Allspring Global Investments Holdings LLC Has $64.64 Million Holdings in Live Nation Entertainment, Inc. (NYSE:LYV)

Allspring Global Investments Holdings LLC cut its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 12.3% in the fourth quarter, HoldingsChannel reports. The fund owned 500,185 shares of the company’s stock after selling 70,165 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Live Nation Entertainment were worth $64,643,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brooklyn Investment Group purchased a new stake in shares of Live Nation Entertainment during the 3rd quarter worth about $31,000. World Investment Advisors LLC acquired a new stake in Live Nation Entertainment in the 3rd quarter valued at approximately $38,000. Reston Wealth Management LLC acquired a new stake in Live Nation Entertainment in the 3rd quarter valued at approximately $41,000. Morse Asset Management Inc acquired a new stake in Live Nation Entertainment in the 3rd quarter valued at approximately $42,000. Finally, Golden State Wealth Management LLC acquired a new stake in Live Nation Entertainment in the 4th quarter valued at approximately $42,000. 74.52% of the stock is owned by hedge funds and other institutional investors.

Live Nation Entertainment Trading Up 1.9 %

NYSE:LYV opened at $152.58 on Friday. Live Nation Entertainment, Inc. has a 1-year low of $86.81 and a 1-year high of $152.93. The business’s 50-day moving average price is $137.11 and its two-hundred day moving average price is $119.80. The firm has a market capitalization of $35.45 billion, a price-to-earnings ratio of 162.32, a PEG ratio of 1.73 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 announced its quarterly earnings results on Monday, November 11th. The company reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.08. Live Nation Entertainment had a return on equity of 77.62% and a net margin of 2.11%. The company had revenue of $7.65 billion during the quarter, compared to the consensus estimate of $7.75 billion. During the same period in the prior year, the company earned $1.78 earnings per share. The company’s revenue for the quarter was down 6.2% compared to the same quarter last year. On average, equities analysts expect that Live Nation Entertainment, Inc. will post 0.99 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on LYV. Evercore ISI raised their target price on Live Nation Entertainment from $110.00 to $150.00 and gave the company an “outperform” rating in a report on Tuesday, November 12th. Bank of America boosted their price target on Live Nation Entertainment from $125.00 to $149.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Citigroup increased their target price on Live Nation Entertainment from $130.00 to $163.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Deutsche Bank Aktiengesellschaft increased their target price on Live Nation Entertainment from $130.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Finally, TD Cowen upped their price target on Live Nation Entertainment from $108.00 to $145.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Two research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $146.60.

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.