Assenagon Asset Management S.A. Decreases Stock Holdings in Live Nation Entertainment, Inc. $LYV

Assenagon Asset Management S.A. reduced its stake in Live Nation Entertainment, Inc. (NYSE:LYV) by 77.4% in the 1st quarter, Holdings Channel reports. The firm owned 74,497 shares of the company’s stock after selling 254,802 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Live Nation Entertainment were worth $11,362,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of LYV. Axxcess Wealth Management LLC grew its stake in shares of Live Nation Entertainment by 4.9% in the fourth quarter. Axxcess Wealth Management LLC now owns 1,602 shares of the company’s stock valued at $228,000 after buying an additional 75 shares in the last quarter. Vident Advisory LLC lifted its position in Live Nation Entertainment by 2.1% during the 2nd quarter. Vident Advisory LLC now owns 3,622 shares of the company’s stock worth $548,000 after acquiring an additional 75 shares in the last quarter. Prairie Wealth Advisors Inc. lifted its position in Live Nation Entertainment by 5.0% during the 3rd quarter. Prairie Wealth Advisors Inc. now owns 1,665 shares of the company’s stock worth $272,000 after acquiring an additional 80 shares in the last quarter. Sumitomo Life Insurance Co. grew its position in Live Nation Entertainment by 1.2% in the fourth quarter. Sumitomo Life Insurance Co. now owns 6,821 shares of the company’s stock valued at $972,000 after acquiring an additional 82 shares in the last quarter. Finally, Ameriflex Group Inc. grew its position in Live Nation Entertainment by 102.4% in the third quarter. Ameriflex Group Inc. now owns 166 shares of the company’s stock valued at $27,000 after acquiring an additional 84 shares in the last quarter. Institutional investors and hedge funds own 74.52% of the company’s stock.

Live Nation Entertainment Stock Performance

Shares of LYV stock opened at $179.44 on Friday. The company has a market cap of $42.27 billion, a P/E ratio of -101.38 and a beta of 1.12. The business has a 50 day moving average of $165.03 and a two-hundred day moving average of $155.56. Live Nation Entertainment, Inc. has a 52 week low of $125.34 and a 52 week high of $180.92. 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 (NYSE:LYV) last released its quarterly 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). Live Nation Entertainment had a return on equity of 45.92% and a net margin of 0.15%.The firm had revenue of $3.79 billion for the quarter, compared to the consensus estimate of $3.57 billion. During the same quarter in the prior year, the company posted ($0.32) EPS. The firm’s revenue was up 12.1% on a year-over-year basis. As a group, analysts anticipate that Live Nation Entertainment, Inc. will post 1.09 EPS for the current year.

Insider Buying and Selling

In other Live Nation Entertainment news, EVP John Hopmans sold 93,078 shares of the company’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $166.07, for a total value of $15,457,463.46. Following the completion of the sale, the executive vice president directly owned 188,751 shares of the company’s stock, valued at approximately $31,345,878.57. This represents a 33.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael Rowles sold 63,776 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $164.24, for a total transaction of $10,474,570.24. Following the sale, the executive vice president owned 204,716 shares of the company’s stock, valued at $33,622,555.84. The trade was a 23.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 2.89% of the company’s stock.

Analyst Ratings Changes

LYV has been the topic of several analyst reports. Jefferies Financial Group reaffirmed a “hold” rating on shares of Live Nation Entertainment in a research note on Monday, March 9th. JPMorgan Chase & Co. upped 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. Morgan Stanley lifted their target price on Live Nation Entertainment from $185.00 to $200.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 10th. Wall Street Zen upgraded Live Nation Entertainment from a “sell” rating to a “hold” rating in a research note on Saturday, April 11th. Finally, Susquehanna increased their price target on Live Nation Entertainment from $180.00 to $181.00 in a report on Wednesday, May 6th. Twenty analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus 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.