Canada Pension Plan Investment Bo has recently announced that it has increased stake in Live Nation Entertainment Inc (NYSE:LYV) by 5.13%. After grabbing 8.8 million shares, the institutional investor is now in possession of 0.43 million shares of the Communication Services Company. The new investment brought the stake of investor firm to 3.82% having worth around $704.28 million. Moreover, BlackRock Fund Advisors increased its share by 0.1 million to have a control over 7.42 million shares. And Principal Global Investors LLC raised its holdings to 33215.0 shares by acquiring 7.11 million shares or 3.09% of the stake.
Live Nation Entertainment Inc (LYV) concluded trading on 12/14/23 at a closing price of $93.07, with 5.03 million shares of worth about $468.43 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 3.02% during that period and on Thursday the price saw a gain of about 5.69%. Currently the company’s common shares owned by public are about 231.26M shares, out of which, 143.47M shares are available for trading.
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According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 29 times over the past 12 months. They bought 144,049 shares in 14 of the transactions. In 15 selling transactions, insiders dumped 1,190,954 shares.
Canada Pension Plan, Principal Funds, Inc. – Mid Cap F, and Vanguard Total Stock Market ETF are the top 3 mutual funds which are holding stakes in Live Nation Entertainment Inc Canada Pension Plan is currently holding 8.24 million shares of worth totaling $659.36 million. The company recently came buying 38000.0 shares which brought its stake up to 3.58% of the company’s outstanding shares. Principal Funds, Inc. – Mid Cap F sold 35362.0 shares, after which its hold over company’s outstanding shares shrunk to 2.22%, leaving 5.1 million shares with the mutual fund that have a worth of about $408.08 million. Vanguard Total Stock Market ETF, after buying 5.04 million shares, have now control over 2.19% of the stake in the company. It holds 31273.0 shares of worth $403.49 million.
However, the stock later moved at a day high price of 93.71, or with a gain of 5.69%. Stock saw a price change of 10.43% in past 5 days and over the past one month there was a price change of 4.57%. Year-to-date (YTD), LYV shares are showing a performance of 33.45% which increased to 25.48% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $64.25 but also hit the highest price of $101.74 during that period. The average intraday trading volume for Live Nation Entertainment Inc shares is 1.92 million. The stock is currently trading 7.88% above its 20-day simple moving average (SMA20), while that difference is up 9.92% for SMA50 and it goes to 14.13% higher than SMA200.
Canada Pension Plan Investment Bo acquired 8.8 million shares of Live Nation Entertainment Inc having value of about $704.28 million. Data submitted at the U.S SEC by Canada Pension Plan Investment Bo revealed that the firm now holds 0.43 million shares in the company valued at close to $39987525.5, or have control over 5.13% stake in the company. Live Nation Entertainment Inc (NYSE: LYV) currently have 231.26M outstanding shares and institutions hold larger chunk of about 67.31% of that. Holding of mutual funds in the company is about 37.50% while other institutional holders and individual stake holders have control over 78.86% and 30.09% of the stake respectively.
The stock has a current market capitalization of $21.44B and its 3Y-monthly beta is at 1.28. PE ratio of stock for trailing 12 months is 64.27, while it has posted earnings per share of $1.45 in the same period. It has Quick Ratio of 1.14 while making debt-to-equity ratio of 37.97. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for LYV, volatility over the week remained 3.37% while standing at 2.19% over the month.
Analysts are in expectations that Live Nation Entertainment Inc (LYV) stock would likely to be making an EPS of -$0.99 in the current quarter, while forecast for next quarter EPS is -$0.01 and it is $2.27 for next year. For the current quarter EPS, analysts have given the company a lowest target -$1.28 which is -$0.78 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.87 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 154.07% while it is estimated to increase by 35.81% in next year.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Morgan Stanley on Dec-15-23 offering an Overweight rating for the stock and assigned a target price range of between $100 and $110 to it.
