PNC Financial Services Group Inc. Sells 4,130 Shares of Live Nation Entertainment, Inc. (NYSE:LYV)

PNC Financial Services Group Inc. lowered its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 28.1% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 10,569 shares of the company’s stock after selling 4,130 shares during the period. PNC Financial Services Group Inc.’s holdings in Live Nation Entertainment were worth $368,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in LYV. Teacher Retirement System of Texas lifted its position in shares of Live Nation Entertainment by 0.5% during the 2nd quarter. Teacher Retirement System of Texas now owns 10,667 shares of the company’s stock worth $372,000 after buying an additional 52 shares in the last quarter. Neuberger Berman Group LLC raised its holdings in shares of Live Nation Entertainment by 0.8% in the 2nd quarter. Neuberger Berman Group LLC now owns 7,830 shares of the company’s stock worth $273,000 after purchasing an additional 63 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of Live Nation Entertainment by 0.9% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 19,493 shares of the company’s stock worth $679,000 after purchasing an additional 177 shares during the period. Capstone Asset Management Co. raised its holdings in shares of Live Nation Entertainment by 2.0% in the 2nd quarter. Capstone Asset Management Co. now owns 12,828 shares of the company’s stock worth $447,000 after purchasing an additional 250 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Live Nation Entertainment by 9.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,321 shares of the company’s stock worth $185,000 after purchasing an additional 445 shares during the period. Institutional investors and hedge funds own 66.14% of the company’s stock.

In related news, Director Ariel Emanuel sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $41.56, for a total value of $415,600.00. Following the completion of the sale, the director now owns 85,737 shares of the company’s stock, valued at $3,563,229.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brian Capo sold 7,500 shares of the company’s stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $40.50, for a total transaction of $303,750.00. Following the completion of the sale, the insider now directly owns 13,354 shares of the company’s stock, 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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Shares of Live Nation Entertainment, Inc. (NYSE LYV) opened at 43.19 on Friday. The firm has a 50-day moving average of $42.41 and a 200 day moving average of $37.19. The company has a market capitalization of $8.85 billion, a P/E ratio of 6170.00 and a beta of 1.03. Live Nation Entertainment, Inc. has a 1-year low of $26.41 and a 1-year high of $43.86.

Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings data on Wednesday, August 9th. The company reported $0.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.10. The company had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Live Nation Entertainment had a net margin of 0.25% and a return on equity of 1.60%. The firm’s revenue for the quarter was up 29.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.13 earnings per share. On average, analysts anticipate that Live Nation Entertainment, Inc. will post $0.21 EPS for the current year.

A number of equities research analysts recently commented on the stock. Stephens reaffirmed an “overweight” rating and issued a $44.00 price target (up previously from $36.00) on shares of Live Nation Entertainment in a report on Thursday, August 10th. BidaskClub upgraded shares of Live Nation Entertainment from a “buy” rating to a “strong-buy” rating in a research note on Sunday, July 16th. Zacks Investment Research lowered shares of Live Nation Entertainment from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. J P Morgan Chase & Co reiterated a “buy” rating on shares of Live Nation Entertainment in a research note on Friday, August 11th. Finally, William Blair initiated coverage on shares of Live Nation Entertainment in a research note on Friday, July 21st. They issued an “outperform” rating for the company. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Live Nation Entertainment currently has a consensus rating of “Buy” and an average target price of $40.86.

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.

Institutional Ownership by Quarter for Live Nation Entertainment (NYSE:LYV)

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