Principal Financial Group Inc. Has $1.69 Billion Position in Live Nation Entertainment, Inc. $LYV

Principal Financial Group Inc. raised its holdings in Live Nation Entertainment, Inc. (NYSE:LYV) by 3.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,095,305 shares of the company’s stock after acquiring an additional 367,624 shares during the quarter. Live Nation Entertainment comprises 0.9% of Principal Financial Group Inc.’s portfolio, making the stock its 18th largest position. Principal Financial Group Inc.’s holdings in Live Nation Entertainment were worth $1,692,151,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Leonteq Securities AG acquired a new stake in shares of Live Nation Entertainment during the fourth quarter worth $25,000. Nvest Wealth Strategies Inc. bought a new position in Live Nation Entertainment during the fourth quarter worth about $26,000. Elyxium Wealth LLC acquired a new position in shares of Live Nation Entertainment during the 4th quarter worth about $30,000. DV Equities LLC bought a new stake in shares of Live Nation Entertainment in the 4th quarter valued at about $31,000. Finally, Blue Trust Inc. raised its position in shares of Live Nation Entertainment by 62.6% in the 4th quarter. Blue Trust Inc. now owns 278 shares of the company’s stock valued at $40,000 after acquiring an additional 107 shares during the period. Institutional investors own 74.52% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. The Goldman Sachs Group boosted their price objective on shares of Live Nation Entertainment from $192.00 to $202.00 and gave the company a “buy” rating in a report on Wednesday, July 8th. Zacks Research raised shares of Live Nation Entertainment from a “strong sell” rating to a “hold” rating in a research report on Friday, May 8th. Citizens Jmp started coverage on shares of Live Nation Entertainment in a report on Monday, March 30th. They issued a “market outperform” rating and a $190.00 price target for the company. JPMorgan Chase & Co. upped their price objective on shares of Live Nation Entertainment from $178.00 to $180.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Finally, Guggenheim lifted their target price on Live Nation Entertainment from $192.00 to $197.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Twenty analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Live Nation Entertainment has an average rating of “Moderate Buy” and a consensus target price of $190.15.

Insider Transactions at Live Nation Entertainment

In other news, EVP John Hopmans sold 93,078 shares of the company’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $166.07, for a total transaction of $15,457,463.46. Following the completion of the transaction, the executive vice president directly owned 188,751 shares of the company’s stock, valued at $31,345,878.57. This represents a 33.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael Rowles sold 63,776 shares of Live Nation Entertainment stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $164.24, for a total value of $10,474,570.24. Following the completion of the sale, the executive vice president directly owned 204,716 shares in the company, valued at approximately $33,622,555.84. This represents a 23.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.89% of the stock is currently owned by corporate insiders.

Live Nation Entertainment Stock Performance

Shares of LYV opened at $183.26 on Tuesday. The firm has a market cap of $43.17 billion, a P/E ratio of -103.54 and a beta of 1.11. Live Nation Entertainment, Inc. has a twelve month low of $125.34 and a twelve month high of $188.00. The company has a debt-to-equity ratio of 13.93, a quick ratio of 0.88 and a current ratio of 0.88. The firm’s 50 day moving average price is $171.07 and its two-hundred day moving average price is $159.01.

Live Nation Entertainment (NYSE:LYV) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($1.85) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($1.50). The company had revenue of $3.79 billion for the quarter, compared to the consensus estimate of $3.57 billion. Live Nation Entertainment had a return on equity of 45.92% and a net margin of 0.15%.The firm’s revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the company earned ($0.32) EPS. On average, analysts forecast that Live Nation Entertainment, Inc. will post 1.09 EPS for the current fiscal year.

Live Nation Entertainment Company Profile

Live Nation Entertainment is a global live entertainment company that promotes, operates and sells tickets for live events. The company’s core activities include concert promotion and production, venue operations and management, ticketing services through its Ticketmaster platform, artist management and development, and sponsorship and advertising services tied to live events. These integrated businesses are designed to connect artists, fans and commercial partners across the live event ecosystem.

The company in its current form was created following the 2010 merger of Live Nation and Ticketmaster, combining a promoter and venue operator with one of the industry’s largest ticketing platforms.