Equities analysts forecast that Live Nation Entertainment, Inc. (NYSE:LYV) will post sales of $2.85 billion for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Live Nation Entertainment’s earnings, with the highest sales estimate coming in at $3.03 billion and the lowest estimate coming in at $2.70 billion. Live Nation Entertainment reported sales of $2.82 billion during the same quarter last year, which indicates a positive year over year growth rate of 1.1%. The company is scheduled to report its next quarterly earnings results on Wednesday, August 8th.
According to Zacks, analysts expect that Live Nation Entertainment will report full-year sales of $10.36 billion for the current year, with estimates ranging from $10.21 billion to $10.55 billion. For the next year, analysts forecast that the company will post sales of $11.05 billion per share, with estimates ranging from $10.79 billion to $11.40 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that cover Live Nation Entertainment.
Live Nation Entertainment (NYSE:LYV) last released its earnings results on Thursday, May 3rd. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.05. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.32 billion. Live Nation Entertainment had a negative return on equity of 1.76% and a negative net margin of 0.25%. Live Nation Entertainment’s revenue was up 19.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.22) earnings per share.
A number of research analysts recently issued reports on the company. Citigroup lifted their target price on Live Nation Entertainment from $45.00 to $56.00 and gave the stock a “buy” rating in a report on Friday. Zacks Investment Research raised Live Nation Entertainment from a “sell” rating to a “hold” rating in a report on Tuesday, March 13th. Macquarie reiterated a “buy” rating and issued a $55.00 price target on shares of Live Nation Entertainment in a research report on Thursday, March 1st. Guggenheim reiterated a “buy” rating and issued a $53.00 price target on shares of Live Nation Entertainment in a research report on Thursday, March 1st. Finally, Evercore ISI upgraded Live Nation Entertainment from an “in-line” rating to an “outperform” rating and increased their price target for the company from $32.80 to $49.11 in a research report on Friday, May 4th. One research analyst has rated the stock with a sell rating, ten have issued a buy rating and one has given a strong buy rating to the company. Live Nation Entertainment has an average rating of “Buy” and a consensus price target of $50.26.
In related news, Director Robert Ted Enloe III sold 4,389 shares of the stock in a transaction on Thursday, June 7th. The stock was sold at an average price of $45.11, for a total value of $197,987.79. Following the completion of the transaction, the director now owns 26,897 shares in the company, valued at approximately $1,213,323.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 5.19% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. US Bancorp DE boosted its position in Live Nation Entertainment by 379.4% during the 4th quarter. US Bancorp DE now owns 3,869 shares of the company’s stock worth $165,000 after acquiring an additional 3,062 shares during the period. Global X Management Co. LLC raised its stake in shares of Live Nation Entertainment by 45.5% during the 4th quarter. Global X Management Co. LLC now owns 4,239 shares of the company’s stock worth $180,000 after purchasing an additional 1,325 shares in the last quarter. Point72 Asia Hong Kong Ltd purchased a new stake in shares of Live Nation Entertainment during the 1st quarter worth about $194,000. TLP Group LLC purchased a new stake in shares of Live Nation Entertainment during the 1st quarter worth about $201,000. Finally, Santa Monica Partners LP purchased a new stake in shares of Live Nation Entertainment during the 4th quarter worth about $230,000. Hedge funds and other institutional investors own 67.79% of the company’s stock.
Live Nation Entertainment traded down $0.96, reaching $47.77, during mid-day trading on Friday, Marketbeat reports. 104,240 shares of the stock were exchanged, compared to its average volume of 1,110,223. The firm has a market cap of $10.18 billion, a P/E ratio of -100.02 and a beta of 0.98. Live Nation Entertainment has a 1-year low of $33.84 and a 1-year high of $49.11. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 2.00.
About Live Nation Entertainment
Live Nation Entertainment, Inc operates as a live entertainment company. It operates through Concerts, Sponsorship & Advertising, and Ticketing segments. The Concerts segment promotes live music events in its owned and/or operated venues, and in rented third-party venues; operates and manages music venues; and produces music festivals and creates associated content.
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