Optimal Asset Management Inc. Sells 17,900 Shares of Live Nation Entertainment, Inc. (NYSE:LYV)

Optimal Asset Management Inc. lowered its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 66.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 9,218 shares of the company’s stock after selling 17,900 shares during the period. Optimal Asset Management Inc.’s holdings in Live Nation Entertainment were worth $780,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in LYV. Steward Partners Investment Advisory LLC raised its stake in shares of Live Nation Entertainment by 76.1% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 509 shares of the company’s stock valued at $37,000 after acquiring an additional 220 shares during the last quarter. Vantage Consulting Group Inc bought a new position in shares of Live Nation Entertainment during the fourth quarter valued at $41,000. Exchange Traded Concepts LLC raised its stake in shares of Live Nation Entertainment by 51.2% during the first quarter. Exchange Traded Concepts LLC now owns 514 shares of the company’s stock valued at $44,000 after acquiring an additional 174 shares during the last quarter. Trustcore Financial Services LLC bought a new position in shares of Live Nation Entertainment during the first quarter valued at $51,000. Finally, Parallel Advisors LLC raised its stake in shares of Live Nation Entertainment by 50.7% during the first quarter. Parallel Advisors LLC now owns 719 shares of the company’s stock valued at $61,000 after acquiring an additional 242 shares during the last quarter. 71.54% of the stock is owned by hedge funds and other institutional investors.

Several research firms have recently weighed in on LYV. Jefferies Financial Group upgraded shares of Live Nation Entertainment from a “hold” rating to a “buy” rating and increased their price objective for the stock from $88.00 to $96.00 in a research report on Monday, May 10th. Morgan Stanley increased their price objective on shares of Live Nation Entertainment from $70.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 5th. Wolfe Research assumed coverage on shares of Live Nation Entertainment in a research report on Wednesday, May 19th. They set an “outperform” rating and a $97.00 price objective for the company. Zacks Investment Research upgraded shares of Live Nation Entertainment from a “sell” rating to a “hold” rating in a report on Wednesday. Finally, The Goldman Sachs Group began coverage on shares of Live Nation Entertainment in a report on Thursday, July 15th. They issued a “buy” rating and a $110.00 price target for the company. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $80.13.

Shares of LYV stock opened at $80.00 on Thursday. The company has a market capitalization of $17.49 billion, a price-to-earnings ratio of -9.30 and a beta of 1.37. The stock has a 50-day moving average of $86.71. Live Nation Entertainment, Inc. has a 52 week low of $44.95 and a 52 week high of $94.63.

Live Nation Entertainment (NYSE:LYV) last posted its earnings results on Thursday, May 6th. The company reported ($1.44) earnings per share for the quarter, topping the consensus estimate of ($1.66) by $0.22. The firm had revenue of $290.60 million during the quarter, compared to the consensus estimate of $287.45 million. Live Nation Entertainment had a negative net margin of 234.83% and a negative return on equity of 1,833.44%. The company’s revenue was down 78.7% on a year-over-year basis. During the same quarter last year, the company earned ($0.94) earnings per share. As a group, analysts forecast that Live Nation Entertainment, Inc. will post -3.83 earnings per share for the current year.

About Live Nation Entertainment

Live Nation Entertainment, Inc operates as a live entertainment company. 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; operates and manages music venues; produces music festivals; creates associated content; and offers management and other services to artists.

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Institutional Ownership by Quarter for Live Nation Entertainment (NYSE:LYV)

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