Wittenberg Investment Management Inc. Cuts Position in Live Nation Entertainment, Inc. (NYSE:LYV)

Wittenberg Investment Management Inc. trimmed its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 3.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 21,876 shares of the company’s stock after selling 763 shares during the period. Live Nation Entertainment makes up approximately 1.1% of Wittenberg Investment Management Inc.’s holdings, making the stock its 18th largest position. Wittenberg Investment Management Inc.’s holdings in Live Nation Entertainment were worth $2,833,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. World Investment Advisors LLC purchased a new stake in Live Nation Entertainment during the 3rd quarter valued at about $38,000. Murphy & Mullick Capital Management Corp bought a new position in shares of Live Nation Entertainment in the fourth quarter worth approximately $40,000. Morse Asset Management Inc purchased a new stake in shares of Live Nation Entertainment during the third quarter valued at approximately $42,000. Golden State Wealth Management LLC purchased a new position in Live Nation Entertainment in the 4th quarter worth approximately $42,000. Finally, Retirement Wealth Solutions LLC bought a new position in Live Nation Entertainment in the 4th quarter valued at approximately $44,000. 74.52% of the stock is owned by institutional investors.

Insider Buying and Selling at Live Nation Entertainment

In other news, Director Jeffrey T. Hinson sold 500 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $122.95, for a total transaction of $61,475.00. Following the completion of the transaction, the director now owns 52,624 shares in the company, valued at $6,470,120.80. This trade represents a 0.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Brian Capo sold 5,066 shares of the business’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $123.24, for a total value of $624,333.84. Following the completion of the sale, the chief accounting officer now owns 10,549 shares in the company, valued at $1,300,058.76. This represents a 32.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 68,702 shares of company stock valued at $10,497,143 in the last three months. 2.72% of the stock is currently owned by corporate insiders.

Live Nation Entertainment Stock Performance

LYV opened at $125.80 on Friday. The firm has a market cap of $29.36 billion, a P/E ratio of 46.25, a PEG ratio of 1.81 and a beta of 1.38. Live Nation Entertainment, Inc. has a 1-year low of $86.81 and a 1-year high of $157.75. The company has a 50 day simple moving average of $137.55 and a two-hundred day simple moving average of $129.32. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.01 and a quick ratio of 1.01.

Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings results on Thursday, February 27th. The company reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of ($0.93) by $1.49. The business had revenue of $5.68 billion for the quarter, compared to analysts’ expectations of $5.67 billion. Live Nation Entertainment had a return on equity of 139.09% and a net margin of 3.90%. Equities analysts forecast that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

LYV has been the subject of several recent analyst reports. The Goldman Sachs Group boosted their price target on Live Nation Entertainment from $148.00 to $166.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Rosenblatt Securities restated a “buy” rating and set a $174.00 target price on shares of Live Nation Entertainment in a research note on Tuesday. Macquarie lifted their price target on shares of Live Nation Entertainment from $146.00 to $165.00 and gave the stock an “outperform” rating in a research note on Thursday, March 6th. Benchmark restated a “buy” rating and set a $178.00 price objective on shares of Live Nation Entertainment in a research report on Tuesday. Finally, Bank of America lifted their target price on shares of Live Nation Entertainment from $149.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, February 24th. Two equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $160.33.

Live Nation Entertainment Company 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.