Live Nation Entertainment (LYV) Sets New 12-Month High After Earnings Beat

Live Nation Entertainment, Inc. (NYSE:LYV) shares hit a new 52-week high during trading on Friday following a stronger than expected earnings report. The stock traded as high as $58.26 and last traded at $54.28, with a volume of 81182 shares. The stock had previously closed at $53.19.

The company reported $0.70 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.06. Live Nation Entertainment had a negative return on equity of 2.49% and a negative net margin of 0.35%. The company had revenue of $3.84 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period last year, the firm posted $0.53 earnings per share. The business’s revenue was up 11.5% on a year-over-year basis.

A number of analysts have recently issued reports on LYV shares. Stephens set a $60.00 price objective on Live Nation Entertainment and gave the company a “buy” rating in a research report on Friday, July 27th. They noted that the move was a valuation call. Zacks Investment Research cut Live Nation Entertainment from a “hold” rating to a “sell” rating in a research report on Wednesday, July 11th. ValuEngine raised Live Nation Entertainment from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 12th. JPMorgan Chase & Co. raised their price objective on Live Nation Entertainment from $51.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, July 27th. Finally, BTIG Research raised Live Nation Entertainment from a “neutral” rating to a “buy” rating and set a $60.00 price objective for the company in a research report on Tuesday, July 24th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Live Nation Entertainment presently has an average rating of “Buy” and an average target price of $56.01.

In other Live Nation Entertainment news, CFO Elizabeth Kathleen Willard sold 20,000 shares of the firm’s stock in a transaction on Wednesday, August 8th. The stock was sold at an average price of $49.44, for a total transaction of $988,800.00. Following the transaction, the chief financial officer now owns 299,338 shares in the company, valued at approximately $14,799,270.72. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Robert Ted Enloe III sold 7,000 shares of the firm’s stock in a transaction on Friday, September 14th. The stock was sold at an average price of $54.07, for a total value of $378,490.00. Following the transaction, the director now owns 17,508 shares in the company, valued at approximately $946,657.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 247,000 shares of company stock valued at $12,186,490. 5.19% of the stock is currently owned by insiders.

Institutional investors have recently bought and sold shares of the business. NumerixS Investment Technologies Inc increased its stake in Live Nation Entertainment by 130.8% during the 2nd quarter. NumerixS Investment Technologies Inc now owns 4,171 shares of the company’s stock worth $203,000 after acquiring an additional 2,364 shares during the period. Pinnacle Associates Ltd. bought a new position in shares of Live Nation Entertainment in the 2nd quarter valued at $205,000. Santa Monica Partners LP bought a new position in shares of Live Nation Entertainment in the 2nd quarter valued at $228,000. Hartford Investment Management Co. bought a new position in shares of Live Nation Entertainment in the 2nd quarter valued at $239,000. Finally, IFM Investors Pty Ltd bought a new position in shares of Live Nation Entertainment in the 2nd quarter valued at $258,000. Hedge funds and other institutional investors own 69.69% of the company’s stock.

The company has a debt-to-equity ratio of 1.95, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market cap of $10.50 billion, a PE ratio of -114.19 and a beta of 1.02.

About Live Nation Entertainment (NYSE:LYV)

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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