Pictet Asset Management Holding SA Has $10.25 Million Stock Position in Live Nation Entertainment, Inc. $LYV

Pictet Asset Management Holding SA trimmed its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 5.0% during the first quarter, HoldingsChannel reports. The fund owned 67,193 shares of the company’s stock after selling 3,538 shares during the period. Pictet Asset Management Holding SA’s holdings in Live Nation Entertainment were worth $10,248,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in LYV. Empowered Funds LLC raised its stake in shares of Live Nation Entertainment by 3.3% in the 1st quarter. Empowered Funds LLC now owns 17,376 shares of the company’s stock valued at $2,269,000 after purchasing an additional 547 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of Live Nation Entertainment by 15.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 798 shares of the company’s stock worth $121,000 after acquiring an additional 109 shares in the last quarter. Cerity Partners LLC raised its holdings in shares of Live Nation Entertainment by 6.0% in the second quarter. Cerity Partners LLC now owns 27,496 shares of the company’s stock valued at $4,160,000 after purchasing an additional 1,550 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Live Nation Entertainment by 15.9% in the second quarter. Daiwa Securities Group Inc. now owns 26,340 shares of the company’s stock worth $3,983,000 after purchasing an additional 3,604 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in Live Nation Entertainment by 344.3% during the second quarter. NewEdge Advisors LLC now owns 2,208 shares of the company’s stock worth $334,000 after purchasing an additional 1,711 shares during the last quarter. 74.52% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP John Hopmans sold 93,078 shares of the company’s stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $166.07, for a total transaction of $15,457,463.46. Following the completion of the transaction, the executive vice president directly owned 188,751 shares in the company, valued at approximately $31,345,878.57. This represents a 33.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael Rowles sold 63,776 shares of the firm’s stock in a transaction 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 sale, the executive vice president directly owned 204,716 shares in the company, valued at approximately $33,622,555.84. This trade represents a 23.75% decrease in their position. The SEC filing for this sale provides additional information. 2.89% of the stock is currently owned by insiders.

Live Nation Entertainment Trading Down 0.3%

LYV opened at $186.07 on Friday. The stock has a market capitalization of $43.83 billion, a price-to-earnings ratio of -105.13 and a beta of 1.11. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 13.93. Live Nation Entertainment, Inc. has a twelve month low of $125.34 and a twelve month high of $187.63. The company has a 50-day simple moving average of $167.83 and a 200 day simple moving average of $157.11.

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 firm 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%. Live Nation Entertainment’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.32) earnings per share. Analysts predict that Live Nation Entertainment, Inc. will post 1.09 EPS for the current fiscal year.

Analyst Ratings Changes

LYV has been the topic of several recent research reports. Zacks Research upgraded shares of Live Nation Entertainment from a “strong sell” rating to a “hold” rating in a research note on Friday, May 8th. Deutsche Bank Aktiengesellschaft increased their price target on Live Nation Entertainment from $180.00 to $185.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. JPMorgan Chase & Co. lifted their price objective on shares of Live Nation Entertainment from $178.00 to $180.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Guggenheim lifted their target price on Live Nation Entertainment from $192.00 to $197.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Finally, The Goldman Sachs Group upped their price target on shares of Live Nation Entertainment from $190.00 to $192.00 in a research note on Wednesday, May 6th. Twenty investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $188.50.

Live Nation Entertainment Profile

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.