Public Sector Pension Investment Board Sells 171,019 Shares of Live Nation Entertainment, Inc. (NYSE:LYV)

Key Points

• The Public Sector Pension Investment Board reduced its holdings in Live Nation Entertainment by 34.0%, owning 331,606 shares valued at approximately $43.3 million after selling 171,019 shares in the first quarter.
• Several institutional investors, including Independent Franchise Partners and Nuveen LLC, have made significant increases in their holdings in Live Nation, with Independent Franchise Partners growing its stake by 207.6%.
• Analysts have set a consensus target price of $165.94 for Live Nation Entertainment, with most rating it a "Moderate Buy," indicating strong confidence in the stock's potential performance.

Public Sector Pension Investment Board trimmed its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 34.0% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 331,606 shares of the company's stock after selling 171,019 shares during the quarter. Public Sector Pension Investment Board owned 0.14% of Live Nation Entertainment worth $43,301,000 as of its most recent filing with the SEC.

Other large investors have also bought and sold shares of the company. Measured Risk Portfolios Inc. acquired a new position in Live Nation Entertainment during the 4th quarter worth approximately $29,000. Wayfinding Financial LLC acquired a new position in Live Nation Entertainment during the 1st quarter worth approximately $30,000. Chilton Capital Management LLC acquired a new position in Live Nation Entertainment during the 1st quarter worth approximately $33,000. GW&K Investment Management LLC boosted its position in Live Nation Entertainment by 690.2% during the 1st quarter. GW&K Investment Management LLC now owns 324 shares of the company's stock worth $42,000 after acquiring an additional 283 shares during the last quarter. Finally, N.E.W. Advisory Services LLC acquired a new position in Live Nation Entertainment during the 1st quarter worth approximately $42,000. 74.52% of the stock is owned by institutional investors.

Live Nation Entertainment Stock Performance

LYV traded up $0.52 during trading hours on Wednesday, reaching $158.95. The company's stock had a trading volume of 1,767,573 shares, compared to its average volume of 2,123,699. Live Nation Entertainment, Inc. has a 52 week low of $91.58 and a 52 week high of $159.97. The company's 50-day moving average is $148.53 and its 200-day moving average is $140.38. The company has a debt-to-equity ratio of 5.38, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a market cap of $37.27 billion, a PE ratio of 68.81, a price-to-earnings-growth ratio of 5.93 and a beta of 1.46.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last posted 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). The business had revenue of $7.01 billion during the quarter, compared to the consensus estimate of $6.93 billion. Live Nation Entertainment had a net margin of 3.88% and a return on equity of 105.85%. The firm's revenue was up 16.3% on a year-over-year basis. During the same quarter last year, the company posted $1.03 EPS. On average, equities analysts forecast that Live Nation Entertainment, Inc. will post 2.38 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on LYV shares. Guggenheim reaffirmed a "buy" rating and set a $170.00 price target on shares of Live Nation Entertainment in a research report on Wednesday, June 18th. Benchmark upped their price target on Live Nation Entertainment from $178.00 to $180.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Rosenblatt Securities cut their price objective on Live Nation Entertainment from $174.00 to $170.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Wolfe Research increased their price objective on Live Nation Entertainment from $160.00 to $168.00 and gave the company an "outperform" rating in a report on Tuesday, June 10th. Finally, Oppenheimer increased their price objective on Live Nation Entertainment from $165.00 to $180.00 and gave the company an "outperform" rating in a report on Tuesday. One equities research analyst has rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $167.41.

Insiders Place Their Bets

In other Live Nation Entertainment news, EVP John Hopmans sold 34,808 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $147.38, for a total transaction of $5,130,003.04. Following the transaction, the executive vice president owned 189,456 shares in the company, valued at $27,922,025.28. This trade represents a 15.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.01% of the stock is owned by insiders.

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.