Prudential Financial Inc. Sells 10,770 Shares of Live Nation Entertainment, Inc. (NYSE:LYV)

Prudential Financial Inc. reduced its position in Live Nation Entertainment, Inc. (NYSE:LYV) by 11.8% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 80,532 shares of the company’s stock after selling 10,770 shares during the period. Prudential Financial Inc.’s holdings in Live Nation Entertainment were worth $10,429,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC boosted its position in shares of Live Nation Entertainment by 17.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 493 shares of the company’s stock worth $65,000 after purchasing an additional 75 shares in the last quarter. SOA Wealth Advisors LLC. raised its holdings in Live Nation Entertainment by 19.0% during the 4th quarter. SOA Wealth Advisors LLC. now owns 500 shares of the company’s stock worth $65,000 after buying an additional 80 shares during the period. Western Pacific Wealth Management LP boosted its holdings in shares of Live Nation Entertainment by 10.4% in the fourth quarter. Western Pacific Wealth Management LP now owns 867 shares of the company’s stock valued at $112,000 after buying an additional 82 shares during the period. UMB Bank n.a. increased its position in shares of Live Nation Entertainment by 21.2% during the fourth quarter. UMB Bank n.a. now owns 532 shares of the company’s stock worth $69,000 after acquiring an additional 93 shares in the last quarter. Finally, Gilbert & Cook Inc. raised its holdings in shares of Live Nation Entertainment by 1.7% during the fourth quarter. Gilbert & Cook Inc. now owns 5,463 shares of the company’s stock worth $707,000 after acquiring an additional 93 shares during the period. 74.52% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Live Nation Entertainment news, Director Jeffrey T. Hinson sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $122.95, for a total value of $61,475.00. Following the sale, the director now owns 52,624 shares in the company, valued at $6,470,120.80. This trade represents a 0.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Brian Capo sold 5,066 shares of the stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $123.24, for a total value of $624,333.84. Following the completion of the transaction, the chief accounting officer now owns 10,549 shares of the company’s stock, valued at $1,300,058.76. The trade was a 32.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 68,702 shares of company stock worth $10,497,143 over the last three months. Insiders own 2.72% of the company’s stock.

Live Nation Entertainment Stock Down 2.4 %

LYV stock opened at $125.05 on Friday. Live Nation Entertainment, Inc. has a 52 week low of $86.81 and a 52 week high of $157.75. The business has a 50-day simple moving average of $138.14 and a 200 day simple moving average of $128.39. 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 cap of $29.19 billion, a PE ratio of 45.97, a price-to-earnings-growth ratio of 1.81 and a beta of 1.38.

Live Nation Entertainment (NYSE:LYV) last issued its earnings results on Thursday, February 27th. The company reported $0.56 EPS for the quarter, beating the consensus estimate of ($0.93) by $1.49. The company had revenue of $5.68 billion during the quarter, compared to analysts’ expectations of $5.67 billion. Live Nation Entertainment had a net margin of 3.90% and a return on equity of 139.09%. Sell-side analysts anticipate that Live Nation Entertainment, Inc. will post 2.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently commented on LYV. Benchmark restated a “buy” rating and set a $160.00 target price on shares of Live Nation Entertainment in a report on Thursday, February 20th. Morgan Stanley upped their price objective on shares of Live Nation Entertainment from $150.00 to $170.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. The Goldman Sachs Group raised their target price on shares of Live Nation Entertainment from $148.00 to $166.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Guggenheim increased their price target on shares of Live Nation Entertainment from $146.00 to $155.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Finally, Roth Mkm boosted their price objective on Live Nation Entertainment from $152.00 to $174.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Two research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $157.27.

About Live Nation Entertainment

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.