Live Nation Entertainment, Inc. (NYSE:LYV) Stake Trimmed by Fernbridge Capital Management LP

Fernbridge Capital Management LP decreased its position in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 31.7% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 414,909 shares of the company’s stock after selling 192,188 shares during the quarter. Live Nation Entertainment makes up 2.8% of Fernbridge Capital Management LP’s holdings, making the stock its 10th largest holding. Fernbridge Capital Management LP owned 0.18% of Live Nation Entertainment worth $45,428,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Frank Rimerman Advisors LLC bought a new position in Live Nation Entertainment in the 2nd quarter worth approximately $748,000. Select Equity Group L.P. grew its stake in Live Nation Entertainment by 12.3% during the second quarter. Select Equity Group L.P. now owns 12,940,613 shares of the company’s stock valued at $1,213,053,000 after acquiring an additional 1,415,173 shares in the last quarter. Davidson Kempner Capital Management LP bought a new position in shares of Live Nation Entertainment during the 2nd quarter valued at about $3,985,000. Czech National Bank grew its position in shares of Live Nation Entertainment by 17.5% during the third quarter. Czech National Bank now owns 31,904 shares of the company’s stock valued at $3,493,000 after purchasing an additional 4,761 shares in the last quarter. Finally, Coronation Fund Managers Ltd. increased its holdings in shares of Live Nation Entertainment by 48.3% in the second quarter. Coronation Fund Managers Ltd. now owns 51,187 shares of the company’s stock worth $4,798,000 after purchasing an additional 16,668 shares during the last quarter. 74.52% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on LYV. Bank of America upped their price objective on Live Nation Entertainment from $125.00 to $149.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Citigroup lifted their price target on Live Nation Entertainment from $130.00 to $163.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Evercore ISI upped their price objective on Live Nation Entertainment from $110.00 to $150.00 and gave the company an “outperform” rating in a research report on Tuesday, November 12th. Macquarie lifted their target price on Live Nation Entertainment from $130.00 to $146.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. Finally, StockNews.com raised shares of Live Nation Entertainment from a “sell” rating to a “hold” rating in a research note on Wednesday, November 20th. Two analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $141.53.

Live Nation Entertainment Price Performance

LYV opened at $138.87 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 6.10. The business’s fifty day simple moving average is $117.52 and its 200-day simple moving average is $102.58. The company has a market capitalization of $32.27 billion, a price-to-earnings ratio of 147.73, a PEG ratio of 3.81 and a beta of 1.33. Live Nation Entertainment, Inc. has a 12-month low of $81.38 and a 12-month high of $141.18.

Live Nation Entertainment (NYSE:LYV) last posted its earnings results on Monday, November 11th. The company reported $1.66 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.08. The business had revenue of $7.65 billion for the quarter, compared to the consensus estimate of $7.75 billion. Live Nation Entertainment had a net margin of 2.11% and a return on equity of 77.62%. The company’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.78 EPS. On average, equities research analysts anticipate that Live Nation Entertainment, Inc. will post 1.04 earnings per share for the current fiscal year.

Insider Activity

In other Live Nation Entertainment news, EVP Michael Rowles sold 35,000 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $97.64, for a total value of $3,417,400.00. Following the completion of the sale, the executive vice president now owns 167,447 shares of the company’s stock, valued at approximately $16,349,525.08. This trade represents a 17.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jeffrey T. Hinson sold 5,640 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $95.18, for a total transaction of $536,815.20. Following the completion of the transaction, the director now directly owns 53,949 shares of the company’s stock, valued at $5,134,865.82. The trade was a 9.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 168,799 shares of company stock worth $16,449,718. 2.72% of the stock is currently owned by company insiders.

About Live Nation Entertainment

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.