CI Investments Inc. Trims Holdings in Live Nation Entertainment, Inc. $LYV

CI Investments Inc. reduced its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 11.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 911,825 shares of the company’s stock after selling 115,334 shares during the period. CI Investments Inc. owned 0.39% of Live Nation Entertainment worth $139,062,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Principal Financial Group Inc. increased its stake in shares of Live Nation Entertainment by 3.4% during the first quarter. Principal Financial Group Inc. now owns 11,095,305 shares of the company’s stock valued at $1,692,151,000 after purchasing an additional 367,624 shares in the last quarter. Independent Franchise Partners LLP grew its stake in shares of Live Nation Entertainment by 3.5% in the 4th quarter. Independent Franchise Partners LLP now owns 5,733,718 shares of the company’s stock worth $817,055,000 after buying an additional 193,104 shares during the last quarter. Geode Capital Management LLC increased its position in Live Nation Entertainment by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 4,301,900 shares of the company’s stock valued at $610,707,000 after buying an additional 20,165 shares in the last quarter. Jericho Capital Asset Management L.P. raised its stake in Live Nation Entertainment by 37.9% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,996,512 shares of the company’s stock valued at $569,503,000 after buying an additional 1,099,350 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in Live Nation Entertainment by 4.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,195,473 shares of the company’s stock valued at $455,355,000 after buying an additional 123,800 shares during the last quarter. Institutional investors own 74.52% of the company’s stock.

Insider Transactions at Live Nation Entertainment

In other news, EVP John Hopmans sold 93,078 shares of Live Nation Entertainment stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $166.07, for a total transaction of $15,457,463.46. Following the completion of the sale, the executive vice president directly owned 188,751 shares in the company, valued at approximately $31,345,878.57. The trade was a 33.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Michael Rowles sold 63,776 shares of the company’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $164.24, for a total transaction of $10,474,570.24. Following the completion of the sale, the executive vice president directly owned 204,716 shares in the company, valued at approximately $33,622,555.84. The trade was a 23.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.89% of the stock is owned by company insiders.

Live Nation Entertainment Trading Down 1.7%

Live Nation Entertainment stock opened at $177.77 on Wednesday. The stock has a market cap of $41.87 billion, a P/E ratio of -100.43 and a beta of 1.11. The firm’s 50 day moving average price is $173.01 and its 200-day moving average price is $160.49. The company has a debt-to-equity ratio of 13.93, a current ratio of 0.88 and a quick ratio of 0.88. Live Nation Entertainment, Inc. has a 1 year low of $125.34 and a 1 year high of $188.00.

Live Nation Entertainment (NYSE:LYV) last announced its earnings results on Tuesday, May 5th. The company reported ($1.85) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($1.50). The business had revenue of $3.79 billion for the quarter, compared to analysts’ expectations of $3.57 billion. Live Nation Entertainment had a net margin of 0.15% and a return on equity of 45.92%. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.32) earnings per share. On average, equities analysts predict that Live Nation Entertainment, Inc. will post 0.96 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on LYV. Weiss Ratings reissued a “hold (c-)” rating on shares of Live Nation Entertainment in a research note on Thursday, June 4th. Citizens Jmp initiated coverage on shares of Live Nation Entertainment in a research note on Monday, March 30th. They issued a “market outperform” rating and a $190.00 price target on the stock. Guggenheim increased their price objective on shares of Live Nation Entertainment from $192.00 to $197.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Morgan Stanley raised their price objective on shares of Live Nation Entertainment from $185.00 to $200.00 and gave the company an “overweight” rating in a research note on Wednesday, June 10th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Live Nation Entertainment from $180.00 to $185.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Nineteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $193.75.

Live Nation Entertainment Profile

Live Nation Entertainment is a global live entertainment company that promotes, operates and sells tickets for live events. The company’s core activities include concert promotion and production, venue operations and management, ticketing services through its Ticketmaster platform, artist management and development, and sponsorship and advertising services tied to live events. These integrated businesses are designed to connect artists, fans and commercial partners across the live event ecosystem.

The company in its current form was created following the 2010 merger of Live Nation and Ticketmaster, combining a promoter and venue operator with one of the industry’s largest ticketing platforms.