Fred Alger Management LLC Cuts Stake in Live Nation Entertainment, Inc. (NYSE:LYV)

Fred Alger Management LLC trimmed its position in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 99.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 534 shares of the company’s stock after selling 104,160 shares during the period. Fred Alger Management LLC’s holdings in Live Nation Entertainment were worth $58,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the business. Cetera Advisors LLC bought a new stake in shares of Live Nation Entertainment in the first quarter worth $207,000. DekaBank Deutsche Girozentrale grew its stake in Live Nation Entertainment by 130.3% in the first quarter. DekaBank Deutsche Girozentrale now owns 59,529 shares of the company’s stock worth $6,315,000 after purchasing an additional 33,681 shares in the last quarter. DNB Asset Management AS increased its holdings in Live Nation Entertainment by 1.8% in the second quarter. DNB Asset Management AS now owns 24,840 shares of the company’s stock valued at $2,329,000 after buying an additional 439 shares during the last quarter. Fulton Bank N.A. raised its stake in Live Nation Entertainment by 13.0% during the second quarter. Fulton Bank N.A. now owns 6,364 shares of the company’s stock valued at $597,000 after buying an additional 730 shares in the last quarter. Finally, CWM LLC lifted its holdings in Live Nation Entertainment by 8.4% during the 2nd quarter. CWM LLC now owns 2,389 shares of the company’s stock worth $224,000 after buying an additional 186 shares during the last quarter. Institutional investors and hedge funds own 74.52% of the company’s stock.

Insider Buying and Selling

In other Live Nation Entertainment news, Director Jeffrey T. Hinson sold 5,640 shares of Live Nation Entertainment stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $95.18, for a total value of $536,815.20. Following the completion of the sale, the director now directly owns 53,949 shares in the company, valued at $5,134,865.82. The trade was a 9.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Joe Berchtold sold 29,310 shares of Live Nation Entertainment stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $97.50, for a total transaction of $2,857,725.00. Following the completion of the sale, the chief financial officer now directly owns 566,722 shares of the company’s stock, valued at approximately $55,255,395. The trade was a 4.92 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 168,799 shares of company stock worth $16,449,718. Corporate insiders own 2.72% of the company’s stock.

Live Nation Entertainment Trading Down 1.1 %

Shares of Live Nation Entertainment stock opened at $138.25 on Monday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 6.10. The firm has a market cap of $32.12 billion, a price-to-earnings ratio of 147.07, a price-to-earnings-growth ratio of 3.75 and a beta of 1.33. The business has a fifty day simple moving average of $120.38 and a 200-day simple moving average of $103.73. Live Nation Entertainment, Inc. has a fifty-two week low of $81.38 and a fifty-two week high of $141.18.

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

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Live Nation Entertainment from $118.00 to $137.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Evercore ISI lifted their target price on Live Nation Entertainment from $110.00 to $150.00 and gave the company an “outperform” rating in a research note on Tuesday, November 12th. The Goldman Sachs Group increased their price target on Live Nation Entertainment from $132.00 to $148.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. TD Cowen boosted their price objective on Live Nation Entertainment from $108.00 to $145.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Finally, Oppenheimer increased their target price on Live Nation Entertainment from $120.00 to $155.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 12th. Two research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $141.53.

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.