Live Nation Entertainment, Inc. (NYSE:LYV) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC lessened its stake in Live Nation Entertainment, Inc. (NYSE:LYV) by 99.5% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 534 shares of the company’s stock after selling 104,160 shares during the period. Fred Alger Management LLC’s holdings in Live Nation Entertainment were worth $58,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Brooklyn Investment Group purchased a new stake in shares of Live Nation Entertainment during the third quarter worth approximately $31,000. Migdal Insurance & Financial Holdings Ltd. raised its position in Live Nation Entertainment by 119.5% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 371 shares of the company’s stock worth $34,000 after buying an additional 202 shares during the last quarter. Reston Wealth Management LLC acquired a new stake in shares of Live Nation Entertainment in the 3rd quarter worth $41,000. Cromwell Holdings LLC boosted its holdings in shares of Live Nation Entertainment by 25.7% in the third quarter. Cromwell Holdings LLC now owns 431 shares of the company’s stock valued at $47,000 after acquiring an additional 88 shares in the last quarter. Finally, UMB Bank n.a. increased its stake in shares of Live Nation Entertainment by 67.4% during the second quarter. UMB Bank n.a. now owns 437 shares of the company’s stock worth $41,000 after acquiring an additional 176 shares during the period. 74.52% of the stock is owned by hedge funds and other institutional investors.

Live Nation Entertainment Stock Down 1.1 %

Shares of NYSE:LYV opened at $138.25 on Monday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 6.10. The company has a market capitalization of $32.12 billion, a P/E ratio of 147.07, a P/E/G ratio of 3.75 and a beta of 1.33. Live Nation Entertainment, Inc. has a 52-week low of $81.38 and a 52-week high of $141.18. The stock’s fifty day simple moving average is $120.38 and its 200-day simple moving average is $103.73.

Live Nation Entertainment (NYSE:LYV) last released its earnings results on Monday, November 11th. The company reported $1.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.08. The company had revenue of $7.65 billion for the quarter, compared to analyst estimates of $7.75 billion. Live Nation Entertainment had a net margin of 2.11% and a return on equity of 77.62%. The firm’s quarterly revenue was down 6.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.78 EPS. As a group, equities research analysts forecast that Live Nation Entertainment, Inc. will post 1.04 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently commented on LYV shares. StockNews.com upgraded shares of Live Nation Entertainment from a “sell” rating to a “hold” rating in a research report on Wednesday, November 20th. JPMorgan Chase & Co. lifted their price target on Live Nation Entertainment from $118.00 to $137.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Benchmark increased their price objective on Live Nation Entertainment from $132.00 to $144.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Citigroup boosted their target price on shares of Live Nation Entertainment from $130.00 to $163.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Finally, The Goldman Sachs Group raised their price objective on shares of Live Nation Entertainment from $132.00 to $148.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Two research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $141.53.

Insiders Place Their Bets

In other news, CFO Joe Berchtold sold 29,310 shares of Live Nation Entertainment stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $97.50, for a total value of $2,857,725.00. Following the completion of the sale, the chief financial officer now owns 566,722 shares of the company’s stock, valued at $55,255,395. The trade was a 4.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jeffrey T. Hinson sold 5,640 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $95.18, for a total value of $536,815.20. Following the transaction, the director now owns 53,949 shares in the company, valued at $5,134,865.82. This trade represents a 9.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 168,799 shares of company stock valued at $16,449,718. Company insiders own 2.72% 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.