California Public Employees Retirement System Sells 6,784 Shares of Live Nation Entertainment, Inc. (NYSE:LYV)

California Public Employees Retirement System lowered its position in Live Nation Entertainment, Inc. (NYSE:LYV) by 2.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 281,770 shares of the company’s stock after selling 6,784 shares during the period. California Public Employees Retirement System owned 0.12% of Live Nation Entertainment worth $36,489,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of LYV. Norges Bank bought a new position in Live Nation Entertainment in the 4th quarter valued at $255,955,000. ValueAct Holdings L.P. bought a new position in shares of Live Nation Entertainment in the third quarter valued at about $111,094,000. PointState Capital LP acquired a new position in Live Nation Entertainment during the 3rd quarter worth about $102,762,000. Artisan Partners Limited Partnership grew its holdings in Live Nation Entertainment by 19.5% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,733,176 shares of the company’s stock worth $353,946,000 after acquiring an additional 445,704 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Live Nation Entertainment by 9.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,763,557 shares of the company’s stock valued at $410,664,000 after acquiring an additional 321,832 shares in the last quarter. 74.52% of the stock is owned by institutional investors and hedge funds.

Live Nation Entertainment Stock Up 2.0 %

NYSE:LYV opened at $134.64 on Thursday. Live Nation Entertainment, Inc. has a 1 year low of $86.81 and a 1 year high of $157.75. The stock has a 50-day moving average price of $137.82 and a two-hundred day moving average price of $129.34. The stock has a market cap of $31.43 billion, a price-to-earnings ratio of 49.50, a PEG ratio of 1.81 and a beta of 1.38. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 6.10.

Live Nation Entertainment (NYSE:LYV) last posted its earnings results on Thursday, February 27th. The company reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.93) by $1.49. Live Nation Entertainment had a return on equity of 139.09% and a net margin of 3.90%. The business had revenue of $5.68 billion during the quarter, compared to analysts’ expectations of $5.67 billion. As a group, equities analysts expect that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Brian Capo sold 5,066 shares of the stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $123.24, for a total transaction of $624,333.84. Following the completion of the transaction, the chief accounting officer now directly owns 10,549 shares in the company, valued at approximately $1,300,058.76. This trade represents a 32.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jeffrey T. Hinson sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $122.95, for a total value of $61,475.00. Following the completion of the sale, the director now owns 52,624 shares in the company, valued at $6,470,120.80. The trade was a 0.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 68,702 shares of company stock worth $10,497,143 over the last ninety days. Company insiders own 2.72% of the company’s stock.

Wall Street Analysts Forecast Growth

LYV has been the topic of several research analyst reports. Bank of America increased their price target on shares of Live Nation Entertainment from $149.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, February 24th. Benchmark reissued a “buy” rating and issued a $178.00 target price on shares of Live Nation Entertainment in a research note on Tuesday. Guggenheim upped their price target on Live Nation Entertainment from $146.00 to $155.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Morgan Stanley lifted their price objective on Live Nation Entertainment from $150.00 to $170.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Finally, Roth Mkm upped their target price on shares of Live Nation Entertainment from $152.00 to $174.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Two equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, Live Nation Entertainment currently has a consensus rating of “Moderate Buy” and a consensus target price of $160.33.

About Live Nation Entertainment

Live Nation Entertainment, Inc operates as a live entertainment company worldwide. It operates through Concerts, Ticketing, and Sponsorship & Advertising segments. The Concerts segment promotes live music events in its owned or operated venues, and in rented third-party venues. This segment operates and manages music venues; produces music festivals; creates and streams associated content; and offers management and other services to artists.