Envestnet Portfolio Solutions Inc. has significantly reduced its holdings in Live Nation Entertainment, Inc. (NYSE: LYV), selling 5,141 shares during the second quarter of 2023. According to its latest 13F filing with the Securities and Exchange Commission, this move represents a decrease of 53.6%, leaving the firm with 4,449 shares valued at approximately $673,000.
This reduction in stake comes amidst broader activity among institutional investors regarding Live Nation Entertainment. For instance, Vanguard Group Inc. increased its investment in the company by 3.7% during the first quarter, now owning 19,882,872 shares worth around $2.6 billion after acquiring an additional 713,020 shares. Similarly, the Canada Pension Plan Investment Board raised its holdings by 4.4%, bringing its total to 9,029,939 shares valued at approximately $1.18 billion.
Principal Financial Group Inc. also increased its position by 4.0%, owning 7,596,509 shares, while Independent Franchise Partners LLP boosted its holdings significantly by 21.4%, now owning 5,698,560 shares. Massachusetts Financial Services Co. saw the most substantial increase, growing its stake by 46.1%, resulting in ownership of 2,804,375 shares.
Recent Analyst Ratings and Stock Performance
A considerable number of analysts have recently updated their ratings for Live Nation Entertainment. Rothschild Redb downgraded the company from a “strong-buy” to a “hold” rating on September 16, while Goldman Sachs Group adjusted its target price from $168.00 to $170.00 and maintained a “buy” rating. Morgan Stanley set a price target of $180.00. Oppenheimer also raised its price objective from $165.00 to $180.00, giving the stock an “outperform” rating. Currently, eighteen analysts have assigned a “buy” rating, while three have classified it as a “hold,” resulting in an average target price of $171.42.
Live Nation Entertainment’s stock opened at $156.68 on Tuesday, reflecting a 1.0% increase. The company has a market capitalization of $36.74 billion with a price-to-earnings ratio of 67.83. The firm has experienced a price range over the past year, with a low of $112.88 and a high of $175.25.
Quarterly Earnings Report
Live Nation Entertainment announced its quarterly earnings on August 7, 2023, reporting earnings of $0.41 per share, which fell short of analysts’ consensus estimate of $1.08 by $0.67. The firm reported revenue of $7.01 billion, surpassing estimates of $6.93 billion. Despite the earnings miss, the company recorded a year-over-year revenue increase of 16.3%. During the same quarter last year, the company earned $1.03 per share.
Analysts project that Live Nation will post an average of $2.38 earnings per share for the current fiscal year.
Live Nation Entertainment operates globally, focusing on live entertainment through its Concerts, Ticketing, and Sponsorship & Advertising segments. The Concerts segment is particularly notable, as it promotes live music events in both owned and rented venues, manages music festivals, and provides various services to artists.
For those interested in tracking further developments regarding Live Nation Entertainment, resources such as HoldingsChannel.com provide updates on 13F filings and insider trading activities.
