Reinhart Partners LLC. Sells 3,514 Shares of Live Nation Entertainment, Inc. $LYV

Reinhart Partners LLC. trimmed its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 17.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,492 shares of the company’s stock after selling 3,514 shares during the quarter. Reinhart Partners LLC.’s holdings in Live Nation Entertainment were worth $2,792,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank of America Corp DE acquired a new stake in Live Nation Entertainment during the 2nd quarter valued at approximately $1,221,398,000. Canada Pension Plan Investment Board bought a new position in Live Nation Entertainment during the second quarter worth $859,018,000. Sachem Head Capital Management LP bought a new position in Live Nation Entertainment during the fourth quarter worth $173,380,000. Jericho Capital Asset Management L.P. lifted its holdings in Live Nation Entertainment by 37.9% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,996,512 shares of the company’s stock valued at $569,503,000 after buying an additional 1,099,350 shares during the period. Finally, Findlay Park Partners LLP bought a new stake in Live Nation Entertainment during the second quarter valued at $195,781,000. 74.52% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Zacks Research upgraded Live Nation Entertainment from a “strong sell” rating to a “hold” rating in a research report on Monday, August 17th. TD Cowen reiterated a “buy” rating on shares of Live Nation Entertainment in a report on Monday, August 3rd. Guggenheim boosted their price target on Live Nation Entertainment from $197.00 to $218.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Susquehanna raised their price objective on shares of Live Nation Entertainment from $186.00 to $187.00 and gave the stock a “neutral” rating in a research report on Friday, July 31st. Finally, Citigroup reiterated a “market outperform” rating on shares of Live Nation Entertainment in a research note on Thursday, October 1st. 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.com, the company has an average rating of “Moderate Buy” and a consensus target price of $197.19.

Live Nation Entertainment Trading Down 0.6%

Shares of Live Nation Entertainment stock opened at $170.29 on Friday. The stock has a market capitalization of $40.13 billion, a PE ratio of -150.70 and a beta of 1.17. Live Nation Entertainment, Inc. has a 52 week low of $125.34 and a 52 week high of $189.24. The stock has a 50 day moving average price of $176.23 and a two-hundred day moving average price of $170.68. The company has a debt-to-equity ratio of 8.25, a quick ratio of 0.85 and a current ratio of 0.85.

Live Nation Entertainment (NYSE:LYV) last issued its earnings results on Thursday, July 30th. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.39. The company had revenue of $7.67 billion for the quarter, compared to analysts’ expectations of $7.56 billion. Live Nation Entertainment had a return on equity of 54.61% and a net margin of 0.34%. Live Nation Entertainment’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period last year, the business earned $0.41 EPS. As a group, equities analysts anticipate that Live Nation Entertainment, Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Brian Capo sold 2,900 shares of the company’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $184.00, for a total transaction of $533,600.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.89% of the stock is currently owned by insiders.

About Live Nation Entertainment

Live Nation Entertainment, Inc is a global live entertainment company that promotes concerts and other live events, operates entertainment venues, and provides ticketing services. Its activities span the live event ecosystem, from artist and event promotion to ticket sales, venue management, sponsorship, and advertising.

The company’s business includes Live Nation Concerts, which produces and promotes tours, festivals, and other events; Ticketmaster, a ticketing platform serving venues, event organizers, and fans; and a portfolio of owned, operated, or managed venues.