Principal Financial Group Inc. Has $1.69 Billion Stake in Live Nation Entertainment, Inc. $LYV

Key Points

• Principal Financial Group increased its stake in Live Nation Entertainment by 3.4% in the first quarter, ending with 11.1 million shares worth about $1.69 billion. The position represented 4.72% of Live Nation and 0.9% of Principal’s portfolio.
• Live Nation reported mixed quarterly results: EPS of -$1.85 missed expectations, but revenue of $3.79 billion beat estimates and rose 12.1% year over year. Analysts still expect the company to earn 1.09 EPS for the current fiscal year.
• Analyst sentiment remains upbeat, with 20 Buy ratings and 3 Hold ratings, and a consensus target price of $190.15. Meanwhile, two executives recently sold shares, and institutional ownership remains high at 74.52%.

Principal Financial Group Inc. lifted its stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 3.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,095,305 shares of the company's stock after purchasing an additional 367,624 shares during the quarter. Live Nation Entertainment accounts for 0.9% of Principal Financial Group Inc.'s portfolio, making the stock its 18th largest position. Principal Financial Group Inc. owned about 4.72% of Live Nation Entertainment worth $1,692,151,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Empowered Funds LLC increased its stake in shares of Live Nation Entertainment by 3.3% in the first quarter. Empowered Funds LLC now owns 17,376 shares of the company's stock worth $2,269,000 after acquiring an additional 547 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in Live Nation Entertainment by 15.8% during the second quarter. EverSource Wealth Advisors LLC now owns 798 shares of the company's stock valued at $121,000 after acquiring an additional 109 shares in the last quarter. Cerity Partners LLC lifted its stake in Live Nation Entertainment by 6.0% in the second quarter. Cerity Partners LLC now owns 27,496 shares of the company's stock valued at $4,160,000 after acquiring an additional 1,550 shares during the last quarter. Daiwa Securities Group Inc. grew its position in Live Nation Entertainment by 15.9% in the second quarter. Daiwa Securities Group Inc. now owns 26,340 shares of the company's stock worth $3,983,000 after acquiring an additional 3,604 shares in the last quarter. Finally, NewEdge Advisors LLC increased its stake in shares of Live Nation Entertainment by 344.3% during the 2nd quarter. NewEdge Advisors LLC now owns 2,208 shares of the company's stock worth $334,000 after purchasing an additional 1,711 shares during the last quarter. 74.52% of the stock is owned by hedge funds and other institutional investors.

Live Nation Entertainment Stock Performance

Live Nation Entertainment stock opened at $183.26 on Tuesday. Live Nation Entertainment, Inc. has a 12-month low of $125.34 and a 12-month high of $188.00. The stock has a 50-day simple moving average of $171.07 and a 200 day simple moving average of $159.01. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 13.93. The stock has a market capitalization of $43.17 billion, a price-to-earnings ratio of -103.54 and a beta of 1.11.

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

Insider Activity at Live Nation Entertainment

In other news, EVP John Hopmans sold 93,078 shares of Live Nation Entertainment stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $166.07, for a total value of $15,457,463.46. Following the completion of the sale, the executive vice president directly owned 188,751 shares of the company's stock, valued at approximately $31,345,878.57. This trade represents a 33.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Michael Rowles sold 63,776 shares of the business's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $164.24, for a total value of $10,474,570.24. Following the sale, the executive vice president owned 204,716 shares of the company's stock, valued at approximately $33,622,555.84. The trade was a 23.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 2.89% of the company's stock.

Analyst Upgrades and Downgrades

LYV has been the topic of several recent research reports. Wolfe Research raised their target price on Live Nation Entertainment from $205.00 to $206.00 and gave the company an "outperform" rating in a report on Monday, April 13th. The Goldman Sachs Group boosted their price objective on shares of Live Nation Entertainment from $192.00 to $202.00 and gave the stock a "buy" rating in a research note on Wednesday, July 8th. Wall Street Zen upgraded shares of Live Nation Entertainment from a "sell" rating to a "hold" rating in a research note on Saturday, April 11th. Susquehanna lifted their target price on shares of Live Nation Entertainment from $180.00 to $181.00 in a report on Wednesday, May 6th. Finally, Rothschild & Co Redburn increased their target price on Live Nation Entertainment from $193.00 to $195.00 in a research note on Wednesday, May 6th. Twenty equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $190.15.

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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