Live Nation Entertainment, Inc. (NYSE:LYV) – Research analysts at Jefferies Group reduced their FY2017 earnings per share estimates for Live Nation Entertainment in a report issued on Wednesday. Jefferies Group analyst J. Janedis now expects that the company will earn ($0.41) per share for the year, down from their prior forecast of $0.15. Jefferies Group has a “Buy” rating and a $46.00 price target on the stock. Jefferies Group also issued estimates for Live Nation Entertainment’s Q4 2017 earnings at ($1.00) EPS and FY2018 earnings at $0.43 EPS.
Live Nation Entertainment (NYSE:LYV) last issued its 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). Live Nation Entertainment had a net margin of 0.50% and a return on equity of 3.33%. The firm had revenue of $3.56 billion during the quarter, compared to analysts’ expectations of $3.36 billion. During the same quarter last year, the firm earned $0.49 EPS. The business’s revenue for the quarter was up 12.3% compared to the same quarter last year.
Several other analysts also recently issued reports on the company. Zacks Investment Research downgraded Live Nation Entertainment from a “buy” rating to a “hold” rating in a research note on Thursday, October 26th. Citigroup downgraded Live Nation Entertainment from a “buy” rating to a “neutral” rating and set a $47.00 price target for the company. in a research note on Friday, December 22nd. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Live Nation Entertainment in a research note on Wednesday, October 18th. Finally, Macquarie reiterated a “buy” rating and set a $48.00 price target on shares of Live Nation Entertainment in a research note on Sunday, November 5th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $44.57.
Live Nation Entertainment (LYV) opened at $43.19 on Friday. The company has a market capitalization of $8,700.07, a PE ratio of 2,160.58 and a beta of 1.06. Live Nation Entertainment has a 52 week low of $27.22 and a 52 week high of $46.99. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.11 and a quick ratio of 1.11.
In related news, COO Joe Berchtold sold 20,000 shares of the business’s stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $45.43, for a total transaction of $908,600.00. Following the completion of the transaction, the chief operating officer now owns 117,918 shares of the company’s stock, valued at approximately $5,357,014.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael Rowles sold 46,511 shares of the business’s stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $43.35, for a total value of $2,016,251.85. Following the transaction, 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 quarter, insiders have sold 1,106,511 shares of company stock valued at $49,467,752. 4.77% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Live Nation Entertainment by 4.3% during the 2nd quarter. Vanguard Group Inc. now owns 10,866,455 shares of the company’s stock worth $378,695,000 after purchasing an additional 451,457 shares during the last quarter. Canada Pension Plan Investment Board lifted its position in shares of 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 worth $252,002,000 after purchasing an additional 5,715,400 shares during the last quarter. State Street Corp lifted its position in shares of Live Nation Entertainment by 2.8% during the 2nd quarter. State Street Corp now owns 3,497,318 shares of the company’s stock worth $121,878,000 after purchasing an additional 95,764 shares during the last quarter. Acadian Asset Management LLC lifted its position in shares of Live Nation Entertainment by 5.1% during the 4th quarter. Acadian Asset Management LLC now owns 2,364,397 shares of the company’s stock worth $100,651,000 after purchasing an additional 114,171 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its position in shares of Live Nation Entertainment by 24.5% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 1,813,800 shares of the company’s stock worth $78,991,000 after purchasing an additional 356,715 shares during the last quarter. 68.08% of the stock is owned by institutional investors and hedge funds.
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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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