Pictet Asset Management Holding SA Sells 33,502 Shares of Live Nation Entertainment, Inc. (NYSE:LYV)

Pictet Asset Management Holding SA reduced its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 6.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 453,370 shares of the company’s stock after selling 33,502 shares during the period. Pictet Asset Management Holding SA’s holdings in Live Nation Entertainment were worth $58,711,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in LYV. Brooklyn Investment Group acquired a new stake in Live Nation Entertainment in the 3rd quarter valued at $31,000. World Investment Advisors LLC bought a new stake in Live Nation Entertainment during the third quarter worth about $38,000. Murphy & Mullick Capital Management Corp acquired a new position in Live Nation Entertainment during the fourth quarter valued at approximately $40,000. Morse Asset Management Inc bought a new position in Live Nation Entertainment in the third quarter valued at approximately $42,000. Finally, Golden State Wealth Management LLC acquired a new position in shares of Live Nation Entertainment during the 4th quarter worth approximately $42,000. Institutional investors own 74.52% of the company’s stock.

Live Nation Entertainment Trading Down 2.4 %

LYV stock opened at $125.05 on Friday. Live Nation Entertainment, Inc. has a 52 week low of $86.81 and a 52 week high of $157.75. The company has a market capitalization of $29.19 billion, a PE ratio of 45.97, a price-to-earnings-growth ratio of 1.81 and a beta of 1.38. The company’s 50-day simple moving average is $138.14 and its 200 day simple moving average is $128.62. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.01 and a current ratio of 1.01.

Live Nation Entertainment (NYSE:LYV) last announced 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 net margin of 3.90% and a return on equity of 139.09%. The firm had revenue of $5.68 billion for the quarter, compared to analyst estimates of $5.67 billion. As a group, sell-side analysts anticipate that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current year.

Insiders Place Their Bets

In related news, CAO Brian Capo sold 5,066 shares of Live Nation Entertainment stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $123.24, for a total value of $624,333.84. Following the transaction, the chief accounting officer now directly owns 10,549 shares of the company’s stock, valued at $1,300,058.76. This trade represents a 32.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Michael Rowles sold 63,136 shares of the company’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $155.40, for a total value of $9,811,334.40. Following the sale, the executive vice president now owns 195,346 shares of the company’s stock, valued at $30,356,768.40. The trade was a 24.43 % decrease in their ownership of the stock. 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 in the last 90 days. Company insiders own 2.72% of the company’s stock.

Analysts Set New Price Targets

LYV has been the subject of several analyst reports. Macquarie raised their target price on shares of Live Nation Entertainment from $146.00 to $165.00 and gave the company an “outperform” rating in a research note on Thursday, March 6th. Bank of America boosted their price objective on shares of Live Nation Entertainment from $149.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, February 24th. Roth Mkm raised 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 note on Friday, February 21st. Morgan Stanley boosted their price target 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, Guggenheim raised their price objective on Live Nation Entertainment from $146.00 to $155.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Two analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $157.27.

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.