Allianz Asset Management GmbH Purchases 29,886 Shares of Live Nation Entertainment, Inc. $LYV

Key Points

• Allianz Asset Management GmbH significantly increased its stake in Live Nation Entertainment by 238.3%, purchasing an additional 29,886 shares during the second quarter, bringing its total holdings to $6.4 million.
• Multiple institutional investors, including TD Asset Management Inc. and Bayforest Capital Ltd., also raised their positions in Live Nation, with 74.52% of the stock now owned by institutional investors.
• Live Nation Entertainment is experiencing a consensus rating of "Moderate Buy" from analysts, with a target price averaging $171.42, despite a 0.8% drop in stock price recently.

Allianz Asset Management GmbH raised its position in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 238.3% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 42,427 shares of the company's stock after purchasing an additional 29,886 shares during the period. Allianz Asset Management GmbH's holdings in Live Nation Entertainment were worth $6,418,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Ritholtz Wealth Management raised its position in Live Nation Entertainment by 15.2% during the 2nd quarter. Ritholtz Wealth Management now owns 6,354 shares of the company's stock valued at $961,000 after purchasing an additional 838 shares in the last quarter. Bayforest Capital Ltd raised its position in shares of Live Nation Entertainment by 448.1% in the 2nd quarter. Bayforest Capital Ltd now owns 4,456 shares of the company's stock worth $674,000 after acquiring an additional 3,643 shares in the last quarter. TD Asset Management Inc raised its position in shares of Live Nation Entertainment by 18.1% in the 2nd quarter. TD Asset Management Inc now owns 342,646 shares of the company's stock worth $51,835,000 after acquiring an additional 52,497 shares in the last quarter. Wilmington Savings Fund Society FSB raised its position in shares of Live Nation Entertainment by 20.1% in the 2nd quarter. Wilmington Savings Fund Society FSB now owns 4,450 shares of the company's stock worth $673,000 after acquiring an additional 746 shares in the last quarter. Finally, Axxcess Wealth Management LLC bought a new position in shares of Live Nation Entertainment in the 2nd quarter worth $206,000. 74.52% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Weiss Ratings reissued a "hold (c)" rating on shares of Live Nation Entertainment in a research report on Wednesday, October 8th. Morgan Stanley set a $180.00 price target on Live Nation Entertainment in a research report on Thursday, July 24th. Rothschild & Co Redburn lowered Live Nation Entertainment from a "buy" rating to a "neutral" rating and boosted their price target for the stock from $144.00 to $170.00 in a research report on Tuesday, September 16th. Moffett Nathanson began coverage on Live Nation Entertainment in a research note on Monday, August 18th. They set a "buy" rating and a $195.00 target price on the stock. Finally, Benchmark boosted their target price on Live Nation Entertainment from $180.00 to $190.00 and gave the stock a "buy" rating in a research note on Friday, September 26th. Eighteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $171.42.

Live Nation Entertainment Stock Down 0.8%

Live Nation Entertainment stock opened at $155.94 on Thursday. The company has a debt-to-equity ratio of 5.38, a quick ratio of 0.88 and a current ratio of 0.88. The business's 50-day simple moving average is $162.19 and its two-hundred day simple moving average is $149.01. The company has a market cap of $36.56 billion, a PE ratio of 67.51, a PEG ratio of 12.27 and a beta of 1.40. Live Nation Entertainment, Inc. has a fifty-two week low of $112.88 and a fifty-two week high of $175.25.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.41 EPS for the quarter, missing analysts' consensus estimates of $1.08 by ($0.67). Live Nation Entertainment had a return on equity of 105.85% and a net margin of 3.88%.The company had revenue of $7.01 billion during the quarter, compared to analysts' expectations of $6.93 billion. During the same quarter in the previous year, the company earned $1.03 EPS. The firm's quarterly revenue was up 16.3% compared to the same quarter last year. Equities analysts anticipate that Live Nation Entertainment, Inc. will post 2.38 EPS for the current year.

Live Nation Entertainment Company Profile

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.

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