Canada Pension Plan Investment Board Buys 379,924 Shares of Live Nation Entertainment, Inc. $LYV

Key Points

• The Canada Pension Plan Investment Board increased its stake in Live Nation Entertainment by 4.4%, now holding approximately 9 million shares, making it the firm's 17th largest position.
• Several analysts have raised their price targets for Live Nation shares, with Benchmark setting a target of $180, reinforcing a positive outlook on the stock.
• Live Nation posted earnings of $0.41 per share, missing estimates, but reported $7.01 billion in revenue, exceeding analyst expectations.

Canada Pension Plan Investment Board grew its holdings in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 4.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 9,029,939 shares of the company's stock after purchasing an additional 379,924 shares during the quarter. Live Nation Entertainment makes up approximately 1.1% of Canada Pension Plan Investment Board's holdings, making the stock its 17th biggest holding. Canada Pension Plan Investment Board owned about 3.90% of Live Nation Entertainment worth $1,179,129,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of LYV. MML Investors Services LLC boosted its stake in shares of Live Nation Entertainment by 45.4% in the 4th quarter. MML Investors Services LLC now owns 9,475 shares of the company's stock valued at $1,227,000 after purchasing an additional 2,958 shares during the last quarter. Integrated Wealth Concepts LLC boosted its stake in Live Nation Entertainment by 12.6% during the 4th quarter. Integrated Wealth Concepts LLC now owns 3,234 shares of the company's stock worth $419,000 after acquiring an additional 362 shares during the last quarter. Kovitz Investment Group Partners LLC bought a new position in Live Nation Entertainment during the 4th quarter worth approximately $339,000. Coldstream Capital Management Inc. boosted its stake in Live Nation Entertainment by 28.5% during the 4th quarter. Coldstream Capital Management Inc. now owns 3,052 shares of the company's stock worth $395,000 after acquiring an additional 676 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Live Nation Entertainment by 1.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 98,235 shares of the company's stock worth $12,723,000 after acquiring an additional 1,411 shares during the last quarter. Institutional investors own 74.52% of the company's stock.

Analyst Ratings Changes

LYV has been the topic of several recent analyst reports. Moffett Nathanson initiated coverage on shares of Live Nation Entertainment in a research note on Monday, August 18th. They set a "buy" rating and a $195.00 price objective on the stock. Oppenheimer lifted their price objective on shares of Live Nation Entertainment from $165.00 to $180.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 12th. Benchmark raised their target price on shares of Live Nation Entertainment from $178.00 to $180.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Guggenheim restated a "buy" rating and set a $170.00 target price on shares of Live Nation Entertainment in a report on Wednesday, June 18th. Finally, Wolfe Research raised their target price on shares of Live Nation Entertainment from $160.00 to $168.00 and gave the stock an "outperform" rating in a report on Tuesday, June 10th. Eighteen research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Live Nation Entertainment presently has a consensus rating of "Buy" and an average target price of $168.94.

Live Nation Entertainment Stock Down 0.9%

Shares of NYSE LYV traded down $1.44 during midday trading on Wednesday, reaching $164.03. The company's stock had a trading volume of 559,023 shares, compared to its average volume of 2,435,020. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 5.38. Live Nation Entertainment, Inc. has a fifty-two week low of $92.57 and a fifty-two week high of $167.94. The stock has a market capitalization of $38.46 billion, a price-to-earnings ratio of 70.94, a PEG ratio of 10.04 and a beta of 1.42. The stock has a 50 day simple moving average of $153.95 and a 200-day simple moving average of $142.02.

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