PNC Financial Services Group Inc. lifted its position in Live Nation Entertainment, Inc. (NYSE:LYV) by 99.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,750 shares of the company’s stock after acquiring an additional 7,854 shares during the period. PNC Financial Services Group Inc.’s holdings in Live Nation Entertainment were worth $697,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in LYV. Prestige Wealth Management Group LLC acquired a new stake in shares of Live Nation Entertainment in the 1st quarter valued at approximately $31,000. Schroder Investment Management Group acquired a new stake in shares of Live Nation Entertainment in the 1st quarter valued at approximately $34,000. Creative Financial Designs Inc. ADV acquired a new stake in shares of Live Nation Entertainment in the 2nd quarter valued at approximately $34,000. Federated Hermes Inc. raised its holdings in Live Nation Entertainment by 28.5% during the 2nd quarter. Federated Hermes Inc. now owns 1,655 shares of the company’s stock worth $74,000 after buying an additional 367 shares during the period. Finally, Cigna Investments Inc. New acquired a new stake in Live Nation Entertainment during the 2nd quarter worth approximately $201,000. Institutional investors and hedge funds own 69.81% of the company’s stock.
Several brokerages have commented on LYV. Berenberg Bank restated a “hold” rating and set a $40.00 target price on shares of Live Nation Entertainment in a report on Wednesday, August 12th. Zacks Investment Research upgraded shares of Live Nation Entertainment from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. ValuEngine upgraded shares of Live Nation Entertainment from a “buy” rating to a “strong-buy” rating in a report on Saturday, September 5th. Citigroup lifted their price objective on shares of Live Nation Entertainment from $47.00 to $58.00 and gave the company a “neutral” rating in a report on Thursday, September 3rd. Finally, Morgan Stanley lifted their price objective on shares of Live Nation Entertainment from $43.00 to $56.00 and gave the company an “equal weight” rating in a report on Monday, September 21st. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $66.90.
LYV stock opened at $53.24 on Monday. The company has a debt-to-equity ratio of 7.07, a current ratio of 1.27 and a quick ratio of 1.27. The company has a fifty day moving average price of $54.36 and a two-hundred day moving average price of $46.81. Live Nation Entertainment, Inc. has a one year low of $21.70 and a one year high of $76.60. The stock has a market cap of $11.57 billion, a price-to-earnings ratio of -14.08 and a beta of 1.18.
Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($2.67) EPS for the quarter, missing the Zacks’ consensus estimate of ($2.10) by ($0.57). Live Nation Entertainment had a negative return on equity of 61.92% and a negative net margin of 9.36%. The company had revenue of $74.08 million for the quarter, compared to the consensus estimate of $300.62 million. During the same period last year, the firm earned $0.41 earnings per share. Research analysts anticipate that Live Nation Entertainment, Inc. will post -7.81 EPS for the current fiscal year.
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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