PNC Financial Services Group Inc. Grows Position in Live Nation Entertainment, Inc. $LYV

PNC Financial Services Group Inc. grew its stake in Live Nation Entertainment, Inc. (NYSE:LYV) by 29.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 36,969 shares of the company’s stock after buying an additional 8,366 shares during the period. PNC Financial Services Group Inc.’s holdings in Live Nation Entertainment were worth $5,638,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Bessemer Group Inc. lifted its position in Live Nation Entertainment by 70.0% during the 4th quarter. Bessemer Group Inc. now owns 1,843,750 shares of the company’s stock worth $262,733,000 after acquiring an additional 759,363 shares during the period. Geode Capital Management LLC grew its stake in Live Nation Entertainment by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 4,301,900 shares of the company’s stock valued at $610,707,000 after purchasing an additional 20,165 shares during the last quarter. CenterBook Partners LP increased its holdings in shares of Live Nation Entertainment by 780.1% in the fourth quarter. CenterBook Partners LP now owns 22,143 shares of the company’s stock valued at $3,155,000 after purchasing an additional 19,627 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of Live Nation Entertainment by 14.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 607,164 shares of the company’s stock worth $88,227,000 after purchasing an additional 78,171 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of Live Nation Entertainment by 4.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,195,473 shares of the company’s stock worth $455,355,000 after purchasing an additional 123,800 shares during the period. 74.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on LYV. Zacks Research lowered Live Nation Entertainment from a “hold” rating to a “strong sell” rating in a research report on Friday, July 17th. JPMorgan Chase & Co. raised their price target on shares of Live Nation Entertainment from $180.00 to $205.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 21st. BTIG Research started coverage on shares of Live Nation Entertainment in a report on Thursday. They issued a “buy” rating and a $215.00 price objective on the stock. UBS Group increased their price objective on shares of Live Nation Entertainment from $181.00 to $208.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Finally, Wolfe Research raised their target price on shares of Live Nation Entertainment from $205.00 to $206.00 and gave the stock an “outperform” rating in a report on Monday, April 13th. Twenty investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $195.95.

Insider Buying and Selling at Live Nation Entertainment

In other Live Nation Entertainment news, EVP John Hopmans sold 93,078 shares of Live Nation Entertainment stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $166.07, for a total value of $15,457,463.46. Following the completion of the transaction, the executive vice president owned 188,751 shares of the company’s stock, valued at approximately $31,345,878.57. The trade was a 33.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael Rowles sold 63,776 shares of the company’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $164.24, for a total transaction of $10,474,570.24. Following the completion of the transaction, the executive vice president owned 204,716 shares of the company’s stock, valued at approximately $33,622,555.84. This trade represents a 23.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 2.89% of the company’s stock.

Live Nation Entertainment Stock Up 0.0%

Shares of LYV stock opened at $177.29 on Monday. Live Nation Entertainment, Inc. has a twelve month low of $125.34 and a twelve month high of $188.00. The stock has a market cap of $41.76 billion, a P/E ratio of -100.16 and a beta of 1.11. The stock has a 50 day moving average of $173.49 and a 200 day moving average of $161.18. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 13.93.

Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($1.85) EPS for the quarter, missing the consensus estimate of ($0.35) by ($1.50). The company had revenue of $3.79 billion during the quarter, compared to analysts’ expectations of $3.57 billion. Live Nation Entertainment had a return on equity of 45.92% and a net margin of 0.15%.The company’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.32) EPS. As a group, sell-side analysts expect that Live Nation Entertainment, Inc. will post 0.94 EPS for the current year.

About Live Nation Entertainment

Live Nation Entertainment is a global live entertainment company that promotes, operates and sells tickets for live events. The company’s core activities include concert promotion and production, venue operations and management, ticketing services through its Ticketmaster platform, artist management and development, and sponsorship and advertising services tied to live events. These integrated businesses are designed to connect artists, fans and commercial partners across the live event ecosystem.

The company in its current form was created following the 2010 merger of Live Nation and Ticketmaster, combining a promoter and venue operator with one of the industry’s largest ticketing platforms.