Pittenger & Anderson Inc. Increases Stock Holdings in Live Nation Entertainment, Inc. $LYV

Key Points

• Pittenger & Anderson Inc. increased its stake in Live Nation Entertainment by 4.9% during Q2, holding nearly 47,000 shares valued at approximately $7.1 million.
• Several institutional investors have also adjusted their stakes, with Massachusetts Financial Services significantly increasing its holdings by 46.1%.
• Live Nation's stock has a current market cap of $36.74 billion and major analysts have set price targets ranging from $180 to $195, reflecting strong market confidence.

Pittenger & Anderson Inc. raised its stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 4.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 46,996 shares of the company's stock after purchasing an additional 2,187 shares during the quarter. Pittenger & Anderson Inc.'s holdings in Live Nation Entertainment were worth $7,110,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of 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 during the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Live Nation Entertainment by 4.4% in the first quarter. Canada Pension Plan Investment Board now owns 9,029,939 shares of the company's stock valued at $1,179,129,000 after buying an additional 379,924 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Live Nation Entertainment by 4.0% in the first quarter. Principal Financial Group Inc. now owns 7,596,509 shares of the company's stock valued at $991,952,000 after buying an additional 294,310 shares in the last quarter. Independent Franchise Partners LLP boosted its stake in shares of Live Nation Entertainment by 21.4% in the first quarter. Independent Franchise Partners LLP now owns 5,698,560 shares of the company's stock valued at $744,118,000 after buying an additional 1,004,574 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of Live Nation Entertainment by 46.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,804,375 shares of the company's stock valued at $366,195,000 after buying an additional 884,745 shares in the last quarter. 74.52% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on LYV shares. Morgan Stanley set a $180.00 price target on Live Nation Entertainment in a research note on Thursday, July 24th. Citigroup lifted their price target on Live Nation Entertainment from $165.00 to $195.00 and gave the company a "buy" rating in a research note on Tuesday, September 9th. Benchmark lifted their price target on Live Nation Entertainment from $180.00 to $190.00 and gave the company a "buy" rating in a research note on Friday, September 26th. Rothschild Redb cut Live Nation Entertainment from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 16th. Finally, Oppenheimer lifted their price objective on Live Nation Entertainment from $165.00 to $180.00 and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Eighteen 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 presently has a consensus rating of "Moderate Buy" and an average price target of $171.42.

Live Nation Entertainment Stock Performance

NYSE LYV opened at $156.68 on Tuesday. Live Nation Entertainment, Inc. has a fifty-two week low of $112.88 and a fifty-two week high of $175.25. The stock has a market cap of $36.74 billion, a price-to-earnings ratio of 67.83, a price-to-earnings-growth ratio of 12.11 and a beta of 1.40. The business has a fifty day moving average of $162.28 and a 200-day moving average of $148.91. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 5.38.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last released its quarterly 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 company had revenue of $7.01 billion during the quarter, compared to analyst estimates of $6.93 billion. During the same period last year, the firm earned $1.03 earnings per share. The business's revenue was up 16.3% compared to the same quarter last year. As a group, analysts predict that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current fiscal year.

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.

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