Pittenger & Anderson Inc. Boosts Stake in Live Nation Entertainment, Inc. $LYV

Key Points

• Pittenger & Anderson Inc. increased its Live Nation Entertainment stake by 30.2% in the first quarter, adding 14,716 shares to bring its total to 63,407 shares worth about $9.67 million.
• Several other institutional investors also boosted holdings in LYV, and 74.52% of the stock is now owned by institutions and hedge funds, signaling strong professional investor interest.
• Live Nation shares fell 1.6% to $179.68 even after the company reported higher revenue of $3.79 billion, though it missed EPS estimates; analysts remain mostly bullish with a Moderate Buy rating and an average target price of $190.15.

Pittenger & Anderson Inc. raised its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 30.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 63,407 shares of the company's stock after buying an additional 14,716 shares during the quarter. Pittenger & Anderson Inc.'s holdings in Live Nation Entertainment were worth $9,670,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in LYV. Principal Financial Group Inc. boosted its stake in shares of Live Nation Entertainment by 10.3% during the fourth quarter. Principal Financial Group Inc. now owns 10,727,681 shares of the company's stock valued at $1,528,700,000 after acquiring an additional 1,001,905 shares during the last quarter. Independent Franchise Partners LLP raised its stake in Live Nation Entertainment by 3.5% in the 4th quarter. Independent Franchise Partners LLP now owns 5,733,718 shares of the company's stock valued at $817,055,000 after purchasing an additional 193,104 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Live Nation Entertainment by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 4,301,900 shares of the company's stock valued at $610,707,000 after purchasing an additional 20,165 shares in the last quarter. Jericho Capital Asset Management L.P. boosted its stake 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 purchasing an additional 1,099,350 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in shares of Live Nation Entertainment by 4.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,195,473 shares of the company's stock worth $455,355,000 after buying an additional 123,800 shares in the last quarter. 74.52% of the stock is owned by institutional investors and hedge funds.

Live Nation Entertainment Trading Down 1.6%

NYSE LYV traded down $2.90 during mid-day trading on Friday, hitting $179.68. The company's stock had a trading volume of 1,631,283 shares, compared to its average volume of 2,554,460. The company has a debt-to-equity ratio of 13.93, a current ratio of 0.88 and a quick ratio of 0.88. Live Nation Entertainment, Inc. has a 52-week low of $125.34 and a 52-week high of $188.00. The stock's fifty day simple moving average is $170.56 and its two-hundred day simple moving average is $158.61. The firm has a market capitalization of $42.32 billion, a P/E ratio of -101.51 and a beta of 1.11.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($1.85) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($1.50). The business had revenue of $3.79 billion during the quarter, compared to analyst estimates of $3.57 billion. Live Nation Entertainment had a return on equity of 45.92% and a net margin of 0.15%.Live Nation Entertainment's revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the company earned ($0.32) EPS. Research analysts expect that Live Nation Entertainment, Inc. will post 1.09 EPS for the current year.

Insider Buying and Selling

In other news, EVP Michael Rowles sold 63,776 shares of Live Nation Entertainment stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $164.24, for a total transaction of $10,474,570.24. Following the sale, the executive vice president owned 204,716 shares in the company, valued at $33,622,555.84. This trade represents a 23.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John Hopmans sold 93,078 shares of the company's stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $166.07, for a total transaction of $15,457,463.46. Following the completion of the transaction, the executive vice president directly owned 188,751 shares of the company's stock, valued at approximately $31,345,878.57. The trade was a 33.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.89% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Weiss Ratings reissued a "hold (c-)" rating on shares of Live Nation Entertainment in a research note on Thursday, June 4th. Wall Street Zen upgraded Live Nation Entertainment from a "sell" rating to a "hold" rating in a research note on Saturday, April 11th. JPMorgan Chase & Co. raised their price target on Live Nation Entertainment from $178.00 to $180.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. Guggenheim lifted their price target on Live Nation Entertainment from $192.00 to $197.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Live Nation Entertainment from $180.00 to $185.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Twenty analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $190.15.

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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