Penserra Capital Management LLC Trims Position in Live Nation Entertainment, Inc. (NYSE:LYV)

Penserra Capital Management LLC trimmed its holdings in Live Nation Entertainment, Inc. (NYSE:LYV) by 33.5% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 725 shares of the company’s stock after selling 366 shares during the period. Penserra Capital Management LLC’s holdings in Live Nation Entertainment were worth $93,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in LYV. Chilton Capital Management LLC purchased a new position in Live Nation Entertainment during the first quarter worth about $33,000. HM Payson & Co. raised its holdings in Live Nation Entertainment by 9.5% during the first quarter. HM Payson & Co. now owns 1,150 shares of the company’s stock worth $150,000 after purchasing an additional 100 shares in the last quarter. Wayfinding Financial LLC purchased a new position in Live Nation Entertainment during the first quarter worth about $30,000. IFM Investors Pty Ltd increased its holdings in Live Nation Entertainment by 7.3% in the first quarter. IFM Investors Pty Ltd now owns 30,486 shares of the company’s stock valued at $3,981,000 after buying an additional 2,074 shares in the last quarter. Finally, OneDigital Investment Advisors LLC increased its holdings in Live Nation Entertainment by 8.1% in the first quarter. OneDigital Investment Advisors LLC now owns 1,968 shares of the company’s stock valued at $257,000 after buying an additional 147 shares in the last quarter. 74.52% of the stock is owned by hedge funds and other institutional investors.

Live Nation Entertainment Stock Down 0.4%

Shares of NYSE LYV opened at $143.91 on Friday. Live Nation Entertainment, Inc. has a 1 year low of $87.33 and a 1 year high of $157.75. The firm’s 50 day moving average price is $143.75 and its 200 day moving average price is $137.47. The firm has a market cap of $33.35 billion, a P/E ratio of 49.12, a price-to-earnings-growth ratio of 5.58 and a beta of 1.45. The company has a debt-to-equity ratio of 7.43, a quick ratio of 0.96 and a current ratio of 0.96.

Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings results on Thursday, May 1st. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.29). The company had revenue of $3.38 billion for the quarter, compared to analysts’ expectations of $3.63 billion. Live Nation Entertainment had a return on equity of 125.77% and a net margin of 4.28%. The business’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.60 EPS. As a group, sell-side analysts anticipate that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

LYV has been the subject of a number of research analyst reports. Benchmark reaffirmed a “buy” rating and issued a $178.00 target price on shares of Live Nation Entertainment in a report on Tuesday, April 1st. Rosenblatt Securities dropped their target price on shares of Live Nation Entertainment from $174.00 to $170.00 and set a “buy” rating for the company in a report on Friday, May 2nd. Guggenheim reaffirmed a “buy” rating and issued a $170.00 target price on shares of Live Nation Entertainment in a report on Wednesday, June 18th. Roth Mkm dropped their target price on shares of Live Nation Entertainment from $174.00 to $164.00 and set a “buy” rating for the company in a report on Friday, May 2nd. Finally, Susquehanna set a $165.00 price target on shares of Live Nation Entertainment and gave the company a “positive” rating in a research report on Tuesday, June 10th. One investment analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $165.24.

Insiders Place Their Bets

In other Live Nation Entertainment news, EVP John Hopmans sold 34,808 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $147.38, for a total transaction of $5,130,003.04. Following the transaction, the executive vice president owned 189,456 shares of the company’s stock, valued at $27,922,025.28. This trade represents a 15.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.01% of the stock is currently owned by corporate insiders.

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.