Kestra Private Wealth Services LLC Sells 7,620 Shares of Live Nation Entertainment, Inc. $LYV

Kestra Private Wealth Services LLC cut its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 63.3% in the 1st quarter, HoldingsChannel.com reports. The firm owned 4,410 shares of the company’s stock after selling 7,620 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Live Nation Entertainment were worth $673,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Bessemer Group Inc. increased its holdings in Live Nation Entertainment by 70.0% during the fourth quarter. Bessemer Group Inc. now owns 1,843,750 shares of the company’s stock worth $262,733,000 after buying an additional 759,363 shares during the last quarter. Geode Capital Management LLC lifted its stake in Live Nation Entertainment by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 4,301,900 shares of the company’s stock valued at $610,707,000 after acquiring an additional 20,165 shares during the last quarter. L2 Asset Management LLC lifted its stake in Live Nation Entertainment by 70.4% in the third quarter. L2 Asset Management LLC now owns 35,019 shares of the company’s stock valued at $5,722,000 after acquiring an additional 14,470 shares during the last quarter. CenterBook Partners LP grew its position in shares of Live Nation Entertainment by 780.1% in the 4th quarter. CenterBook Partners LP now owns 22,143 shares of the company’s stock valued at $3,155,000 after acquiring an additional 19,627 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of Live Nation Entertainment by 14.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 607,164 shares of the company’s stock worth $88,227,000 after purchasing an additional 78,171 shares during the last quarter. Institutional investors and hedge funds own 74.52% of the company’s stock.

Insider Activity at Live Nation Entertainment

In related news, EVP Michael Rowles sold 63,776 shares of Live Nation Entertainment stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $164.24, for a total transaction of $10,474,570.24. Following the completion of the sale, the executive vice president directly owned 204,716 shares of the company’s stock, valued at approximately $33,622,555.84. This trade represents a 23.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP John Hopmans sold 93,078 shares of the business’s 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. This trade represents a 33.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.89% of the stock is currently owned by corporate insiders.

Live Nation Entertainment Stock Performance

NYSE LYV opened at $186.07 on Friday. The stock has a market cap of $43.83 billion, a PE ratio of -105.13 and a beta of 1.11. 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 50-day moving average of $167.20 and a 200-day moving average of $156.90. Live Nation Entertainment, Inc. has a 52-week low of $125.34 and a 52-week high of $187.63.

Live Nation Entertainment (NYSE:LYV) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($1.85) EPS 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 firm’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the company posted ($0.32) EPS. On average, sell-side analysts anticipate that Live Nation Entertainment, Inc. will post 1.09 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on LYV. Wolfe Research upped their target price on shares of Live Nation Entertainment from $205.00 to $206.00 and gave the company an “outperform” rating in a report on Monday, April 13th. Wall Street Zen raised Live Nation Entertainment from a “sell” rating to a “hold” rating in a research report on Saturday, April 11th. Weiss Ratings restated a “hold (c-)” rating on shares of Live Nation Entertainment in a research note on Thursday, June 4th. Zacks Research raised Live Nation Entertainment from a “strong sell” rating to a “hold” rating in a research report on Friday, May 8th. Finally, Susquehanna lifted their target price on Live Nation Entertainment from $180.00 to $181.00 in a research note on Wednesday, May 6th. Twenty equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $188.50.

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.