Prestige Wealth Management Group LLC Boosts Stake in Live Nation Entertainment, Inc. (NYSE:LYV)

Prestige Wealth Management Group LLC increased its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 28.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,418 shares of the company’s stock after buying an additional 765 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in Live Nation Entertainment were worth $443,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Brooklyn Investment Group purchased a new position in Live Nation Entertainment during the 3rd quarter worth approximately $31,000. World Investment Advisors LLC acquired a new stake in shares of Live Nation Entertainment during the 3rd quarter worth approximately $38,000. Morse Asset Management Inc purchased a new position in shares of Live Nation Entertainment during the 3rd quarter valued at approximately $42,000. Golden State Wealth Management LLC acquired a new position in shares of Live Nation Entertainment in the 4th quarter valued at $42,000. Finally, Retirement Wealth Solutions LLC acquired a new stake in Live Nation Entertainment during the fourth quarter valued at $44,000. 74.52% of the stock is owned by institutional investors and hedge funds.

Live Nation Entertainment Stock Up 3.5 %

Shares of NYSE:LYV opened at $127.36 on Tuesday. Live Nation Entertainment, Inc. has a 52-week low of $86.81 and a 52-week high of $157.75. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 6.10. The business has a fifty day moving average of $138.67 and a two-hundred day moving average of $127.95. The stock has a market cap of $29.73 billion, a P/E ratio of 46.83, a PEG ratio of 1.81 and a beta of 1.38.

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

Insider Activity

In related news, Director Jeffrey T. Hinson sold 500 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $122.95, for a total transaction of $61,475.00. Following the completion of the sale, the director now directly owns 52,624 shares of the company’s stock, valued at approximately $6,470,120.80. This trade represents a 0.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael Rowles sold 63,136 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $155.40, for a total transaction of $9,811,334.40. Following the completion of the transaction, the executive vice president now directly owns 195,346 shares in the company, valued at $30,356,768.40. The trade was a 24.43 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 68,702 shares of company stock valued at $10,497,143. 2.72% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on LYV shares. Morgan Stanley upped their price objective on shares of Live Nation Entertainment from $150.00 to $170.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Guggenheim raised their price objective on Live Nation Entertainment from $146.00 to $155.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. The Goldman Sachs Group increased their target price on Live Nation Entertainment from $148.00 to $166.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Benchmark reissued a “buy” rating and issued a $160.00 price target on shares of Live Nation Entertainment in a report on Thursday, February 20th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Live Nation Entertainment from $150.00 to $170.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Two equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $157.27.

Live Nation Entertainment Profile

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.