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

PNC Financial Services Group Inc. lifted its position in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 23.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,022 shares of the company's stock after acquiring 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 also recently added to or reduced their stakes in the company. O Shaughnessy Asset Management LLC boosted its position in Live Nation Entertainment by 9.2% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 6,380 shares of the company's stock valued at $675,000 after acquiring an additional 538 shares in the last quarter. Dynasty Wealth Management LLC purchased a new stake in shares of Live Nation Entertainment during the 1st quarter worth $341,000. B. Riley Wealth Advisors Inc. boosted its position in Live Nation Entertainment by 4.5% during the first quarter. B. Riley Wealth Advisors Inc. now owns 6,634 shares of the company's stock valued at $702,000 after purchasing an additional 286 shares in the last quarter. California State Teachers Retirement System grew its stake in Live Nation Entertainment by 0.9% in the first quarter. California State Teachers Retirement System now owns 257,860 shares of the company's stock valued at $27,274,000 after purchasing an additional 2,308 shares during the last quarter. Finally, Tidal Investments LLC raised its holdings in Live Nation Entertainment by 81.5% in the first quarter. Tidal Investments LLC now owns 22,354 shares of the company's stock worth $2,364,000 after purchasing an additional 10,040 shares in the last quarter. 74.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Roth Mkm lifted their price objective on shares of Live Nation Entertainment from $120.00 to $132.00 and gave the stock a "buy" rating in a research report on Wednesday, October 16th. Evercore ISI upped their price target on Live Nation Entertainment from $110.00 to $150.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 12th. Citigroup raised their price objective on Live Nation Entertainment from $130.00 to $163.00 and gave the stock a "buy" rating in a research report on Wednesday, November 20th. TD Cowen upped their target price on Live Nation Entertainment from $108.00 to $145.00 and gave the company a "buy" rating in a research report on Tuesday, November 12th. Finally, Bank of America raised their price target on Live Nation Entertainment from $125.00 to $149.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. Two analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, Live Nation Entertainment presently has an average rating of "Moderate Buy" and a consensus target price of $141.53.

Insider Activity

In other news, EVP Michael Rowles sold 35,000 shares of the firm's stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $97.64, for a total value of $3,417,400.00. Following the transaction, the executive vice president now directly owns 167,447 shares of the company's stock, valued at approximately $16,349,525.08. This trade represents a 17.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Jeffrey T. Hinson sold 5,640 shares of the company's stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $95.18, for a total transaction of $536,815.20. Following the sale, the director now directly owns 53,949 shares of the company's stock, valued at approximately $5,134,865.82. This represents a 9.46 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 168,799 shares of company stock worth $16,449,718 in the last quarter. Corporate insiders own 2.72% of the company's stock.

Live Nation Entertainment Stock Performance

NYSE:LYV traded down $1.67 during trading hours on Tuesday, reaching $138.87. The company had a trading volume of 2,315,387 shares, compared to its average volume of 2,183,558. The firm has a market cap of $32.27 billion, a PE ratio of 147.73, a price-to-earnings-growth 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's 50 day moving average price is $117.52 and its 200-day moving average price is $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 - Get Free Report) last released its quarterly earnings data on Monday, November 11th. The company reported $1.66 earnings per share 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 during the quarter, compared to analysts' expectations of $7.75 billion. During the same quarter in the previous year, the company earned $1.78 earnings per share. The firm's revenue for the quarter was down 6.2% on a year-over-year basis. Research analysts forecast that Live Nation Entertainment, Inc. will post 1.04 EPS for the current year.

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.