The Vanguard Group, Inc. recently announced the acquisition of new stake in Live Nation Entertainment Inc. (NYSE:LYV). The institutional investor has increased its shareholding in the Communication Services company by 11.26% to 17.49 million shares with purchase of 1.77 million shares. This fresh investment now brings its stake to 7.57% valued currently at $1.26 billion. In addition, Select Equity Group LP raised its holdings by 0.4 million to 10.65 million shares. And Canada Pension Plan Investment Bo has lifted its position by 0.26% or 20851.0 shares – to 8.15 million shares.
With over 3.01 million Live Nation Entertainment Inc. (LYV) shares trading Monday and a closing price of $66.97 on the day, the dollar volume was approximately $201.79 million. The shares have shown a negative half year performance of -28.08% and its price on 03/13/23 gained nearly 0.48%. Currently, there are 226.87M common shares owned by the public and among those 155.81M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 17 analysts who have offered their price forecasts for LYV have a consensus price objective of $98.64. The analysts have set the share’s price value over the next 12 months at a high of $120.00 and a low of $70.00. The average price target is 32.11% above its recent price level and an upside to the estimated low will see the stock gain 4.33% over that period. But an upside of 44.19% will see the stock hit the forecast high price target while median target price for the stock is $102.50.
Insiders at the company have transacted a total of 209 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 45 of these insider trades were purchases, accounting for 4,465,466 shares. Insider sales of the common stock occurred on 164 occasions, with total insider shares sold totaling 4,243,803 shares.
The top 3 mutual fund holders in Live Nation Entertainment Inc. are Canada Pension Plan, Principal Investors – Mid Cap Fun, and Vanguard Total Stock Market Index. Canada Pension Plan owns 8.2 million shares of the company’s stock, all valued at over $591.04 million. The company sold -0.61 million shares recently to bring their total holdings to about 3.55% of the shares outstanding. Principal Investors – Mid Cap Fun bought 94722.0 shares to see its total holdings expand to 5.19 million shares valued at over $374.23 million and representing 2.25% of the shares outstanding. Vanguard Total Stock Market Index bought 38447.0 shares to bring its total holdings to over 4.96 million shares at a value of $357.33 million. Vanguard Total Stock Market Index now owns shares totaling to 2.15% of the shares outstanding.
Shares of Live Nation Entertainment Inc. (NYSE: LYV) opened at $66.56, down -$0.09 from a prior closing price of $66.65. However, the script later moved the day high at 68.50, up 0.48%. The company’s stock has a 5-day price change of -7.75% and -6.30% over the past three months. LYV shares are trading -3.97% year to date (YTD), with the 12-month market performance down to -39.97% lower. It has a 12-month low price of $65.05 and touched a high of $121.28 over the same period. LYV has an average intraday trading volume of 2.01 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -8.89%, -10.49%, and -17.57% respectively.
Institutional ownership of Live Nation Entertainment Inc. (NYSE: LYV) shares accounts for 71.90% of the company’s 226.87M shares outstanding. Mutual fund holders own 39.49%, while other institutional holders and individual stakeholders account for 71.78% and 26.99% respectively.
It has a market capitalization of $15.86B and a beta (3y monthly) value of 1.31. The stock’s trailing 12-month PE ratio is 125.18, while the earnings-per-share (ttm) stands at $0.54. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.23% over the week and 3.12% over the month.
Analysts forecast that Live Nation Entertainment Inc. (LYV) will achieve an EPS of -$0.91 for the current quarter, -$0.34 for the next quarter and $1.32 for 2023. The lowest estimate earnings-per-share for the quarter is -$1.28 while analysts give the company a high EPS estimate of -$0.4. Comparatively, EPS for the current quarter was -$0.86 a year ago. Earnings per share for the fiscal year are expected to increase by 120.90%, and 92.87% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 17 brokerage firm advisors rate Live Nation Entertainment Inc. (LYV) as a “Moderate Buy” at a consensus score of 2.10. Specifically, 10 Wall Street analysts polled rate the stock as a buy, while 3 of the 17 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the LYV, a number of firms have released research notes about the stock. Citigroup stated their Buy rating for the stock in a research note on November 28, 2022, with the firm’s price target at $90-$82. Macquarie was of a view on July 05, 2022 that the stock is Outperform, while The Benchmark Company gave the stock Buy rating on April 26, 2022, issuing a price target of $135. Rosenblatt on their part issued Buy rating on April 26, 2022.
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