LS Investment Advisors LLC lowered its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 15.1% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 11,108 shares of the company’s stock after selling 1,974 shares during the period. LS Investment Advisors LLC’s holdings in Live Nation Entertainment were worth $547,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in LYV. Hanseatic Management Services Inc. raised its position in Live Nation Entertainment by 52.0% in the fourth quarter. Hanseatic Management Services Inc. now owns 1,201 shares of the company’s stock worth $59,000 after purchasing an additional 411 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD raised its position in Live Nation Entertainment by 5.8% in the fourth quarter. Sumitomo Mitsui Asset Management Company LTD now owns 8,815 shares of the company’s stock worth $434,000 after purchasing an additional 484 shares in the last quarter. Advisor Partners LLC raised its position in Live Nation Entertainment by 13.5% in the fourth quarter. Advisor Partners LLC now owns 4,472 shares of the company’s stock worth $220,000 after purchasing an additional 531 shares in the last quarter. Exane Derivatives acquired a new position in Live Nation Entertainment in the fourth quarter worth about $32,000. Finally, Creative Planning raised its position in Live Nation Entertainment by 6.4% in the fourth quarter. Creative Planning now owns 11,535 shares of the company’s stock worth $568,000 after purchasing an additional 692 shares in the last quarter. 70.46% of the stock is owned by institutional investors and hedge funds.
In other Live Nation Entertainment news, CEO Michael Rapino sold 85,000 shares of the company’s stock in a transaction dated Friday, December 21st. The shares were sold at an average price of $49.40, for a total transaction of $4,199,000.00. Following the sale, the chief executive officer now directly owns 1,052,030 shares of the company’s stock, valued at $51,970,282. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold 255,000 shares of company stock worth $12,736,400 over the last ninety days. Insiders own 5.19% of the company’s stock.
LYV has been the topic of several research analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Live Nation Entertainment from $53.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, November 2nd. Macquarie reaffirmed a “buy” rating and set a $60.00 price objective on shares of Live Nation Entertainment in a research note on Thursday, November 22nd. Finally, Zacks Investment Research cut shares of Live Nation Entertainment from a “buy” rating to a “hold” rating in a research note on Wednesday, January 16th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Live Nation Entertainment presently has a consensus rating of “Buy” and an average target price of $57.61.
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About Live Nation Entertainment
Live Nation Entertainment, Inc operates as a live entertainment company. It operates through Concerts, Sponsorship & Advertising, and Ticketing segments. The Concerts segment promotes live music events in its owned and/or operated venues, and in rented third-party venues; operates and manages music venues; and produces music festivals and creates associated content.
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