Public Employees Retirement System of Ohio Purchases New Position in Live Nation Entertainment, Inc. $LYV

Key Points

• Institutional interest increased: The Public Employees Retirement System of Ohio purchased 45,809 Live Nation shares worth approximately $8.4 million. Institutional investors collectively own 74.52% of the company.
• Analysts remain bullish: Live Nation has a consensus “Moderate Buy” rating from 24 analysts, with a consensus price target of $197.19.
• Quarterly results exceeded expectations: The company reported adjusted earnings of $1.05 per share versus estimates of $0.66, while revenue reached $7.67 billion, up 9.4% year over year.

Public Employees Retirement System of Ohio acquired a new stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 45,809 shares of the company's stock, valued at approximately $8,388,000.

Several other institutional investors have also added to or reduced their stakes in the business. Bank of America Corp DE purchased a new stake in shares of Live Nation Entertainment during the 2nd quarter valued at about $1,221,398,000. Canada Pension Plan Investment Board purchased a new position in shares of Live Nation Entertainment during the second quarter valued at approximately $859,018,000. Norges Bank purchased a new stake in Live Nation Entertainment in the fourth quarter worth approximately $285,924,000. Sachem Head Capital Management LP bought a new stake in Live Nation Entertainment in the 4th quarter worth approximately $173,380,000. Finally, Jericho Capital Asset Management L.P. raised its stake in 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 valued at $569,503,000 after buying an additional 1,099,350 shares during the last quarter. 74.52% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

LYV has been the topic of a number of research reports. Morgan Stanley raised their price target on Live Nation Entertainment from $185.00 to $200.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 10th. TD Cowen reissued a "buy" rating on shares of Live Nation Entertainment in a report on Monday, August 3rd. Roth Capital set a $208.00 target price on Live Nation Entertainment in a research report on Friday, July 31st. Rothschild & Co Redburn upped their price target on shares of Live Nation Entertainment from $193.00 to $195.00 in a research report on Wednesday, May 6th. Finally, Susquehanna raised their price objective on shares of Live Nation Entertainment from $186.00 to $187.00 and gave the stock a "neutral" rating in a report on Friday, July 31st. Twenty analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $197.19.

Live Nation Entertainment Stock Performance

NYSE:LYV opened at $180.04 on Tuesday. The company has a debt-to-equity ratio of 8.25, a quick ratio of 0.85 and a current ratio of 0.85. The stock has a 50-day simple moving average of $181.43 and a two-hundred day simple moving average of $168.12. The firm has a market capitalization of $42.42 billion, a PE ratio of -159.33 and a beta of 1.12. Live Nation Entertainment, Inc. has a 52-week low of $125.34 and a 52-week high of $189.24.

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

Insiders Place Their Bets

In other Live Nation Entertainment news, CAO Brian Capo sold 2,900 shares of the company's stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $184.00, for a total value of $533,600.00. Following the completion of the transaction, the chief accounting officer directly owned 8,655 shares in the company, valued at $1,592,520. This represents a 25.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.89% of the stock is owned by corporate insiders.

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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