Live Nation Entertainment, Inc. $LYV Shares Acquired by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp increased its stake in Live Nation Entertainment by 336.3% in the first quarter, ending with 28,209 shares valued at about $4.3 million.
• Analysts remain broadly positive on LYV, with an average rating of Moderate Buy and an average price target of $190.90. Morgan Stanley recently raised its target to $200, while other firms reiterated buy or hold views.
• Live Nation reported quarterly revenue of $3.79 billion, topping expectations, but its EPS missed estimates at ($1.85) versus the expected ($0.35). The stock was trading near $180.31, close to its 52-week high of $188.00.

Fifth Third Bancorp lifted its position in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 336.3% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 28,209 shares of the company's stock after purchasing an additional 21,744 shares during the quarter. Fifth Third Bancorp's holdings in Live Nation Entertainment were worth $4,302,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of LYV. Axxcess Wealth Management LLC grew its stake in Live Nation Entertainment by 4.9% during the fourth quarter. Axxcess Wealth Management LLC now owns 1,602 shares of the company's stock worth $228,000 after buying an additional 75 shares during the period. Vident Advisory LLC raised its stake in shares of Live Nation Entertainment by 2.1% in the 2nd quarter. Vident Advisory LLC now owns 3,622 shares of the company's stock valued at $548,000 after acquiring an additional 75 shares during the period. Prairie Wealth Advisors Inc. lifted its holdings in shares of Live Nation Entertainment by 5.0% during the 3rd quarter. Prairie Wealth Advisors Inc. now owns 1,665 shares of the company's stock valued at $272,000 after acquiring an additional 80 shares in the last quarter. Sumitomo Life Insurance Co. lifted its holdings in shares of Live Nation Entertainment by 1.2% during the 4th quarter. Sumitomo Life Insurance Co. now owns 6,821 shares of the company's stock valued at $972,000 after acquiring an additional 82 shares in the last quarter. Finally, Root Financial Partners LLC boosted its position in Live Nation Entertainment by 37.4% during the 4th quarter. Root Financial Partners LLC now owns 312 shares of the company's stock worth $44,000 after purchasing an additional 85 shares during the period. Hedge funds and other institutional investors own 74.52% of the company's stock.

Analyst Upgrades and Downgrades

LYV has been the topic of a number of recent research reports. Morgan Stanley boosted their price objective on Live Nation Entertainment from $185.00 to $200.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 10th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Live Nation Entertainment in a research note on Thursday, June 4th. Roth Capital reiterated a "buy" rating and set a $205.00 target price on shares of Live Nation Entertainment in a report on Wednesday. Zacks Research raised Live Nation Entertainment from a "strong sell" rating to a "hold" rating in a research report on Friday, May 8th. Finally, Citizens Jmp assumed coverage on shares of Live Nation Entertainment in a research report on Monday, March 30th. They issued a "market outperform" rating and a $190.00 price objective for the company. Twenty analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Live Nation Entertainment has an average rating of "Moderate Buy" and an average target price of $190.90.

Insider Activity at Live Nation Entertainment

In other news, EVP Michael Rowles sold 63,776 shares of the stock in a transaction that occurred on 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 directly owned 204,716 shares in the company, valued at approximately $33,622,555.84. This represents a 23.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP John Hopmans sold 93,078 shares of Live Nation Entertainment stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $166.07, for a total transaction of $15,457,463.46. Following the completion of the sale, the executive vice president owned 188,751 shares of the company's stock, valued at approximately $31,345,878.57. This trade represents a 33.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.89% of the company's stock.

Live Nation Entertainment Stock Up 0.3%

Shares of NYSE LYV opened at $180.31 on Friday. The company has a debt-to-equity ratio of 13.93, a quick ratio of 0.88 and a current ratio of 0.88. Live Nation Entertainment, Inc. has a 1 year low of $125.34 and a 1 year high of $188.00. The stock's 50-day simple moving average is $172.41 and its 200-day simple moving average is $159.88. The firm has a market cap of $42.47 billion, a price-to-earnings ratio of -101.87 and a beta of 1.11.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($1.85) EPS for the quarter, missing analysts' consensus estimates of ($0.35) by ($1.50). Live Nation Entertainment had a net margin of 0.15% and a return on equity of 45.92%. The business had revenue of $3.79 billion during the quarter, compared to analysts' expectations of $3.57 billion. During the same period in the prior year, the company posted ($0.32) EPS. The company's revenue for the quarter was up 12.1% on a year-over-year basis. As a group, equities analysts anticipate that Live Nation Entertainment, Inc. will post 0.96 earnings per share for the current fiscal year.

Live Nation Entertainment Company Profile

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.

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