Canada Pension Plan Investment Board Trims Stock Position in Live Nation Entertainment, Inc. (NYSE:LYV)

Canada Pension Plan Investment Board decreased its holdings in Live Nation Entertainment, Inc. (NYSE:LYV) by 17.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,817,289 shares of the company’s stock after selling 1,895,294 shares during the quarter. Live Nation Entertainment comprises 1.0% of Canada Pension Plan Investment Board’s investment portfolio, making the stock its 20th largest holding. Canada Pension Plan Investment Board owned 4.03% of Live Nation Entertainment worth $746,384,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Select Equity Group L.P. increased its stake in Live Nation Entertainment by 1.2% in the 4th quarter. Select Equity Group L.P. now owns 5,156,033 shares of the company’s stock valued at $378,865,000 after buying an additional 60,079 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Live Nation Entertainment by 234.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,738,990 shares of the company’s stock valued at $274,741,000 after buying an additional 2,619,554 shares during the period. Geode Capital Management LLC increased its stake in Live Nation Entertainment by 3.3% in the 1st quarter. Geode Capital Management LLC now owns 2,360,343 shares of the company’s stock valued at $199,230,000 after buying an additional 76,155 shares during the period. Fred Alger Management LLC increased its stake in Live Nation Entertainment by 8.5% in the 1st quarter. Fred Alger Management LLC now owns 1,339,275 shares of the company’s stock valued at $113,370,000 after buying an additional 105,298 shares during the period. Finally, Norges Bank acquired a new position in Live Nation Entertainment in the 4th quarter valued at $94,979,000. Hedge funds and other institutional investors own 71.54% of the company’s stock.

A number of equities analysts have recently weighed in on LYV shares. Jefferies Financial Group raised shares of Live Nation Entertainment from a “hold” rating to a “buy” rating and upped their price target for the stock from $88.00 to $96.00 in a research note on Monday, May 10th. Wolfe Research started coverage on shares of Live Nation Entertainment in a research report on Wednesday, May 19th. They issued an “outperform” rating and a $97.00 price objective on the stock. Morgan Stanley boosted their price objective on shares of Live Nation Entertainment from $70.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 5th. The Goldman Sachs Group initiated coverage on shares of Live Nation Entertainment in a research report on Thursday, July 15th. They issued a “buy” rating and a $110.00 price objective on the stock. Finally, Zacks Investment Research upgraded shares of Live Nation Entertainment from a “sell” rating to a “hold” rating in a report on Wednesday. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $80.13.

NYSE:LYV traded down $1.21 on Thursday, reaching $78.79. The stock had a trading volume of 33,557 shares, compared to its average volume of 2,171,764. The stock has a market cap of $17.23 billion, a P/E ratio of -9.30 and a beta of 1.37. The stock’s fifty day simple moving average is $86.71. Live Nation Entertainment, Inc. has a 12-month low of $44.95 and a 12-month high of $94.63.

Live Nation Entertainment (NYSE:LYV) last announced its quarterly earnings data on Thursday, May 6th. The company reported ($1.44) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.66) by $0.22. The business had revenue of $290.60 million for the quarter, compared to analyst estimates of $287.45 million. Live Nation Entertainment had a negative net margin of 234.83% and a negative return on equity of 1,833.44%. The company’s revenue was down 78.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.94) EPS. On average, equities research analysts expect that Live Nation Entertainment, Inc. will post -3.83 EPS for the current year.

Live Nation Entertainment Profile

Live Nation Entertainment, Inc operates as a live entertainment company. 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; operates and manages music venues; produces music festivals; creates associated content; and offers management and other services to artists.

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

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