Canada Pension Plan Investment Board Has $252 Million Position in Live Nation Entertainment, Inc. (LYV)
Canada Pension Plan Investment Board increased its position in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 8,038.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,786,500 shares of the company’s stock after buying an additional 5,715,400 shares during the period. Canada Pension Plan Investment Board owned 2.81% of Live Nation Entertainment worth $252,002,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. William Blair Investment Management LLC acquired a new stake in Live Nation Entertainment in the second quarter worth $109,693,000. Acadian Asset Management LLC grew its holdings in shares of Live Nation Entertainment by 818.0% during the second quarter. Acadian Asset Management LLC now owns 1,086,576 shares of the company’s stock valued at $37,868,000 after buying an additional 968,217 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of Live Nation Entertainment by 80.9% during the second quarter. Victory Capital Management Inc. now owns 1,516,512 shares of the company’s stock valued at $52,851,000 after buying an additional 678,283 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Live Nation Entertainment by 5.2% during the first quarter. Vanguard Group Inc. now owns 10,414,998 shares of the company’s stock valued at $316,303,000 after buying an additional 517,577 shares during the last quarter. Finally, Stephens Investment Management Group LLC acquired a new position in shares of Live Nation Entertainment during the second quarter valued at about $15,519,000. 65.87% of the stock is owned by institutional investors and hedge funds.
Live Nation Entertainment (NYSE:LYV) last issued its quarterly earnings data on Wednesday, August 9th. The company reported $0.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.10. Live Nation Entertainment had a net margin of 0.25% and a return on equity of 1.60%. The firm had revenue of $2.82 billion for the quarter, compared to analysts’ expectations of $2.37 billion. During the same quarter in the prior year, the business earned $0.13 EPS. The business’s quarterly revenue was up 29.3% on a year-over-year basis.
A number of research analysts recently weighed in on the stock. Zacks Investment Research raised shares of Live Nation Entertainment from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a research report on Tuesday, October 24th. Stephens reissued an “overweight” rating and set a $44.00 price target (up from $36.00) on shares of Live Nation Entertainment in a research report on Thursday, August 10th. J P Morgan Chase & Co reissued a “buy” rating on shares of Live Nation Entertainment in a research report on Friday, August 11th. Jefferies Group LLC reissued a “buy” rating and set a $42.00 price target on shares of Live Nation Entertainment in a research report on Monday, October 16th. Finally, BidaskClub raised shares of Live Nation Entertainment from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 16th. Four analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $40.86.
In other news, Director Ariel Emanuel sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $41.56, for a total value of $415,600.00. Following the transaction, the director now owns 85,737 shares in the company, valued at approximately $3,563,229.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Brian Capo sold 7,500 shares of the firm’s stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $40.50, for a total transaction of $303,750.00. Following the sale, the insider now owns 13,354 shares in the company, valued at approximately $540,837. The disclosure for this sale can be found here. 4.77% of the stock is owned by corporate insiders.
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About Live Nation Entertainment
Live Nation Entertainment, Inc is a live entertainment company. The Company’s businesses consist of the promotion of live events, including ticketing, sponsorship and advertising. Its segments include Concerts, Sponsorship & Advertising, Ticketing and Artist Nation. The Concerts segment is engaged in promotion of live music events in its owned or operated venues and in rented third-party venues; operation and management of music venues; production of music festivals, and creation of associated content.
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