PNC Financial Services Group Inc. Raises Stock Position in Live Nation Entertainment, Inc. $LYV

Key Points

• PNC Financial Services increased its Live Nation stake by 29.2% in the first quarter, bringing its holdings to 36,969 shares valued at approximately $5.64 million. Institutional investors collectively own 74.52% of the company.
• Analyst sentiment remains broadly positive, with 20 Buy ratings, three Holds and one Sell. Live Nation has an average “Moderate Buy” rating and a consensus price target of $195.95.
• Live Nation’s quarterly revenue rose 12.1% year over year to $3.79 billion, exceeding estimates, though the company reported an adjusted loss of $1.85 per share versus expectations of a $0.35 loss. Two executives also recently sold a combined 156,854 shares.

PNC Financial Services Group Inc. grew its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 29.2% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 36,969 shares of the company's stock after acquiring an additional 8,366 shares during the period. PNC Financial Services Group Inc.'s holdings in Live Nation Entertainment were worth $5,638,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Leonteq Securities AG purchased a new stake in shares of Live Nation Entertainment in the 4th quarter worth $25,000. Nvest Wealth Strategies Inc. bought a new stake in shares of Live Nation Entertainment in the fourth quarter valued at about $26,000. Elyxium Wealth LLC purchased a new stake in Live Nation Entertainment in the fourth quarter worth about $30,000. DV Equities LLC purchased a new stake in Live Nation Entertainment in the fourth quarter worth about $31,000. Finally, Blue Trust Inc. grew its holdings in Live Nation Entertainment by 62.6% during the 4th quarter. Blue Trust Inc. now owns 278 shares of the company's stock worth $40,000 after acquiring an additional 107 shares in the last quarter. Institutional investors own 74.52% of the company's stock.

Insider Buying and Selling at Live Nation Entertainment

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Wells Fargo & Company boosted their price target on shares of Live Nation Entertainment from $199.00 to $222.00 and gave the company an "overweight" rating in a report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Live Nation Entertainment from $180.00 to $185.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Weiss Ratings reissued a "hold (c-)" rating on shares of Live Nation Entertainment in a report on Thursday, June 4th. JPMorgan Chase & Co. boosted their price objective on shares of Live Nation Entertainment from $180.00 to $205.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 21st. Finally, Susquehanna lowered Live Nation Entertainment from a "positive" rating to a "neutral" rating and upped their target price for the stock from $181.00 to $186.00 in a report on Tuesday, July 21st. Twenty equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Live Nation Entertainment has an average rating of "Moderate Buy" and an average price target of $195.95.

Live Nation Entertainment Stock Performance

LYV stock opened at $177.29 on Monday. Live Nation Entertainment, Inc. has a one year low of $125.34 and a one year high of $188.00. The firm has a market cap of $41.76 billion, a price-to-earnings ratio of -100.16 and a beta of 1.11. The company has a debt-to-equity ratio of 13.93, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a 50-day simple moving average of $173.49 and a two-hundred day simple moving average of $161.18.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($1.85) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.35) by ($1.50). Live Nation Entertainment had a return on equity of 45.92% and a net margin of 0.15%.The firm had revenue of $3.79 billion during the quarter, compared to analysts' expectations of $3.57 billion. During the same period in the previous year, the firm earned ($0.32) EPS. The firm's quarterly revenue was up 12.1% on a year-over-year basis. On average, equities analysts forecast that Live Nation Entertainment, Inc. will post 0.94 EPS for the current fiscal year.

Live Nation Entertainment 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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