Pacer Advisors Inc. Sells 972,954 Shares of Live Nation Entertainment, Inc. $LYV

Key Points

• Pacer Advisors cut its Live Nation stake by 99.2% in the first quarter, selling 972,954 shares and retaining 7,898 shares worth approximately $1.2 million. Institutional investors still own 74.52% of LYV.
• Live Nation reported quarterly EPS of $1.05, beating estimates of $0.66, while revenue rose 9.4% year over year to $7.67 billion.
• Wall Street remains broadly bullish: 20 analysts rate the stock a Buy, with a consensus “Moderate Buy” rating and an average price target of $197.19, versus a recent price of $180.52.

Pacer Advisors Inc. lessened its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 99.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,898 shares of the company's stock after selling 972,954 shares during the quarter. Pacer Advisors Inc.'s holdings in Live Nation Entertainment were worth $1,205,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. lifted its position in Live Nation Entertainment by 3.4% during the first quarter. Principal Financial Group Inc. now owns 11,095,305 shares of the company's stock valued at $1,692,151,000 after purchasing an additional 367,624 shares during the last quarter. Independent Franchise Partners LLP raised its position in shares of Live Nation Entertainment by 3.5% during the 4th quarter. Independent Franchise Partners LLP now owns 5,733,718 shares of the company's stock valued at $817,055,000 after buying an additional 193,104 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Live Nation Entertainment by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 4,301,900 shares of the company's stock valued at $610,707,000 after buying an additional 20,165 shares in the last quarter. Jericho Capital Asset Management L.P. lifted its holdings in shares of Live Nation Entertainment by 37.9% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,996,512 shares of the company's stock worth $569,503,000 after acquiring an additional 1,099,350 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in Live Nation Entertainment by 4.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,195,473 shares of the company's stock worth $455,355,000 after acquiring an additional 123,800 shares in the last quarter. 74.52% of the stock is currently owned by institutional investors.

Live Nation Entertainment Stock Performance

Shares of LYV stock opened at $180.52 on Monday. The firm has a market capitalization of $42.54 billion, a price-to-earnings ratio of -159.76 and a beta of 1.12. The stock has a fifty day moving average of $176.56 and a 200 day moving average of $163.68. Live Nation Entertainment, Inc. has a 52 week low of $125.34 and a 52 week high of $188.00. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 8.25.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.66 by $0.39. The business had revenue of $7.67 billion during the quarter, compared to analyst estimates of $7.56 billion. Live Nation Entertainment had a net margin of 0.34% and a return on equity of 54.61%. The company's revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.41 EPS. As a group, research analysts expect that Live Nation Entertainment, Inc. will post 1.05 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on LYV. UBS Group lifted their price target on Live Nation Entertainment from $181.00 to $208.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $205.00 price objective on shares of Live Nation Entertainment in a report on Friday, July 31st. Sanford C. Bernstein boosted their target price on Live Nation Entertainment from $200.00 to $215.00 and gave the stock an "outperform" rating in a research report on Friday, July 31st. Citigroup increased their price target on shares of Live Nation Entertainment from $181.00 to $212.00 and gave the company a "buy" rating in a research report on Monday, August 3rd. Finally, BTIG Research reissued a "buy" rating and set a $215.00 price target on shares of Live Nation Entertainment in a research note on Friday, July 31st. Twenty investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, Live Nation Entertainment currently has a consensus rating of "Moderate Buy" and an average price target of $197.19.

About Live Nation Entertainment

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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