Pictet Asset Management Holding SA Sells 3,538 Shares of Live Nation Entertainment, Inc. $LYV

Pictet Asset Management Holding SA reduced its holdings in Live Nation Entertainment, Inc. (NYSE:LYV) by 5.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,193 shares of the company’s stock after selling 3,538 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Live Nation Entertainment were worth $10,248,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Ameriflex Group Inc. raised its position in Live Nation Entertainment by 102.4% in the 3rd quarter. Ameriflex Group Inc. now owns 166 shares of the company’s stock valued at $27,000 after purchasing an additional 84 shares during the last quarter. Leonteq Securities AG acquired a new stake in shares of Live Nation Entertainment in the fourth quarter valued at $25,000. Nvest Wealth Strategies Inc. acquired a new stake in shares of Live Nation Entertainment in the fourth quarter valued at $26,000. Elyxium Wealth LLC bought a new position in shares of Live Nation Entertainment in the fourth quarter valued at about $30,000. Finally, DV Equities LLC acquired a new position in Live Nation Entertainment during the 4th quarter worth about $31,000. 74.52% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Michael Rowles sold 63,776 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $164.24, for a total transaction of $10,474,570.24. Following the completion of the transaction, the executive vice president owned 204,716 shares in the company, valued at approximately $33,622,555.84. The trade was a 23.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John Hopmans sold 93,078 shares of the stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $166.07, for a total transaction of $15,457,463.46. Following the completion of the sale, the executive vice president owned 188,751 shares in the company, valued at approximately $31,345,878.57. This trade represents a 33.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.89% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on LYV shares. Zacks Research upgraded shares of Live Nation Entertainment from a “strong sell” rating to a “hold” rating in a research report on Friday, May 8th. Jefferies Financial Group reiterated a “hold” rating on shares of Live Nation Entertainment in a research report on Monday, March 9th. Weiss Ratings reissued a “hold (c-)” rating on shares of Live Nation Entertainment in a report on Thursday, June 4th. Rothschild & Co Redburn boosted their price objective on shares of Live Nation Entertainment from $193.00 to $195.00 in a research report on Wednesday, May 6th. Finally, Morgan Stanley upped their price objective on Live Nation Entertainment from $185.00 to $200.00 and gave the stock an “overweight” rating in a report on Wednesday, June 10th. Twenty research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $188.50.

Live Nation Entertainment Trading Down 0.3%

NYSE LYV opened at $186.07 on Friday. Live Nation Entertainment, Inc. has a 12 month low of $125.34 and a 12 month high of $187.63. The stock has a 50-day simple moving average of $167.83 and a 200 day simple moving average of $157.11. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 13.93. The company has a market capitalization of $43.83 billion, a PE ratio of -105.13 and a beta of 1.11.

Live Nation Entertainment (NYSE:LYV) last issued its earnings results on Tuesday, May 5th. The company reported ($1.85) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by ($1.50). The company had revenue of $3.79 billion for the quarter, compared to the consensus estimate of $3.57 billion. Live Nation Entertainment had a return on equity of 45.92% and a net margin of 0.15%.Live Nation Entertainment’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the business posted ($0.32) EPS. Research analysts forecast that Live Nation Entertainment, Inc. will post 1.09 EPS for the current year.

Live Nation Entertainment Profile

Live Nation Entertainment is a global live entertainment company that promotes, operates and sells tickets for live events. The company’s core activities include concert promotion and production, venue operations and management, ticketing services through its Ticketmaster platform, artist management and development, and sponsorship and advertising services tied to live events. These integrated businesses are designed to connect artists, fans and commercial partners across the live event ecosystem.

The company in its current form was created following the 2010 merger of Live Nation and Ticketmaster, combining a promoter and venue operator with one of the industry’s largest ticketing platforms.