Live Nation Entertainment, Inc. (NYSE:LYV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, October 26th.
According to Zacks, “Live Nation Entertainment, Inc. is the world’s premier live entertainment company, consisting of Live Nation, Ticketmaster and Front Line Management Group. The Company engages in producing, marketing, and selling live concerts for artists via its concert pipe. Live Nation owns and operates many venues, including House of Blues music venues and locations, such as The Fillmore in San Francisco, Nikon at Jones Beach Theatre in New York and London’s Wembley Arena. In addition, it also produces, promotes or hosts theatrical, specialized motor sports and other live entertainment events. The Company is driving major innovations in ticketing technology, marketing and service. It offers ticket sales, ticket resale services, and marketing and distribution through ticketmaster.com, an e-commerce site on the Internet. Live Nation Entertainment, Inc. was formerly known as Live Nation, Inc. and is based in Beverly Hills, California. “
Other research analysts have also recently issued research reports about the stock. J P Morgan Chase & Co restated a “buy” rating on shares of Live Nation Entertainment in a research note on Wednesday, October 18th. Jefferies Group LLC restated a “buy” rating and set a $42.00 price target on shares of Live Nation Entertainment in a research note on Monday, October 16th. William Blair assumed coverage on shares of Live Nation Entertainment in a research note on Friday, July 21st. They set an “outperform” rating for the company. Stephens reaffirmed an “overweight” rating and set a $44.00 price objective (up previously from $36.00) on shares of Live Nation Entertainment in a report on Thursday, August 10th. Finally, BidaskClub raised shares of Live Nation Entertainment from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 16th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Live Nation Entertainment presently has a consensus rating of “Buy” and an average price target of $42.86.
Live Nation Entertainment (NYSE LYV) traded down $0.08 during trading on Thursday, reaching $44.77. 1,221,900 shares of the company’s stock traded hands, compared to its average volume of 1,862,135. The firm has a market capitalization of $9,258.44, a P/E ratio of 2,238.50 and a beta of 1.07. Live Nation Entertainment has a 52-week low of $26.41 and a 52-week high of $45.72. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.11 and a quick ratio of 1.11.
Live Nation Entertainment (NYSE:LYV) last released its earnings results on Thursday, November 2nd. The company reported $0.53 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.55 by ($0.02). Live Nation Entertainment had a net margin of 0.50% and a return on equity of 3.33%. The company had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $3.36 billion. During the same quarter in the previous year, the business posted $0.49 EPS. The firm’s quarterly revenue was up 12.3% on a year-over-year basis. equities research analysts forecast that Live Nation Entertainment will post 0.18 EPS for the current year.
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In other Live Nation Entertainment news, Director Ariel Emanuel sold 10,000 shares of Live Nation Entertainment stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $41.56, for a total transaction of $415,600.00. Following the completion of the sale, the director now owns 85,737 shares of the company’s stock, valued at approximately $3,563,229.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael Rowles sold 46,511 shares of Live Nation Entertainment stock in a transaction on Monday, November 6th. The stock was sold at an average price of $43.35, for a total transaction of $2,016,251.85. Following the sale, the executive vice president now directly owns 192,054 shares of the company’s stock, valued at approximately $8,325,540.90. The disclosure for this sale can be found here. In the last three months, insiders sold 64,011 shares of company stock valued at $2,735,602. 4.77% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Schroder Investment Management Group bought a new position in shares of Live Nation Entertainment during the third quarter worth $1,657,000. Trexquant Investment LP bought a new stake in Live Nation Entertainment in the 3rd quarter valued at $286,000. Legal & General Group Plc lifted its position in Live Nation Entertainment by 4.9% in the 3rd quarter. Legal & General Group Plc now owns 189,440 shares of the company’s stock valued at $8,249,000 after acquiring an additional 8,885 shares in the last quarter. NorthCoast Asset Management LLC lifted its position in Live Nation Entertainment by 32.8% in the 3rd quarter. NorthCoast Asset Management LLC now owns 26,811 shares of the company’s stock valued at $1,168,000 after acquiring an additional 6,621 shares in the last quarter. Finally, LMR Partners LLP bought a new stake in Live Nation Entertainment in the 3rd quarter valued at $583,000. 68.39% of the stock is currently owned by institutional investors.
Live Nation Entertainment Company Profile
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.
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