Truist Financial Corp Has $1.58 Million Holdings in Live Nation Entertainment, Inc. $LYV

Truist Financial Corp cut its holdings in Live Nation Entertainment, Inc. (NYSE:LYV) by 96.7% during the 4th quarter, HoldingsChannel reports. The fund owned 11,062 shares of the company’s stock after selling 324,746 shares during the quarter. Truist Financial Corp’s holdings in Live Nation Entertainment were worth $1,576,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in LYV. Principal Financial Group Inc. increased its holdings in shares of Live Nation Entertainment by 22.1% during the third quarter. Principal Financial Group Inc. now owns 9,725,776 shares of the company’s stock worth $1,589,196,000 after purchasing an additional 1,763,511 shares during the period. Woodline Partners LP increased its holdings in shares of Live Nation Entertainment by 3,475.4% during the third quarter. Woodline Partners LP now owns 609,574 shares of the company’s stock worth $99,604,000 after purchasing an additional 592,525 shares during the period. Holocene Advisors LP raised its holdings in Live Nation Entertainment by 127.6% in the 3rd quarter. Holocene Advisors LP now owns 814,163 shares of the company’s stock valued at $133,034,000 after acquiring an additional 456,373 shares in the last quarter. Tidal Investments LLC raised its holdings in Live Nation Entertainment by 1,853.0% in the 3rd quarter. Tidal Investments LLC now owns 463,901 shares of the company’s stock valued at $75,801,000 after acquiring an additional 440,148 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Live Nation Entertainment by 1.8% in the 3rd quarter. Vanguard Group Inc. now owns 20,679,128 shares of the company’s stock valued at $3,378,970,000 after acquiring an additional 372,715 shares in the last quarter. 74.52% of the stock is owned by institutional investors.

Live Nation Entertainment Trading Up 0.9%

Shares of LYV opened at $169.97 on Friday. The company has a debt-to-equity ratio of 13.93, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a market cap of $40.04 billion, a price-to-earnings ratio of -96.03 and a beta of 1.11. Live Nation Entertainment, Inc. has a 52-week low of $125.34 and a 52-week high of $175.25. The business’s fifty day moving average is $158.15 and its 200-day moving average is $149.08.

Live Nation Entertainment (NYSE:LYV) last issued its earnings results on Tuesday, May 5th. The company reported ($1.85) EPS for the quarter, missing the consensus estimate of ($0.35) by ($1.50). The business had revenue of $3.79 billion for the quarter, compared to analyst estimates of $3.57 billion. Live Nation Entertainment had a return on equity of 45.92% and a net margin of 0.15%.The firm’s revenue was up 12.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.32) EPS. Equities analysts anticipate that Live Nation Entertainment, Inc. will post 1.13 EPS for the current fiscal year.

Insider Activity at Live Nation Entertainment

In related news, EVP Michael Rowles sold 63,776 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $164.24, for a total value of $10,474,570.24. Following the completion of the transaction, the executive vice president owned 204,716 shares of the company’s stock, valued at $33,622,555.84. This represents a 23.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jeffrey T. Hinson sold 944 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $165.87, for a total transaction of $156,581.28. Following the completion of the transaction, the director directly owned 48,030 shares of the company’s stock, valued at approximately $7,966,736.10. The trade was a 1.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 157,798 shares of company stock valued at $26,088,615 in the last quarter. Insiders own 2.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on LYV. Citizens Jmp started coverage on Live Nation Entertainment in a report on Monday, March 30th. They issued a “market outperform” rating and a $190.00 price objective for the company. The Goldman Sachs Group upped their price objective on shares of Live Nation Entertainment from $190.00 to $192.00 in a research report on Wednesday, May 6th. Wolfe Research upped their price objective on shares of Live Nation Entertainment from $205.00 to $206.00 and gave the stock an “outperform” rating in a research report on Monday, April 13th. Guggenheim upped their price objective on shares of Live Nation Entertainment from $192.00 to $197.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Finally, Wall Street Zen upgraded shares of Live Nation Entertainment from a “sell” rating to a “hold” rating in a research report on Saturday, April 11th. Twenty research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $187.75.

About Live Nation Entertainment

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.