PNC Financial Services Group Inc. Increases Position in Live Nation Entertainment, Inc. (NYSE:LYV)

PNC Financial Services Group Inc. lifted its stake in Live Nation Entertainment, Inc. (NYSE:LYV) by 23.3% during the third quarter, HoldingsChannel.com reports. The firm owned 21,022 shares of the company’s stock after purchasing an additional 3,976 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Live Nation Entertainment were worth $2,302,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Select Equity Group L.P. boosted its holdings in Live Nation Entertainment by 12.3% in the second quarter. Select Equity Group L.P. now owns 12,940,613 shares of the company’s stock worth $1,213,053,000 after acquiring an additional 1,415,173 shares in the last quarter. D1 Capital Partners L.P. boosted its stake in Live Nation Entertainment by 44.6% in the 2nd quarter. D1 Capital Partners L.P. now owns 3,543,532 shares of the company’s stock worth $332,171,000 after purchasing an additional 1,093,000 shares in the last quarter. Vulcan Value Partners LLC grew its position in Live Nation Entertainment by 46.5% during the 2nd quarter. Vulcan Value Partners LLC now owns 2,694,463 shares of the company’s stock valued at $252,663,000 after purchasing an additional 855,197 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in Live Nation Entertainment by 85.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,038,285 shares of the company’s stock valued at $97,329,000 after purchasing an additional 476,981 shares in the last quarter. Finally, DigitalBridge Group Inc. purchased a new position in Live Nation Entertainment in the second quarter worth about $20,453,000. Hedge funds and other institutional investors own 74.52% of the company’s stock.

Insider Activity

In related news, CFO Joe Berchtold sold 29,310 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $97.50, for a total transaction of $2,857,725.00. Following the sale, the chief financial officer now owns 566,722 shares in the company, valued at approximately $55,255,395. This represents a 4.92 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Jeffrey T. Hinson sold 5,640 shares of Live Nation Entertainment stock in a transaction on Monday, September 9th. The stock was sold at an average price of $95.18, for a total transaction of $536,815.20. Following the transaction, the director now directly owns 53,949 shares of the company’s stock, valued at $5,134,865.82. The trade was a 9.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 168,799 shares of company stock worth $16,449,718. 2.72% of the stock is currently owned by corporate insiders.

Live Nation Entertainment Stock Performance

NYSE LYV opened at $140.46 on Tuesday. The stock has a market capitalization of $32.64 billion, a PE ratio of 149.43, a P/E/G ratio of 3.80 and a beta of 1.33. Live Nation Entertainment, Inc. has a 1-year low of $81.38 and a 1-year high of $141.18. The business has a 50 day simple moving average of $117.52 and a two-hundred day simple moving average of $102.58. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.01 and a quick ratio of 1.01.

Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings results on Monday, November 11th. The company reported $1.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.08. Live Nation Entertainment had a net margin of 2.11% and a return on equity of 77.62%. The company had revenue of $7.65 billion for the quarter, compared to the consensus estimate of $7.75 billion. During the same quarter in the prior year, the firm earned $1.78 earnings per share. Live Nation Entertainment’s revenue was down 6.2% on a year-over-year basis. On average, research analysts predict that Live Nation Entertainment, Inc. will post 1.04 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Macquarie raised their price target on shares of Live Nation Entertainment from $130.00 to $146.00 and gave the company an “outperform” rating in a research report on Friday, November 15th. Guggenheim boosted their price target on Live Nation Entertainment from $130.00 to $146.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Roth Mkm increased their price objective on Live Nation Entertainment from $120.00 to $132.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. StockNews.com raised Live Nation Entertainment from a “sell” rating to a “hold” rating in a research report on Wednesday, November 20th. Finally, Citigroup raised their price target on shares of Live Nation Entertainment from $130.00 to $163.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Two investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $141.53.

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.