Live Nation Entertainment, Inc. (LYV) Stake Reduced by Sentry Investments Corp.
Sentry Investments Corp. decreased its stake in Live Nation Entertainment, Inc. (NYSE:LYV) by 5.6% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 5,370,500 shares of the company’s stock after selling 320,200 shares during the period. Live Nation Entertainment accounts for 1.4% of Sentry Investments Corp.’s portfolio, making the stock its 12th largest position. Sentry Investments Corp. owned about 2.61% of Live Nation Entertainment worth $187,162,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Live Nation Entertainment by 5.2% in the first quarter. Vanguard Group Inc. now owns 10,414,998 shares of the company’s stock worth $316,303,000 after buying an additional 517,577 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Live Nation Entertainment by 2.4% in the second quarter. Principal Financial Group Inc. now owns 5,200,396 shares of the company’s stock worth $181,234,000 after buying an additional 120,428 shares during the last quarter. State Street Corp boosted its stake in shares of Live Nation Entertainment by 2.9% in the first quarter. State Street Corp now owns 3,401,554 shares of the company’s stock worth $103,306,000 after buying an additional 95,550 shares during the last quarter. William Blair Investment Management LLC purchased a new stake in shares of Live Nation Entertainment during the second quarter worth $109,693,000. Finally, Jennison Associates LLC boosted its stake in shares of Live Nation Entertainment by 4.5% in the first quarter. Jennison Associates LLC now owns 1,878,837 shares of the company’s stock worth $57,060,000 after buying an additional 81,699 shares during the last quarter. 65.71% of the stock is owned by institutional investors.
Live Nation Entertainment, Inc. (LYV) traded up 0.68% during mid-day trading on Thursday, hitting $39.75. The stock had a trading volume of 256,555 shares. The firm has a market cap of $8.15 billion, a PE ratio of 5678.57 and a beta of 1.00. The company has a 50-day moving average of $37.37 and a 200-day moving average of $33.33. Live Nation Entertainment, Inc. has a 12-month low of $25.56 and a 12-month high of $42.20.
Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings data on Wednesday, August 9th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.10. Live Nation Entertainment had a net margin of 0.25% and a return on equity of 1.60%. The company had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.37 billion. During the same quarter in the previous year, the firm posted $0.13 EPS. The business’s revenue was up 29.3% compared to the same quarter last year. Analysts expect that Live Nation Entertainment, Inc. will post $0.22 earnings per share for the current year.
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A number of equities research analysts have recently weighed in on the company. J P Morgan Chase & Co reaffirmed a “buy” rating on shares of Live Nation Entertainment in a research note on Friday, August 11th. Zacks Investment Research cut Live Nation Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 10th. Stephens reiterated an “overweight” rating and issued a $44.00 target price (up from $36.00) on shares of Live Nation Entertainment in a report on Thursday, August 10th. William Blair initiated coverage on Live Nation Entertainment in a report on Friday, July 21st. They issued an “outperform” rating for the company. Finally, BidaskClub upgraded Live Nation Entertainment from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 16th. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Live Nation Entertainment presently has a consensus rating of “Buy” and a consensus price target of $39.43.
In other news, CFO Elizabeth Kathleen Willard sold 20,000 shares of the business’s stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $34.86, for a total transaction of $697,200.00. Following the transaction, the chief financial officer now owns 286,216 shares in the company, valued at approximately $9,977,489.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Robert Ted Enloe III sold 6,337 shares of the business’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $35.82, for a total transaction of $226,991.34. Following the transaction, the director now owns 23,450 shares in the company, valued at approximately $839,979. The disclosure for this sale can be found here. Insiders own 4.77% of the company’s stock.
About Live Nation Entertainment
Live Nation Entertainment, Inc is a live entertainment company. The Company’s businesses consist of the promotion of live events, including ticketing, sponsorship and advertising. Its segments include Concerts, Sponsorship & Advertising, Ticketing and Artist Nation. The Concerts segment is engaged in promotion of live music events in its owned or operated venues and in rented third-party venues; operation and management of music venues; production of music festivals, and creation of associated content.
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