Primecap Management Co. CA Sells 12,080 Shares of Live Nation Entertainment, Inc. (NYSE:LYV)

Primecap Management Co. CA lessened its holdings in Live Nation Entertainment, Inc. (NYSE:LYV) by 1.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 791,070 shares of the company’s stock after selling 12,080 shares during the quarter. Primecap Management Co. CA owned 0.34% of Live Nation Entertainment worth $86,614,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Select Equity Group L.P. lifted its holdings in Live Nation Entertainment by 12.3% in the 2nd quarter. Select Equity Group L.P. now owns 12,940,613 shares of the company’s stock valued at $1,213,053,000 after purchasing an additional 1,415,173 shares in the last quarter. D1 Capital Partners L.P. grew its position in Live Nation Entertainment by 44.6% in the second quarter. D1 Capital Partners L.P. now owns 3,543,532 shares of the company’s stock worth $332,171,000 after acquiring an additional 1,093,000 shares during the period. Vulcan Value Partners LLC increased its stake in Live Nation Entertainment by 46.5% during the second quarter. Vulcan Value Partners LLC now owns 2,694,463 shares of the company’s stock worth $252,663,000 after acquiring an additional 855,197 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in Live Nation Entertainment by 85.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,038,285 shares of the company’s stock valued at $97,329,000 after purchasing an additional 476,981 shares during the period. Finally, DigitalBridge Group Inc. purchased a new position in shares of Live Nation Entertainment during the 2nd quarter worth $20,453,000. Hedge funds and other institutional investors own 74.52% of the company’s stock.

Insider Buying and Selling at Live Nation Entertainment

In other Live Nation Entertainment news, 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 value of $536,815.20. Following the transaction, the director now directly owns 53,949 shares in the company, valued at $5,134,865.82. This represents a 9.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Michael Rowles sold 35,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $97.64, for a total transaction of $3,417,400.00. Following the sale, the executive vice president now owns 167,447 shares of the company’s stock, valued at $16,349,525.08. This represents a 17.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 168,799 shares of company stock worth $16,449,718 over the last ninety days. Corporate insiders own 2.72% of the company’s stock.

Live Nation Entertainment Stock Performance

Shares of Live Nation Entertainment stock opened at $138.50 on Friday. The business has a 50-day simple moving average of $115.91 and a 200-day simple moving average of $101.88. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.01 and a current ratio of 1.01. Live Nation Entertainment, Inc. has a one year low of $81.38 and a one year high of $139.19. The company has a market cap of $32.18 billion, a PE ratio of 147.34, a P/E/G ratio of 3.59 and a beta of 1.33.

Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings results on Monday, November 11th. The company reported $1.66 EPS for the quarter, topping the consensus estimate of $1.58 by $0.08. The company had revenue of $7.65 billion during the quarter, compared to analysts’ expectations of $7.75 billion. Live Nation Entertainment had a net margin of 2.11% and a return on equity of 77.62%. The firm’s revenue was down 6.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.78 EPS. On average, equities research analysts forecast that Live Nation Entertainment, Inc. will post 1.08 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on LYV. JPMorgan Chase & Co. upped their target price on shares of Live Nation Entertainment from $118.00 to $137.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Roth Mkm upped their price objective on shares of Live Nation Entertainment from $120.00 to $132.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. The Goldman Sachs Group lifted their target price on shares of Live Nation Entertainment from $132.00 to $148.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Citigroup upped their price target on Live Nation Entertainment from $130.00 to $163.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Oppenheimer boosted their price objective on Live Nation Entertainment from $120.00 to $155.00 and gave the company an “outperform” rating in a report on Tuesday, November 12th. Two analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $141.53.

Live Nation Entertainment Profile

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.