Live Nation Entertainment, Inc. $LYV Stock: Baskin Financial Services Inc. Trims Holdings

Baskin Financial Services Inc. decreased its stake in Live Nation Entertainment, Inc. (NYSE:LYV) by 1.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 294,352 shares of the company’s stock after selling 5,354 shares during the period. Live Nation Entertainment accounts for approximately 4.0% of Baskin Financial Services Inc.’s holdings, making the stock its 8th largest position. Baskin Financial Services Inc.’s holdings in Live Nation Entertainment were worth $49,834,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Nissay Asset Management Corp Japan increased its holdings in Live Nation Entertainment by 0.3% during the second quarter. Nissay Asset Management Corp Japan now owns 21,068 shares of the company’s stock worth $3,858,000 after buying an additional 66 shares during the last quarter. MCF Advisors LLC raised its position in Live Nation Entertainment by 7.7% during the second quarter. MCF Advisors LLC now owns 1,188 shares of the company’s stock worth $218,000 after acquiring an additional 85 shares in the last quarter. Sequoia Financial Advisors LLC lifted its stake in Live Nation Entertainment by 1.6% in the second quarter. Sequoia Financial Advisors LLC now owns 5,685 shares of the company’s stock valued at $1,041,000 after acquiring an additional 89 shares during the last quarter. Wedmont Private Capital lifted its stake in Live Nation Entertainment by 6.9% in the third quarter. Wedmont Private Capital now owns 1,427 shares of the company’s stock valued at $245,000 after acquiring an additional 92 shares during the last quarter. Finally, Arkadios Wealth Advisors grew its position in shares of Live Nation Entertainment by 1.9% in the 1st quarter. Arkadios Wealth Advisors now owns 5,361 shares of the company’s stock valued at $818,000 after acquiring an additional 98 shares during the period. Institutional investors and hedge funds own 74.52% of the company’s stock.

Insider Activity at Live Nation Entertainment

In related news, CAO Brian Capo sold 2,900 shares of the company’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $184.00, for a total value of $533,600.00. Following the transaction, the chief accounting officer owned 8,655 shares in the company, valued at approximately $1,592,520. This represents a 25.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.89% of the company’s stock.

Live Nation Entertainment Stock Performance

LYV stock traded up $1.19 during midday trading on Monday, reaching $171.70. 476,977 shares of the company were exchanged, compared to its average volume of 2,522,477. The company has a debt-to-equity ratio of 8.25, a current ratio of 0.85 and a quick ratio of 0.85. The business has a 50-day moving average price of $175.05 and a two-hundred day moving average price of $171.52. Live Nation Entertainment, Inc. has a one year low of $125.34 and a one year high of $189.24. The firm has a market capitalization of $40.46 billion, a price-to-earnings ratio of -151.98 and a beta of 1.17.

Live Nation Entertainment (NYSE:LYV) last issued its quarterly earnings data on Thursday, July 30th. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.39. The company had revenue of $7.67 billion for the quarter, compared to analyst estimates of $7.56 billion. Live Nation Entertainment had a net margin of 0.34% and a return on equity of 54.61%. The company’s revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.41 earnings per share. Equities research analysts forecast that Live Nation Entertainment, Inc. will post 1.12 EPS for the current year.

Wall Street Analyst Weigh In

LYV has been the topic of several recent analyst reports. Zacks Research upgraded shares of Live Nation Entertainment from a “strong sell” rating to a “hold” rating in a research note on Monday, August 17th. Citigroup reiterated a “market outperform” rating on shares of Live Nation Entertainment in a research note on Thursday, October 1st. Susquehanna raised their target price on shares of Live Nation Entertainment from $186.00 to $187.00 and gave the company a “neutral” rating in a research note on Friday, July 31st. Roth Capital set a $208.00 price target on Live Nation Entertainment in a report on Friday, July 31st. Finally, Sanford C. Bernstein reissued an “outperform” rating and set a $220.00 price target on shares of Live Nation Entertainment in a research report on Tuesday, October 13th. Twenty equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $197.43.

About Live Nation Entertainment

Live Nation Entertainment, Inc is a global live entertainment company that promotes, produces and operates concerts, music festivals and other live events. Through its Live Nation Concerts business, the company works with artists and manages event production, marketing and venue operations across a broad range of musical genres.

The company also operates Ticketmaster, a ticketing platform that provides ticket sales, distribution and related services for concerts, sports events, performing arts programs and other live entertainment.