PNC Financial Services Group Inc. Purchases 3,976 Shares of Live Nation Entertainment, Inc. (NYSE:LYV)

PNC Financial Services Group Inc. grew its position in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 23.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,022 shares of the company’s stock after acquiring an additional 3,976 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Live Nation Entertainment were worth $2,302,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Frank Rimerman Advisors LLC acquired a new position in Live Nation Entertainment during the second quarter worth $748,000. Select Equity Group L.P. boosted its position in shares of Live Nation Entertainment by 12.3% during the second quarter. Select Equity Group L.P. now owns 12,940,613 shares of the company’s stock valued at $1,213,053,000 after buying an additional 1,415,173 shares during the last quarter. Davidson Kempner Capital Management LP bought a new stake in Live Nation Entertainment during the second quarter worth $3,985,000. Czech National Bank raised its position in Live Nation Entertainment by 17.5% in the 3rd quarter. Czech National Bank now owns 31,904 shares of the company’s stock valued at $3,493,000 after buying an additional 4,761 shares during the last quarter. Finally, Coronation Fund Managers Ltd. lifted its stake in Live Nation Entertainment by 48.3% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 51,187 shares of the company’s stock valued at $4,798,000 after acquiring an additional 16,668 shares in the last quarter. 74.52% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Michael Rapino sold 98,849 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $97.50, for a total value of $9,637,777.50. Following the completion of the transaction, the chief executive officer now owns 3,702,115 shares in the company, valued at $360,956,212.50. This trade represents a 2.60 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jeffrey T. Hinson sold 5,640 shares of Live Nation Entertainment stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $95.18, for a total value of $536,815.20. Following the sale, the director now owns 53,949 shares in the company, valued at $5,134,865.82. This represents a 9.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 168,799 shares of company stock valued at $16,449,718. Corporate insiders own 2.72% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Evercore ISI increased their target price on shares of Live Nation Entertainment from $110.00 to $150.00 and gave the company an “outperform” rating in a report on Tuesday, November 12th. StockNews.com upgraded shares of Live Nation Entertainment from a “sell” rating to a “hold” rating in a research note on Wednesday, November 20th. Bank of America upped their target price on Live Nation Entertainment from $125.00 to $149.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Benchmark lifted their price target on Live Nation Entertainment from $132.00 to $144.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Live Nation Entertainment from $130.00 to $150.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Two analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $141.53.

Live Nation Entertainment Trading Up 0.1 %

NYSE LYV opened at $140.46 on Tuesday. The stock has a market cap of $32.64 billion, a P/E ratio of 149.43, a price-to-earnings-growth ratio of 3.80 and a beta of 1.33. Live Nation Entertainment, Inc. has a fifty-two week low of $81.38 and a fifty-two week high of $141.18. The stock has a 50 day simple moving average of $117.52 and a two-hundred day simple moving average of $102.58. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.01 and a current ratio of 1.01.

Live Nation Entertainment (NYSE:LYV) last announced its quarterly earnings results on Monday, November 11th. The company reported $1.66 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.08. The company had revenue of $7.65 billion during the quarter, compared to analyst estimates of $7.75 billion. Live Nation Entertainment had a return on equity of 77.62% and a net margin of 2.11%. The firm’s revenue was down 6.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.78 earnings per share. On average, analysts forecast that Live Nation Entertainment, Inc. will post 1.04 earnings per share for the current year.

Live Nation Entertainment Company 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.