Baskin Financial Services Inc. reduced its holdings in Live Nation Entertainment, Inc. (NYSE:LYV) by 2.2% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 320,867 shares of the company’s stock after selling 7,128 shares during the period. Live Nation Entertainment makes up approximately 3.8% of Baskin Financial Services Inc.’s holdings, making the stock its 7th largest holding. Baskin Financial Services Inc.’s holdings in Live Nation Entertainment were worth $20,388,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of LYV. Scout Investments Inc. raised its stake in Live Nation Entertainment by 179.1% during the first quarter. Scout Investments Inc. now owns 218,435 shares of the company’s stock worth $13,879,000 after purchasing an additional 140,170 shares during the period. TIAA CREF Investment Management LLC raised its stake in Live Nation Entertainment by 12.8% during the third quarter. TIAA CREF Investment Management LLC now owns 432,974 shares of the company’s stock worth $23,584,000 after purchasing an additional 49,251 shares during the period. The Manufacturers Life Insurance Company raised its stake in Live Nation Entertainment by 5.4% during the third quarter. The Manufacturers Life Insurance Company now owns 230,911 shares of the company’s stock worth $12,577,000 after purchasing an additional 11,843 shares during the period. Bank of Montreal Can raised its stake in Live Nation Entertainment by 137.7% during the fourth quarter. Bank of Montreal Can now owns 99,553 shares of the company’s stock worth $4,904,000 after purchasing an additional 57,678 shares during the period. Finally, Mizuho Securities USA LLC purchased a new position in Live Nation Entertainment during the fourth quarter worth about $685,000. 69.06% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities analysts have commented on LYV shares. ValuEngine downgraded shares of Live Nation Entertainment from a “strong-buy” rating to a “buy” rating in a research note on Monday, April 1st. Zacks Investment Research raised shares of Live Nation Entertainment from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a research note on Tuesday, January 29th. Citigroup downgraded shares of Live Nation Entertainment from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $59.00 to $63.00 in a research note on Friday, March 15th. They noted that the move was a valuation call. Finally, Stephens lifted their target price on shares of Live Nation Entertainment to $70.00 and gave the stock an “overweight” rating in a research note on Friday, March 29th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $59.61.

Shares of LYV traded up $0.48 during trading on Monday, reaching $64.94. 657,170 shares of the company traded hands, compared to its average volume of 1,278,839. Live Nation Entertainment, Inc. has a twelve month low of $37.92 and a twelve month high of $65.18. The stock has a market cap of $13.59 billion, a PE ratio of -721.00 and a beta of 1.16. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.03 and a quick ratio of 1.03.

Live Nation Entertainment (NYSE:LYV) last announced its quarterly earnings results on Thursday, February 28th. The company reported ($0.82) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.74) by ($0.08). Live Nation Entertainment had a net margin of 0.40% and a return on equity of 3.04%. The company had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.35 billion. As a group, sell-side analysts expect that Live Nation Entertainment, Inc. will post 0.44 earnings per share for the current fiscal year.

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About Live Nation Entertainment

Live Nation Entertainment, Inc operates as a live entertainment company. It operates through Concerts, Sponsorship & Advertising, and Ticketing segments. The Concerts segment promotes live music events in its owned or operated venues, and in rented third-party venues; operates and manages music venues; and produces music festivals and creates associated content.

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Institutional Ownership by Quarter for Live Nation Entertainment (NYSE:LYV)

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