First Citizens Bank & Trust Co. Purchases New Position in Live Nation Entertainment, Inc. $LYV

First Citizens Bank & Trust Co. purchased a new stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 1,434 shares of the company’s stock, valued at approximately $217,000.

A number of other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Live Nation Entertainment by 3.7% during the 1st quarter. Vanguard Group Inc. now owns 19,882,872 shares of the company’s stock valued at $2,596,305,000 after purchasing an additional 713,020 shares during the period. Canada Pension Plan Investment Board boosted its position in 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 valued at $1,179,129,000 after acquiring an additional 379,924 shares in the last quarter. Principal Financial Group Inc. boosted its position in Live Nation Entertainment by 4.0% during the 1st quarter. Principal Financial Group Inc. now owns 7,596,509 shares of the company’s stock valued at $991,952,000 after acquiring an additional 294,310 shares in the last quarter. Independent Franchise Partners LLP boosted its position in Live Nation Entertainment by 21.4% during the 1st quarter. Independent Franchise Partners LLP now owns 5,698,560 shares of the company’s stock valued at $744,118,000 after acquiring an additional 1,004,574 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in 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 valued at $366,195,000 after acquiring an additional 884,745 shares in the last quarter. Hedge funds and other institutional investors own 74.52% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on LYV. Oppenheimer lifted their price objective on Live Nation Entertainment from $165.00 to $180.00 and gave the company an “outperform” rating in a research report on Tuesday, August 12th. Moffett Nathanson began coverage on Live Nation Entertainment in a research report on Monday, August 18th. They set a “buy” rating and a $195.00 price objective on the stock. Morgan Stanley set a $180.00 price objective on Live Nation Entertainment in a research report on Thursday, July 24th. Rothschild & Co Redburn cut Live Nation Entertainment from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $144.00 to $170.00 in a research report on Tuesday, September 16th. Finally, The Goldman Sachs Group lifted their price objective on Live Nation Entertainment from $168.00 to $170.00 and gave the company a “buy” rating in a research report on Thursday, October 2nd. Eighteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $171.89.

Live Nation Entertainment Stock Performance

LYV stock opened at $152.98 on Monday. The stock has a market capitalization of $35.87 billion, a PE ratio of 66.23, a price-to-earnings-growth ratio of 13.16 and a beta of 1.40. Live Nation Entertainment, Inc. has a 12-month low of $112.88 and a 12-month high of $175.25. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 5.38. The stock’s 50 day simple moving average is $161.87 and its 200 day simple moving average is $149.82.

Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business’s revenue was up 16.3% compared to the same quarter last year. During the same period last year, the company posted $1.03 earnings per share. As a group, research analysts forecast that Live Nation Entertainment, Inc. will post 2.38 earnings per share 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.