Live Nation Entertainment, Inc. (LYV) Shares Sold by Wittenberg Investment Management Inc.

Wittenberg Investment Management Inc. lessened its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 8.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 78,861 shares of the company’s stock after selling 7,583 shares during the period. Live Nation Entertainment makes up about 1.2% of Wittenberg Investment Management Inc.’s portfolio, making the stock its 17th biggest position. Wittenberg Investment Management Inc.’s holdings in Live Nation Entertainment were worth $2,748,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Live Nation Entertainment by 9.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,321 shares of the company’s stock worth $185,000 after purchasing an additional 445 shares during the last quarter. NJ State Employees Deferred Compensation Plan purchased a new stake in Live Nation Entertainment during the 2nd quarter worth approximately $210,000. PICTET BANK & TRUST Ltd purchased a new stake in Live Nation Entertainment during the 1st quarter worth approximately $225,000. Oppenheimer Asset Management Inc. purchased a new stake in Live Nation Entertainment during the 1st quarter worth approximately $233,000. Finally, KBC Group NV purchased a new stake in Live Nation Entertainment during the 1st quarter worth approximately $238,000. 65.71% of the stock is currently owned by institutional investors.

Live Nation Entertainment, Inc. (NYSE:LYV) traded up 1.21% during mid-day trading on Friday, hitting $41.98. 393,358 shares of the stock traded hands. The stock has a market cap of $8.61 billion, a PE ratio of 5997.14 and a beta of 1.01. The company has a 50 day moving average of $39.12 and a 200-day moving average of $34.36. Live Nation Entertainment, Inc. has a 12-month low of $25.70 and a 12-month high of $42.20.

Live Nation Entertainment (NYSE:LYV) last announced its earnings results on Wednesday, August 9th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.10. The business had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.37 billion. Live Nation Entertainment had a net margin of 0.25% and a return on equity of 1.60%. The company’s revenue for the quarter was up 29.3% compared to the same quarter last year. During the same period last year, the firm posted $0.13 earnings per share. Equities research analysts forecast that Live Nation Entertainment, Inc. will post $0.22 earnings per share for the current year.

Several analysts have weighed in on the stock. ValuEngine raised shares of Live Nation Entertainment from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Guggenheim assumed coverage on shares of Live Nation Entertainment in a research report on Wednesday, May 24th. They set a “buy” rating and a $40.00 target price on the stock. Citigroup Inc. reissued a “buy” rating and set a $39.00 target price (up previously from $32.00) on shares of Live Nation Entertainment in a research report on Friday, May 19th. Jefferies Group LLC reissued a “buy” rating and set a $42.00 target price on shares of Live Nation Entertainment in a research report on Tuesday. Finally, Northcoast Research downgraded shares of Live Nation Entertainment from a “buy” rating to a “neutral” rating in a research report on Monday, June 19th. They noted that the move was a valuation call. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $39.71.

In other news, insider Brian Capo sold 7,500 shares of the firm’s stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $40.50, for a total transaction of $303,750.00. Following the transaction, the insider now directly owns 13,354 shares in the company, valued at $540,837. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 4.77% of the company’s stock.

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About Live Nation Entertainment

Live Nation Entertainment, Inc is a live entertainment company. The Company’s businesses consist of the promotion of live events, including ticketing, sponsorship and advertising. Its segments include Concerts, Sponsorship & Advertising, Ticketing and Artist Nation. The Concerts segment is engaged in promotion of live music events in its owned or operated venues and in rented third-party venues; operation and management of music venues; production of music festivals, and creation of associated content.

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

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