Live Nation Entertainment (NYSE:LYV) posted its quarterly earnings data on Thursday. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.06, RTT News reports. The business had revenue of $3.84 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Live Nation Entertainment had a negative net margin of 0.35% and a negative return on equity of 2.49%. The business’s revenue was up 11.5% on a year-over-year basis. During the same period last year, the firm posted $0.53 earnings per share.
NYSE:LYV traded up $1.66 during trading hours on Friday, reaching $54.85. 2,077,187 shares of the company’s stock were exchanged, compared to its average volume of 1,279,065. The stock has a market capitalization of $10.93 billion, a price-to-earnings ratio of -114.27 and a beta of 0.99. Live Nation Entertainment has a 12 month low of $35.94 and a 12 month high of $58.26. The company has a debt-to-equity ratio of 1.95, a quick ratio of 1.01 and a current ratio of 1.01.
Several research analysts have recently issued reports on LYV shares. Zacks Investment Research cut shares of Live Nation Entertainment from a “hold” rating to a “sell” rating in a report on Wednesday, July 11th. Guggenheim reiterated a “buy” rating and issued a $55.00 price objective on shares of Live Nation Entertainment in a report on Friday, July 13th. Northcoast Research cut shares of Live Nation Entertainment from a “buy” rating to a “neutral” rating in a report on Tuesday, July 17th. BTIG Research upgraded shares of Live Nation Entertainment from a “neutral” rating to a “buy” rating and set a $60.00 price objective for the company in a report on Tuesday, July 24th. Finally, Goldman Sachs Group increased their price objective on shares of Live Nation Entertainment from $50.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, July 24th. One analyst has rated the stock with a sell rating, one has issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Live Nation Entertainment has a consensus rating of “Buy” and an average price target of $56.79.
In related news, President Joe Berchtold sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 9th. The shares were sold at an average price of $49.48, for a total value of $1,979,200.00. Following the completion of the transaction, the president now owns 148,409 shares of the company’s stock, valued at approximately $7,343,277.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert Ted Enloe III sold 7,000 shares of the firm’s stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $54.07, for a total transaction of $378,490.00. Following the completion of the transaction, the director now directly owns 17,508 shares of the company’s stock, valued at approximately $946,657.56. The disclosure for this sale can be found here. Insiders have sold 247,000 shares of company stock valued at $12,186,490 over the last 90 days. 5.19% of the stock is currently owned by insiders.
Institutional investors have recently bought and sold shares of the stock. NumerixS Investment Technologies Inc boosted its stake in Live Nation Entertainment by 130.8% in the 2nd quarter. NumerixS Investment Technologies Inc now owns 4,171 shares of the company’s stock worth $203,000 after purchasing an additional 2,364 shares during the period. Pinnacle Associates Ltd. acquired a new position in Live Nation Entertainment in the 2nd quarter worth approximately $205,000. Santa Monica Partners LP acquired a new position in Live Nation Entertainment in the 2nd quarter worth approximately $228,000. Hartford Investment Management Co. acquired a new position in Live Nation Entertainment in the 2nd quarter worth approximately $239,000. Finally, IFM Investors Pty Ltd acquired a new position in Live Nation Entertainment in the 2nd quarter worth approximately $258,000. 69.69% of the stock is owned by hedge funds and other institutional investors.
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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