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 0.00% to 14.86 million shares with purchase of 609.0 shares. This fresh investment now brings its stake to 6.90% valued currently at $695.65 million. In addition, Canada Pension Plan Investment Bo.. raised its holdings by 29273.0 to 10.75 million shares. And Principal Global Investors LLC has lifted its position by 82.23% or 3.34 million shares – to 7.4 million shares.
With over 2.26 million Live Nation Entertainment Inc. (LYV) shares trading Monday and a closing price of $56.80 on the day, the dollar volume was approximately $128.49 million. The shares have shown a positive weekly performance of 5.01% and its price on 08/31/20 lost nearly -3.25%. Currently, there are 211.69M common shares owned by the public and among those 159.06M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 12 analysts who have offered their price forecasts for LYV have a consensus price objective of $53.00. The analysts have set the share’s price value over the next 12 months at a high of $60.00 and a low of $40.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Live Nation Entertainment Inc. stock is 2.20 for the next 12 months. The average price target is -11.81% below its last price level and a downside to the estimated low will see the stock lose -42.0% over that period. But an upside of 5.33% will see the stock hit the forecast high price target while mean target price for the stock is $55.00.
Insiders at the company have transacted a total of 49 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 33 of these insider trades were purchases, accounting for 1,652,643 shares. Insider sales of the common stock occurred on 16 occasions, with total insider shares sold totaling 480,496 shares.
The top 3 mutual fund holders in Live Nation Entertainment Inc. are Canada Pension Plan, Akre Focus Fund, and Vanguard Total Stock Market Index. Canada Pension Plan owns 10.2 million shares of the company’s stock, all valued at over $477.27 million. The company bought an additional 2.61 million shares recently to bring their total holdings to about 4.74% of the shares outstanding. Vanguard Total Stock Market Index sold 2517.0 shares to bring its total holdings to over 3.99 million shares at a value of $186.54 million. Vanguard Total Stock Market Index now owns shares totaling to 1.85% of the shares outstanding.
Shares of Live Nation Entertainment Inc. (NYSE: LYV) opened at $58.73, up $0.02 from a prior closing price of $58.71. However, the script later closed the day at $56.80, down -3.25%. The company’s stock has a 5-day price change of 5.01% and 12.41% over the past three months. LYV shares are trading -20.53% year to date (YTD), with the 12-month market performance down to -18.29% lower. It has a 12-month low price of $21.70 and touched a high of $76.60 over the same period. Currently, 2.26 million shares have been traded, compared to an average intraday trading volume of 2.84 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 10.76%, 16.98%, and 4.03% respectively.
Institutional ownership of Live Nation Entertainment Inc. (NYSE: LYV) shares accounts for 73.40% of the company’s 211.69M shares outstanding. Mutual fund holders own 37.18%, while other institutional holders and individual stakeholders account for 84.10% and 29.39% respectively.
It has a market capitalization of $12.04B and a beta (3y monthly) value of 1.18. The earnings-per-share (ttm) stands at -$3.79. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.76% over the week and 4.10% over the month.
Analysts forecast that Live Nation Entertainment Inc. (LYV) will achieve an EPS of -$2.25 for the current quarter, -$2.12 for the next quarter and -$1.77 for 2021. The lowest estimate earnings-per-share for the quarter is -$2.84 while analysts give the company a high EPS estimate of -$1.42. Comparatively, EPS for the current quarter was $0.71 a year ago. Earnings per share for the fiscal year are expected to increase by 72.70%, and 77.10% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 12 brokerage firm advisors rate Live Nation Entertainment Inc. (LYV) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 4 of the 12 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the LYV, a number of firms have released research notes about the stock. Berenberg stated their Hold rating for the stock in a research note on March 31, 2020, with the firm’s price target at. Citigroup coverage for the Live Nation Entertainment Inc. (LYV) stock in a research note released on March 24, 2020 offered a Neutral rating with a price target of $35. Cowen was of a view on January 27, 2020 that the stock is Outperform, while Evercore ISI gave the stock Outperform rating on November 12, 2019, issuing a price target of. Morgan Stanley on their part issued Equal-Weight rating on October 08, 2019.