Welch & Forbes LLC Takes Position in Live Nation Entertainment, Inc. (NYSE:LYV)

Welch & Forbes LLC purchased a new position in shares of Live Nation Entertainment, Inc. (NYSE:LYV) during the 4th quarter, Holdings Channel.com reports. The fund purchased 1,840 shares of the company’s stock, valued at approximately $238,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Brooklyn Investment Group acquired a new stake in shares of Live Nation Entertainment during the third quarter valued at about $31,000. Golden State Wealth Management LLC acquired a new stake in Live Nation Entertainment during the 4th quarter valued at approximately $42,000. Retirement Wealth Solutions LLC purchased a new stake in Live Nation Entertainment during the 4th quarter worth approximately $44,000. Independence Bank of Kentucky purchased a new stake in Live Nation Entertainment during the 4th quarter worth approximately $45,000. Finally, Morse Asset Management Inc acquired a new position in shares of Live Nation Entertainment in the 3rd quarter valued at approximately $42,000. Institutional investors and hedge funds own 74.52% of the company’s stock.

Insider Activity at Live Nation Entertainment

In other Live Nation Entertainment news, EVP Michael Rowles sold 63,136 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were 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 in the company, valued at approximately $30,356,768.40. This trade represents a 24.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.72% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on LYV. Oppenheimer lifted their price target on shares of Live Nation Entertainment from $120.00 to $155.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 12th. Morgan Stanley boosted their target price 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. Macquarie upped 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. Citigroup lifted their price target on Live Nation Entertainment from $130.00 to $163.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Finally, Bank of America upped their price objective on Live Nation Entertainment from $149.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, February 24th. Two analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $157.27.

Live Nation Entertainment Trading Down 2.7 %

Shares of NYSE LYV opened at $127.56 on Friday. Live Nation Entertainment, Inc. has a 12-month low of $86.81 and a 12-month high of $157.75. The company has a market cap of $29.77 billion, a price-to-earnings ratio of 46.90, a price-to-earnings-growth 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. The stock’s 50 day simple moving average is $140.47 and its 200 day simple moving average is $125.78.

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, beating analysts’ consensus estimates of ($0.93) by $1.49. The company had revenue of $5.68 billion for the quarter, compared to analysts’ expectations of $5.67 billion. Live Nation Entertainment had a return on equity of 139.09% and a net margin of 3.90%. Equities research analysts expect that Live Nation Entertainment, Inc. will post 2.38 EPS for the current year.

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.