Kornitzer Capital Management Inc. KS decreased its holdings in Live Nation Entertainment, Inc. (NYSE:LYV – Free Report) by 38.7% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 52,700 shares of the company’s stock after selling 33,300 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Live Nation Entertainment were worth $8,037,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of LYV. Norges Bank acquired a new stake in shares of Live Nation Entertainment in the fourth quarter worth $285,924,000. Sachem Head Capital Management LP acquired a new position in shares of Live Nation Entertainment during the 4th quarter valued at $173,380,000. Jericho Capital Asset Management L.P. boosted its position in Live Nation Entertainment by 37.9% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,996,512 shares of the company’s stock worth $569,503,000 after purchasing an additional 1,099,350 shares during the period. First Trust Advisors LP increased its holdings in Live Nation Entertainment by 653.7% in the 4th quarter. First Trust Advisors LP now owns 1,191,347 shares of the company’s stock valued at $169,767,000 after purchasing an additional 1,033,289 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in Live Nation Entertainment by 10.3% in the fourth quarter. Principal Financial Group Inc. now owns 10,727,681 shares of the company’s stock valued at $1,528,700,000 after purchasing an additional 1,001,905 shares during the period. 74.52% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling
In related news, EVP Michael Rowles sold 63,776 shares of Live Nation Entertainment 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 completion of the sale, the executive vice president owned 204,716 shares in the company, valued at approximately $33,622,555.84. The trade was a 23.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 sale, the executive vice president directly owned 188,751 shares in the company, valued at $31,345,878.57. This represents a 33.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.89% of the stock is currently owned by company insiders.
Analyst Ratings Changes
Get Our Latest Report on Live Nation Entertainment
Live Nation Entertainment Stock Down 1.6%
LYV traded down $2.90 on Friday, reaching $179.68. The company’s stock had a trading volume of 1,631,283 shares, compared to its average volume of 2,554,460. The stock has a market cap of $42.32 billion, a price-to-earnings ratio of -101.51 and a beta of 1.11. Live Nation Entertainment, Inc. has a 1 year low of $125.34 and a 1 year high of $188.00. The company has a debt-to-equity ratio of 13.93, a current ratio of 0.88 and a quick ratio of 0.88. The business’s 50 day moving average is $170.56 and its 200 day moving average is $158.61.
Live Nation Entertainment (NYSE:LYV – Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($1.85) earnings per share (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 business had revenue of $3.79 billion for the quarter, compared to analysts’ expectations of $3.57 billion. During the same quarter in the prior year, the firm earned ($0.32) earnings per share. Live Nation Entertainment’s revenue for the quarter was up 12.1% compared to the same quarter last year. As a group, research analysts forecast that Live Nation Entertainment, Inc. will post 1.09 EPS for the current fiscal year.
Live Nation Entertainment Company 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.
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