Westpac Banking Corp Sells 556 Shares of Live Nation Entertainment, Inc. (NYSE:LYV)

Westpac Banking Corp decreased its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 19.4% during the 4th quarter, HoldingsChannel.com reports. The firm owned 2,313 shares of the company’s stock after selling 556 shares during the quarter. Westpac Banking Corp’s holdings in Live Nation Entertainment were worth $300,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in LYV. Murphy & Mullick Capital Management Corp bought a new position in Live Nation Entertainment during the fourth quarter valued at about $40,000. Golden State Wealth Management LLC bought a new stake in shares of Live Nation Entertainment during the fourth quarter valued at approximately $42,000. Retirement Wealth Solutions LLC acquired a new position in shares of Live Nation Entertainment in the fourth quarter valued at $44,000. Independence Bank of Kentucky bought a new position in Live Nation Entertainment in the fourth quarter worth $45,000. Finally, Morse Asset Management Inc acquired a new stake in Live Nation Entertainment during the third quarter worth $42,000. Institutional investors and hedge funds own 74.52% of the company’s stock.

Insider Activity

In other Live Nation Entertainment news, 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 transaction, the executive vice president now directly owns 195,346 shares in the company, valued at approximately $30,356,768.40. This represents a 24.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Brian Capo sold 5,066 shares of Live Nation Entertainment stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $123.24, for a total transaction of $624,333.84. Following the sale, the chief accounting officer now owns 10,549 shares of the company’s stock, valued at approximately $1,300,058.76. This represents a 32.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 68,702 shares of company stock valued at $10,497,143 over the last 90 days. 2.72% of the stock is owned by company insiders.

Live Nation Entertainment Trading Down 4.0 %

LYV opened at $121.00 on Friday. Live Nation Entertainment, Inc. has a 1-year low of $86.81 and a 1-year high of $157.75. The firm has a 50-day moving average price of $137.16 and a two-hundred day moving average price of $129.45. The stock has a market capitalization of $28.24 billion, a PE ratio of 44.48, a PEG ratio of 1.81 and a beta of 1.31. 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 quarterly earnings data on Thursday, February 27th. The company reported $0.56 earnings per share 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%. As a group, equities analysts anticipate that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on LYV shares. Morgan Stanley raised their price objective on shares of Live Nation Entertainment from $150.00 to $170.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Rosenblatt Securities reaffirmed a “buy” rating and set a $174.00 price objective on shares of Live Nation Entertainment in a report on Tuesday. Roth Mkm increased their target price on Live Nation Entertainment from $152.00 to $174.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Benchmark reaffirmed a “buy” rating and issued a $178.00 price target on shares of Live Nation Entertainment in a research note on Tuesday. Finally, Macquarie increased their price objective on Live Nation Entertainment from $146.00 to $165.00 and gave the stock an “outperform” rating in a research note on Thursday, March 6th. Two equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average 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.