William Blair Investment Management LLC Sells 1,854,843 Shares of Live Nation Entertainment, Inc. (NYSE:LYV)

William Blair Investment Management LLC cut its holdings in Live Nation Entertainment, Inc. (NYSE:LYV) by 51.0% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 1,778,948 shares of the company’s stock after selling 1,854,843 shares during the quarter. William Blair Investment Management LLC’s holdings in Live Nation Entertainment were worth $166,759,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Federated Hermes Inc. increased its holdings in shares of Live Nation Entertainment by 21.8% in the second quarter. Federated Hermes Inc. now owns 218,082 shares of the company’s stock valued at $20,443,000 after purchasing an additional 39,071 shares in the last quarter. Brasada Capital Management LP boosted its position in Live Nation Entertainment by 2.0% in the 2nd quarter. Brasada Capital Management LP now owns 29,277 shares of the company’s stock valued at $2,807,000 after buying an additional 575 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of Live Nation Entertainment by 8.8% during the second quarter. Daiwa Securities Group Inc. now owns 16,822 shares of the company’s stock worth $1,577,000 after acquiring an additional 1,357 shares during the last quarter. Royal London Asset Management Ltd. lifted its stake in shares of Live Nation Entertainment by 85.3% during the second quarter. Royal London Asset Management Ltd. now owns 126,302 shares of the company’s stock valued at $11,840,000 after acquiring an additional 58,140 shares during the period. Finally, Choreo LLC bought a new position in Live Nation Entertainment in the second quarter valued at about $300,000. Institutional investors and hedge funds own 74.52% of the company’s stock.

Live Nation Entertainment Price Performance

Shares of LYV opened at $98.85 on Friday. The company has a debt-to-equity ratio of 9.22, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a market capitalization of $22.71 billion, a PE ratio of 94.14, a P/E/G ratio of 2.29 and a beta of 1.34. The stock has a 50 day simple moving average of $94.89 and a 200 day simple moving average of $95.91. Live Nation Entertainment, Inc. has a 52-week low of $76.48 and a 52-week high of $107.24.

Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings results on Tuesday, July 30th. The company reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.03). Live Nation Entertainment had a net margin of 2.20% and a return on equity of 84.78%. The company had revenue of $6.02 billion during the quarter, compared to analyst estimates of $6.02 billion. During the same quarter last year, the company earned $1.02 EPS. The firm’s quarterly revenue was up 7.0% compared to the same quarter last year. Sell-side analysts predict that Live Nation Entertainment, Inc. will post 1.21 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have weighed in on the company. Macquarie reissued an “outperform” rating and set a $125.00 price objective on shares of Live Nation Entertainment in a report on Wednesday, July 31st. JPMorgan Chase & Co. increased their price objective on shares of Live Nation Entertainment from $116.00 to $118.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Bank of America began coverage on shares of Live Nation Entertainment in a research report on Wednesday, September 4th. They set a “buy” rating and a $125.00 target price for the company. Rosenblatt Securities reaffirmed a “buy” rating and set a $123.00 price objective on shares of Live Nation Entertainment in a research note on Thursday, August 15th. Finally, Oppenheimer increased their target price on Live Nation Entertainment from $110.00 to $120.00 and gave the company an “outperform” rating in a research note on Friday, September 6th. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $119.46.

Insiders Place Their Bets

In other news, EVP Michael Rowles sold 35,000 shares of the business’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $97.64, for a total value of $3,417,400.00. Following the sale, the executive vice president now directly owns 167,447 shares in the company, valued at $16,349,525.08. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Live Nation Entertainment news, CEO Michael Rapino sold 98,849 shares of Live Nation Entertainment stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $97.50, for a total value of $9,637,777.50. Following the sale, the chief executive officer now directly owns 3,702,115 shares in the company, valued at approximately $360,956,212.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Rowles sold 35,000 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $97.64, for a total value of $3,417,400.00. Following the completion of the transaction, the executive vice president now owns 167,447 shares of the company’s stock, valued at approximately $16,349,525.08. The disclosure for this sale can be found here. In the last 90 days, insiders sold 177,000 shares of company stock worth $17,238,181. Corporate insiders own 2.85% of the company’s stock.

Live Nation Entertainment Company Profile

Live Nation Entertainment, Inc operates as a live entertainment company worldwide. It operates through Concerts, Ticketing, and Sponsorship & Advertising segments. The Concerts segment promotes live music events in its owned or operated venues, and in rented third-party venues. This segment operates and manages music venues; produces music festivals; creates and streams associated content; and offers management and other services to artists.