Live Nation Entertainment, Inc. (NYSE:LYV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, October 24th. The firm currently has a $48.00 price objective on the stock. Zacks Investment Research‘s target price points to a potential upside of 7.21% from the stock’s previous close.
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. “
A number of other research analysts have also weighed in on LYV. Stephens reaffirmed an “overweight” rating and issued a $44.00 price objective (up from $36.00) on shares of Live Nation Entertainment in a research note on Thursday, August 10th. J P Morgan Chase & Co reissued a “buy” rating on shares of Live Nation Entertainment in a research report on Friday, August 11th. Jefferies Group LLC reissued a “buy” rating and set a $42.00 price target on shares of Live Nation Entertainment in a research report on Monday, October 16th. BidaskClub raised shares of Live Nation Entertainment from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 16th. Finally, William Blair started coverage on shares of Live Nation Entertainment in a research report on Friday, July 21st. They issued an “outperform” rating on the stock. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $42.86.
Live Nation Entertainment (LYV) opened at $44.77 on Tuesday. 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 has a 12-month low of $26.41 and a 12-month high of $45.72. The stock has a market cap of $9,258.44, a P/E ratio of 2,238.50 and a beta of 1.07.
Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings results on Thursday, November 2nd. The company reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.02). The company had revenue of $3.56 billion during the quarter, compared to analyst estimates of $3.36 billion. Live Nation Entertainment had a return on equity of 3.33% and a net margin of 0.50%. The company’s revenue for the quarter was up 12.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.49 earnings per share. equities research analysts predict that Live Nation Entertainment will post 0.18 earnings per share for the current year.
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In related news, EVP Michael Rowles sold 46,511 shares of the stock in a transaction dated Monday, November 6th. The shares were 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Brian Capo sold 7,500 shares of the stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $40.50, for a total transaction of $303,750.00. Following the sale, the insider now directly owns 13,354 shares in the company, valued at $540,837. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 64,011 shares of company stock valued at $2,735,602. Company insiders own 4.77% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of LYV. Canada Pension Plan Investment Board lifted its stake in Live Nation Entertainment by 8,038.5% during the 3rd quarter. Canada Pension Plan Investment Board now owns 5,786,500 shares of the company’s stock valued at $252,002,000 after acquiring an additional 5,715,400 shares during the period. William Blair Investment Management LLC bought a new position in Live Nation Entertainment during the 2nd quarter valued at about $109,693,000. Acadian Asset Management LLC lifted its stake in Live Nation Entertainment by 818.0% during the 2nd quarter. Acadian Asset Management LLC now owns 1,086,576 shares of the company’s stock valued at $37,868,000 after acquiring an additional 968,217 shares during the period. Victory Capital Management Inc. lifted its stake in Live Nation Entertainment by 80.9% during the 2nd quarter. Victory Capital Management Inc. now owns 1,516,512 shares of the company’s stock valued at $52,851,000 after acquiring an additional 678,283 shares during the period. Finally, Scout Investments Inc. bought a new position in Live Nation Entertainment during the 3rd quarter valued at about $24,217,000. Institutional investors and hedge funds own 68.39% of the company’s stock.
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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