Comerica Bank Boosts Stock Position in Live Nation Entertainment, Inc. $LYV

Key Points

• Comerica Bank increased its stake in Live Nation Entertainment by 16.2% in Q1, now holding 53,217 shares valued at approximately $6.95 million.
• Several hedge funds have modified their holdings, with Massachusetts Financial Services raising its stake by 46.1%, reflecting a growing institutional interest in the company.
• Analysts maintain a strong outlook on the company with an average price target of $168.94, with 18 analysts giving it a "Buy" rating.

Comerica Bank increased its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 16.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 53,217 shares of the company's stock after purchasing an additional 7,431 shares during the period. Comerica Bank's holdings in Live Nation Entertainment were worth $6,949,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in LYV. Robeco Institutional Asset Management B.V. acquired a new stake in Live Nation Entertainment in the first quarter valued at approximately $1,153,000. Praxis Investment Management Inc. lifted its holdings in Live Nation Entertainment by 45.2% during the first quarter. Praxis Investment Management Inc. now owns 5,560 shares of the company's stock worth $726,000 after acquiring an additional 1,730 shares during the period. Stratos Wealth Partners LTD. purchased a new stake in Live Nation Entertainment in the first quarter worth $272,000. Teacher Retirement System of Texas purchased a new stake in Live Nation Entertainment in the first quarter worth $3,081,000. Finally, Personal CFO Solutions LLC purchased a new position in shares of Live Nation Entertainment in the first quarter valued at $277,000. Institutional investors and hedge funds own 74.52% of the company's stock.

Live Nation Entertainment Trading Down 0.1%

NYSE:LYV traded down $0.18 during mid-day trading on Monday, reaching $166.45. 1,028,099 shares of the company's stock traded hands, compared to its average volume of 2,090,487. Live Nation Entertainment, Inc. has a 12-month low of $92.57 and a 12-month high of $167.22. The company has a 50 day moving average price of $153.29 and a 200-day moving average price of $141.77. The company has a debt-to-equity ratio of 5.38, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market capitalization of $39.03 billion, a price-to-earnings ratio of 72.05, a PEG ratio of 10.04 and a beta of 1.42.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.41 earnings per share 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 firm had revenue of $7.01 billion for the quarter, compared to analysts' expectations of $6.93 billion. During the same quarter last year, the company posted $1.03 EPS. The firm's revenue was up 16.3% on a year-over-year basis. On average, sell-side analysts predict that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Moffett Nathanson assumed coverage on Live Nation Entertainment in a research report on Monday, August 18th. They issued a "buy" rating and a $195.00 price target for the company. Morgan Stanley set a $180.00 target price on Live Nation Entertainment in a research report on Thursday, July 24th. Guggenheim restated a "buy" rating and set a $170.00 target price on shares of Live Nation Entertainment in a research report on Wednesday, June 18th. Oppenheimer boosted their target price on Live Nation Entertainment from $165.00 to $180.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 12th. Finally, Wolfe Research lifted their price target on Live Nation Entertainment from $160.00 to $168.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 10th. Eighteen investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $168.94.

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.