CIBC Bancorp USA Inc. Takes $19.64 Million Position in Live Nation Entertainment, Inc. $LYV

CIBC Bancorp USA Inc. purchased a new position in shares of Live Nation Entertainment, Inc. (NYSE:LYV) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 120,197 shares of the company’s stock, valued at approximately $19,640,000. CIBC Bancorp USA Inc. owned approximately 0.05% of Live Nation Entertainment as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Live Nation Entertainment by 1.8% during the third quarter. Vanguard Group Inc. now owns 20,679,128 shares of the company’s stock worth $3,378,970,000 after purchasing an additional 372,715 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Live Nation Entertainment by 22.1% in the third quarter. Principal Financial Group Inc. now owns 9,725,776 shares of the company’s stock valued at $1,589,196,000 after purchasing an additional 1,763,511 shares during the period. Capital World Investors grew its holdings in Live Nation Entertainment by 4.8% during the 3rd quarter. Capital World Investors now owns 5,145,834 shares of the company’s stock valued at $840,829,000 after purchasing an additional 237,342 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in Live Nation Entertainment by 7.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,071,673 shares of the company’s stock worth $501,911,000 after buying an additional 212,592 shares during the period. Finally, Norges Bank acquired a new position in Live Nation Entertainment in the 2nd quarter worth $198,336,000. Hedge funds and other institutional investors own 74.52% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on LYV. Evercore restated an “outperform” rating and set a $198.00 target price on shares of Live Nation Entertainment in a research note on Friday, February 20th. Oppenheimer reiterated an “outperform” rating and issued a $190.00 price target on shares of Live Nation Entertainment in a research note on Friday, February 20th. Morgan Stanley restated an “overweight” rating and set a $185.00 price objective on shares of Live Nation Entertainment in a research note on Friday, February 20th. Wells Fargo & Company initiated coverage on Live Nation Entertainment in a report on Wednesday, February 25th. They set an “overweight” rating and a $204.00 price objective on the stock. Finally, Moffett Nathanson cut their target price on Live Nation Entertainment from $185.00 to $180.00 and set a “buy” rating on the stock in a research report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Live Nation Entertainment has a consensus rating of “Moderate Buy” and a consensus price target of $184.40.

Live Nation Entertainment Trading Down 1.5%

Shares of NYSE LYV opened at $154.19 on Friday. Live Nation Entertainment, Inc. has a 12-month low of $113.20 and a 12-month high of $175.25. The company has a market cap of $36.20 billion, a price-to-earnings ratio of -642.46 and a beta of 1.11. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 8.51. The stock’s 50 day simple moving average is $152.19 and its 200 day simple moving average is $150.13.

Live Nation Entertainment (NYSE:LYV) last issued its earnings results on Thursday, February 19th. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($1.00) by ($0.06). The company had revenue of $6.31 billion during the quarter, compared to analyst estimates of $6.12 billion. Live Nation Entertainment had a return on equity of 48.11% and a net margin of 1.79%.Live Nation Entertainment’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.58 earnings per share. Equities research analysts expect that Live Nation Entertainment, Inc. will post 2.38 EPS for the current year.

Insider Buying and Selling at Live Nation Entertainment

In related news, Director Jeffrey T. Hinson sold 944 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $165.87, for a total value of $156,581.28. Following the sale, the director owned 48,030 shares of the company’s stock, valued at $7,966,736.10. This trade represents a 1.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.01% of the stock is currently owned by company insiders.

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.