Investors buy large volumes of Live Nation Entertainment (NYSE:LYV) put options

Live Nation Entertainment, Inc. (NYSE:LYV – Get Rating) was involved in some unusual options trading activity on Friday. Investors bought 28,765 put options on the stock. This represents a 976% increase over the typical daily volume of 2,673 put options.

The Wall Street analyst intervenes

A number of stock research analysts have recently commented on the stock. TheStreet upped shares of Live Nation Entertainment from a “d+” rating to a “c-” rating in a research report on Wednesday, Aug. 10. Goldman Sachs reduced Live Nation Entertainment’s stock price target from $130.00 to $112.00 and set a “buy” rating for the company in a research report on Friday, Nov. 4. Morgan Stanley reduced Live Nation Entertainment’s stock price target from $110.00 to $95.00 and set an “equal weight” rating for the company in a report on Tuesday, Nov. 1. Guggenheim reduced Live Nation Entertainment’s indicative stock price from $140.00 to $120.00 and set a “buy” rating for the company in a report on Friday, October 7. Finally, StockNews.com lifted shares of Live Nation Entertainment from a “hold” rating to a “buy” rating in a report on Wednesday, Oct. 19. Two analysts have rated the stock with a hold rating and eight have issued a buy rating for the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $111.50.

Live Nation Entertainment trades down 6.3%

Shares of Live Nation Entertainment fell $4.52 on Friday to $67.33. The company had trading volume of 365,506 shares, compared to its average trading volume of 2,242,977. The company has a debt-to-equity ratio of 12.85, a fast ratio of 1.04, and a current ratio of 1.04. The company has a market cap of $15.55 billion, a PE ratio of 93.92, and a beta of 1.31. The company’s 50-day moving average price is $79.25, and its two-hundred-day moving average price is $86.67. Live Nation Entertainment has a 52-week low of $67.53 and a 52-week high of $126.79.

Internal activity

In related news, CEO Michael Rapino sold 78,000 shares of the company in a deal dated Thursday, Sept. 8. The shares sold at an average price of $90.88, for a total transaction of $7,088,640.00. As a result of the transaction, the CEO now directly owns 3,645,273 shares of the company, valued at approximately $331,282,410.24. The sale was disclosed in a filing with the Securities & Exchange Commission, accessible via the SEC’s website. In the past three months, insiders sold 312,000 shares of the company at a value of $26,640,900. 4.01% of the shares are currently owned by corporate insiders.

Institutional income and expenses

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in Live Nation Entertainment by 2.7% during the third quarter. Vanguard Group Inc. now owns 16,333,907 shares of the company valued at $1,242,032,000 after acquiring an additional 422,882 shares in the recent quarter. Select Equity Group LP increased its holdings of Live Nation Entertainment stock by 18.8% in the first quarter. Select Equity Group LP now owns 7,396,714 shares of the company valued at $870,149,000 after purchasing an additional 1,172,495 shares in the recent quarter. Principal Financial Group Inc. increased its holdings of Live Nation Entertainment stock by 4.6% in the first quarter. Principal Financial Group Inc. now owns 6,946,242 shares of the company valued at $817,157,000 after purchasing an additional 304,557 shares in the recent quarter. Fred Alger Management LLC increased its holdings of Live Nation Entertainment stock by 6.6% in the third quarter. Fred Alger Management LLC now owns 4,503,391 shares of the company valued at $342,438,000 after purchasing an additional 279,814 shares in the recent quarter. Finally, Victory Capital Management Inc. increased its holdings of Live Nation Entertainment stock by 20.9% in the third quarter. Victory Capital Management Inc. now owns 4,093,441 shares of the company valued at $311,265,000 after purchasing an additional 708,397 shares in the recent quarter. Institutional investors and hedge funds own 71.08% of the company’s shares.

Live Nation Entertainment Company Profile

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Live Nation Entertainment, Inc operates as a live entertainment company. It operates through the Concerts, Ticketing, and Sponsorship & Advertising segments. The Concerts segment promotes live music events in owned or operated venues and in third-party leased venues; manages and operates music venues; produces music festivals; create associated content; and offers management and other services to artists.

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