Live Nation Entertainment, Inc. (NYSE:LYV) was the recipient of a large decline in short interest during the month of July. As of July 31st, there was short interest totalling 9,535,700 shares, a decline of 10.0% from the June 30th total of 10,597,400 shares. Currently, 7.0% of the company’s shares are short sold. Based on an average daily volume of 1,020,000 shares, the days-to-cover ratio is presently 9.3 days.

Several research firms have recently issued reports on LYV. Citigroup lowered Live Nation Entertainment from a “neutral” rating to a “sell” rating and set a $63.00 target price for the company. in a research report on Friday, June 28th. Zacks Investment Research lowered Live Nation Entertainment from a “buy” rating to a “hold” rating in a research report on Friday, August 2nd. Atlantic Securities began coverage on Live Nation Entertainment in a research report on Tuesday, June 11th. They set an “overweight” rating and a $75.00 target price for the company. ValuEngine upgraded Live Nation Entertainment from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, May 8th. Finally, Berenberg Bank began coverage on Live Nation Entertainment in a research report on Tuesday, May 14th. They set a “buy” rating and a $73.00 target price for the company. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Live Nation Entertainment has an average rating of “Buy” and an average price target of $68.57.

Shares of LYV traded down $2.09 on Wednesday, hitting $69.27. The company’s stock had a trading volume of 523,092 shares, compared to its average volume of 1,168,503. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 2.73. The business has a fifty day moving average of $70.08. Live Nation Entertainment has a fifty-two week low of $46.02 and a fifty-two week high of $73.71. The stock has a market capitalization of $15.21 billion, a price-to-earnings ratio of -769.67 and a beta of 1.11.

Live Nation Entertainment (NYSE:LYV) last issued its quarterly earnings data on Thursday, July 25th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.02. Live Nation Entertainment had a return on equity of 4.49% and a net margin of 0.55%. The business had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.18 billion. During the same period in the previous year, the firm earned $0.24 EPS. Live Nation Entertainment’s quarterly revenue was up 10.1% compared to the same quarter last year. Sell-side analysts expect that Live Nation Entertainment will post 0.28 EPS for the current year.

In other news, Director Mark S. Shapiro sold 8,000 shares of the business’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $64.90, for a total transaction of $519,200.00. Following the completion of the transaction, the director now directly owns 36,765 shares in the company, valued at approximately $2,386,048.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert Ted Enloe III sold 5,447 shares of the business’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $62.45, for a total value of $340,165.15. Following the transaction, the director now owns 67,886 shares of the company’s stock, valued at $4,239,480.70. The disclosure for this sale can be found here. Insiders have sold a total of 81,287 shares of company stock valued at $5,142,783 over the last three months. Company insiders own 4.82% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of LYV. Victory Capital Management Inc. grew its position in shares of Live Nation Entertainment by 123.1% in the 1st quarter. Victory Capital Management Inc. now owns 1,884,233 shares of the company’s stock valued at $119,724,000 after purchasing an additional 1,039,685 shares during the period. Findlay Park Partners LLP boosted its position in Live Nation Entertainment by 10.8% during the 1st quarter. Findlay Park Partners LLP now owns 5,627,885 shares of the company’s stock worth $357,596,000 after acquiring an additional 550,000 shares during the last quarter. Janus Henderson Group PLC boosted its position in Live Nation Entertainment by 56.4% during the 1st quarter. Janus Henderson Group PLC now owns 1,325,358 shares of the company’s stock worth $84,214,000 after acquiring an additional 477,947 shares during the last quarter. Pictet Asset Management Ltd. boosted its position in Live Nation Entertainment by 1,249.7% during the 1st quarter. Pictet Asset Management Ltd. now owns 402,210 shares of the company’s stock worth $25,556,000 after acquiring an additional 372,411 shares during the last quarter. Finally, CIBC Private Wealth Group LLC boosted its position in Live Nation Entertainment by 28.3% during the 1st quarter. CIBC Private Wealth Group LLC now owns 1,655,096 shares of the company’s stock worth $105,165,000 after acquiring an additional 365,288 shares during the last quarter. Institutional investors and hedge funds own 69.59% of the company’s stock.

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 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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