CPPIB takes new $859M stake in Live Nation
What's the deal? The Canada Pension Plan Investment Board (CPPIB)Dealroom has a profile for this one. Try Dealroom → bought a new position in Live Nation EntertainmentDealroom has a profile for this one. Try Dealroom → (NYSE:LYV) in the second quarter, acquiring 4,691,266 shares worth roughly $859,018,000, according to its latest filing with the Securities and Exchange Commission.
What does the company do? Live Nation is the world's largest live-events company, running concert promotion, venues, and the TicketmasterDealroom has a profile for this one. Try Dealroom → platform.
Who else is buying? Several other institutions added to their holdings in recent quarters, including Cerity PartnersDealroom has a profile for this one. Try Dealroom →, Daiwa Securities GroupDealroom has a profile for this one. Try Dealroom →, and NewEdge AdvisorsDealroom has a profile for this one. Try Dealroom →, which lifted its stake by 344.3%. Institutional investors now own 74.52% of the stock.
What are analysts saying? Twenty analysts rate the stock a buy and four rate it a hold, for a consensus "Moderate Buy" and a $197.19 price target. Wells FargoDealroom has a profile for this one. Try Dealroom → set the highest recent target, raising it to $222.
One note of caution: Chief accounting officer Brian Capo sold 2,900 shares on August 24 at an average of $184.00, cutting his stake 25.10%. Corporate insiders hold 2.89% of the stock.
Where the stock stands: LYV opened at $186.48 on Wednesday, near its 52-week high of $189.24 and well above its low of $125.34.
The signal: A near-$1 billion bet from one of the world's largest pension funds signals long-term conviction in live entertainment, even as heavy institutional ownership and a stock trading near its peak leave less room for surprise.
Read more: tickerreport.com
Image credit: Anirudh Koul
