Live Nation Entertainment, Inc. $LYV is Select Equity Group L.P.'s 2nd Largest Position

Key Points

• Select Equity Group L.P. reduced its holdings in Live Nation Entertainment by 16.0%, now owning approximately 7 million shares valued at about $925 million.
• Multiple large investors, including Vanguard Group and Canada Pension Plan Investment Board, have increased their stakes in Live Nation, indicating strong institutional interest in the stock.
• Live Nation reported $7.01 billion in revenue for the latest quarter, exceeding expectations, while its earnings per share fell short of estimates at $0.41.

Select Equity Group L.P. lowered its position in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 16.0% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 7,087,934 shares of the company's stock after selling 1,354,522 shares during the period. Live Nation Entertainment accounts for approximately 4.0% of Select Equity Group L.P.'s portfolio, making the stock its 2nd biggest holding. Select Equity Group L.P. owned approximately 3.06% of Live Nation Entertainment worth $925,542,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Live Nation Entertainment by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 19,882,872 shares of the company's stock valued at $2,596,305,000 after purchasing an additional 713,020 shares in the last quarter. Canada Pension Plan Investment Board lifted its holdings in Live Nation Entertainment by 4.4% in the 1st quarter. Canada Pension Plan Investment Board now owns 9,029,939 shares of the company's stock valued at $1,179,129,000 after purchasing an additional 379,924 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Live Nation Entertainment by 4.0% in the 1st quarter. Principal Financial Group Inc. now owns 7,596,509 shares of the company's stock valued at $991,952,000 after purchasing an additional 294,310 shares in the last quarter. Independent Franchise Partners LLP lifted its holdings in Live Nation Entertainment by 21.4% in the 1st quarter. Independent Franchise Partners LLP now owns 5,698,560 shares of the company's stock valued at $744,118,000 after purchasing an additional 1,004,574 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in Live Nation Entertainment by 46.1% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,804,375 shares of the company's stock valued at $366,195,000 after purchasing an additional 884,745 shares in the last quarter. Hedge funds and other institutional investors own 74.52% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Citigroup upped their target price on Live Nation Entertainment from $165.00 to $195.00 and gave the company a "buy" rating in a report on Tuesday. Guggenheim reiterated a "buy" rating and set a $170.00 price target on shares of Live Nation Entertainment in a report on Wednesday, June 18th. Sanford C. Bernstein assumed coverage on Live Nation Entertainment in a report on Wednesday, June 4th. They set an "outperform" rating and a $185.00 price target for the company. Wolfe Research increased their price target on Live Nation Entertainment from $160.00 to $168.00 and gave the stock an "outperform" rating in a report on Tuesday, June 10th. Finally, Moffett Nathanson initiated coverage on Live Nation Entertainment in a report on Monday, August 18th. They set a "buy" rating and a $195.00 price target for the company. Eighteen analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $170.72.

Live Nation Entertainment Stock Down 0.4%

NYSE:LYV traded down $0.66 during trading hours on Friday, hitting $173.40. The company's stock had a trading volume of 396,232 shares, compared to its average volume of 2,424,438. The stock has a market capitalization of $40.66 billion, a P/E ratio of 75.07, a price-to-earnings-growth ratio of 11.53 and a beta of 1.42. The stock has a fifty day moving average of $156.53 and a 200-day moving average of $142.79. 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 52-week low of $97.40 and a 52-week high of $175.25.

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

Live Nation Entertainment 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.