Strs Ohio Buys New Position in Live Nation Entertainment, Inc. $LYV

Key Points

• Strs Ohio has invested $4.50 million to acquire 34,463 shares of Live Nation Entertainment in the first quarter as reported in its recent SEC filing.
• Live Nation's stock reached a current price of $173.75 and has demonstrated significant growth, with a 12-month high of $175.25 and a revenue increase of 16.3% compared to the previous year.
• Brokerages have expressed positive sentiment towards Live Nation, with multiple firms raising their price targets, leading to an average target of $170.72 and a consensus rating of "Buy."

Strs Ohio acquired a new position in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 34,463 shares of the company's stock, valued at approximately $4,500,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in LYV. Vanguard Group Inc. grew its holdings in Live Nation Entertainment by 3.7% during the first quarter. Vanguard Group Inc. now owns 19,882,872 shares of the company's stock worth $2,596,305,000 after buying an additional 713,020 shares in the last quarter. Canada Pension Plan Investment Board lifted its position in shares of Live Nation Entertainment by 4.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 9,029,939 shares of the company's stock worth $1,179,129,000 after buying an additional 379,924 shares in the last quarter. Principal Financial Group Inc. boosted its position in 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 worth $991,952,000 after purchasing an additional 294,310 shares during the last quarter. Independent Franchise Partners LLP grew its stake in Live Nation Entertainment by 21.4% in the 1st quarter. Independent Franchise Partners LLP now owns 5,698,560 shares of the company's stock valued at $744,118,000 after purchasing an additional 1,004,574 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its stake in shares of Live Nation Entertainment by 46.1% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,804,375 shares of the company's stock worth $366,195,000 after purchasing an additional 884,745 shares during the period. 74.52% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Moffett Nathanson assumed coverage on shares of Live Nation Entertainment in a research note on Monday, August 18th. They issued a "buy" rating and a $195.00 target price on the stock. Wolfe Research increased their price target on Live Nation Entertainment from $160.00 to $168.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 10th. Rothschild & Co Redburn downgraded shares of Live Nation Entertainment from a "buy" rating to a "neutral" rating and upped their price objective for the company from $144.00 to $170.00 in a report on Tuesday. Morgan Stanley set a $180.00 price target on shares of Live Nation Entertainment in a research report on Thursday, July 24th. Finally, Benchmark lifted their price objective on shares of Live Nation Entertainment from $178.00 to $180.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Eighteen investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $170.68.

Live Nation Entertainment Price Performance

Shares of LYV stock traded down $1.03 during trading on Wednesday, hitting $169.39. The company had a trading volume of 3,168,045 shares, compared to its average volume of 2,448,364. The stock's 50-day moving average is $158.05 and its two-hundred day moving average is $143.42. The stock has a market capitalization of $39.72 billion, a price-to-earnings ratio of 73.33, a price-to-earnings-growth ratio of 11.63 and a beta of 1.42. Live Nation Entertainment, Inc. has a 52 week low of $102.32 and a 52 week high of $175.25. 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 net margin of 3.88% and a return on equity of 105.85%. The firm had revenue of $7.01 billion for the quarter, compared to analysts' expectations of $6.93 billion. During the same quarter in the previous year, the business earned $1.03 EPS. The company's revenue for the quarter was up 16.3% on a year-over-year basis. As a group, analysts predict that Live Nation Entertainment, Inc. will post 2.38 EPS for the current fiscal year.

Live Nation Entertainment Profile

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.