of Live Nation Entertainment in a research report on Tuesday, July 28th. Morgan Stanley boosted their price target on Live Nation Entertainment from $200.00 to $215.00 and gave the stock an “overweight” rating in a research report on Monday, October 19th. Finally, Benchmark boosted their price objective on shares of Live Nation Entertainment from $190.00 to $215.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Twenty investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $197.90.

Live Nation Entertainment News Summary

Here are the key news stories impacting Live Nation Entertainment this week:

• Positive Sentiment: Live Nation earned $1.69 per share, beating the $1.50 consensus estimate, while revenue rose 18.9% year over year to $10.11 billion, ahead of estimates of $9.60 billion. Live Nation Q3 earnings and revenues surpass estimates
• Positive Sentiment: Record concert attendance and Ticketmaster growth helped drive the results; reports cited 61 million fans attending events during the quarter. Strong demand supports the company’s growth outlook. Live Nation Q3 earnings beat on record attendance and ticketing gains
• Positive Sentiment: Wells Fargo maintained an “overweight” rating and a $221 price target, only slightly below its prior $222 target. The firm’s target suggests substantial upside from the quoted share price. Wells Fargo analyst ratings
• Negative Sentiment: Despite higher sales and earnings, operating margins narrowed, a potential concern given the company’s very thin reported net margin. Investors may watch whether strong attendance and ticketing growth can translate into improved profitability. Live Nation Q3 earnings beat on record attendance and ticketing gains

Live Nation Entertainment Price Performance

Shares of Live Nation Entertainment stock opened at $175.40 on Monday. The firm’s 50-day moving average price is $172.84 and its two-hundred day moving average price is $167.41. Live Nation Entertainment, Inc. has a 1-year low of $125.34 and a 1-year high of $189.24. The stock has a market capitalization of $41.33 billion, a price-to-earnings ratio of -1,031.78 and a beta of 1.15. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 6.64.

Live Nation Entertainment (NYSE:LYV) last announced its earnings results on Thursday, November 5th. The company reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.19. The company had revenue of $10.11 billion during the quarter, compared to the consensus estimate of $9.60 billion. Live Nation Entertainment had a net margin of 0.38% and a return on equity of 55.62%. The company’s revenue was up 18.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.73 earnings per share. On average, equities analysts predict that Live Nation Entertainment, Inc. will post 1.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Live Nation Entertainment news, CAO Brian Capo sold 2,900 shares of Live Nation Entertainment stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $184.00, for a total transaction of $533,600.00. Following the transaction, the chief accounting officer directly owned 8,655 shares in the company, valued at approximately $1,592,520. The trade was a 25.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.89% of the company’s stock.

Live Nation Entertainment Company Profile

Live Nation Entertainment, Inc is a live entertainment company that promotes concerts, operates and manages venues, and provides ticketing services. Its activities span the live-event process, from helping artists plan and promote tours to connecting fans with events.

The company’s businesses include concert promotion and venue operations, ticketing through Ticketmaster, and sponsorship and advertising services for brands seeking to reach live-event audiences. Ticketmaster provides ticket sales and related technology for concerts and other events.

Live Nation was formed in 2010 through the merger of concert promoter Live Nation and ticketing company Ticketmaster.