Shares of Live Nation Entertainment, Inc. (NYSE:LYV) gapped up prior to trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $53.00 to $60.00. The stock had previously closed at $54.51, but opened at $54.85. JPMorgan Chase & Co. currently has an overweight rating on the stock. Live Nation Entertainment shares last traded at $54.72, with a volume of 39782 shares.
Other analysts have also recently issued reports about the stock. Guggenheim reiterated a “buy” rating and issued a $55.00 target price on shares of Live Nation Entertainment in a research note on Friday, July 13th. ValuEngine cut shares of Live Nation Entertainment from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 28th. Stephens set a $60.00 target price on shares of Live Nation Entertainment and gave the stock a “buy” rating in a research note on Friday, July 27th. They noted that the move was a valuation call. Jefferies Financial Group raised their price objective on shares of Live Nation Entertainment from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, July 27th. Finally, Goldman Sachs Group raised their price objective on shares of Live Nation Entertainment from $50.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, July 24th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $56.79.
In other Live Nation Entertainment news, Director Robert Ted Enloe III sold 7,000 shares of the firm’s stock in a transaction on Friday, September 14th. The shares were sold at an average price of $54.07, for a total value of $378,490.00. Following the sale, the director now owns 17,508 shares of the company’s stock, valued at approximately $946,657.56. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Joe Berchtold sold 40,000 shares of the firm’s stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $49.48, for a total transaction of $1,979,200.00. Following the completion of the sale, the president now directly owns 148,409 shares in the company, valued at approximately $7,343,277.32. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 247,000 shares of company stock worth $12,186,490. 5.19% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the business. RWC Asset Management LLP grew its holdings in Live Nation Entertainment by 8.0% in the 3rd quarter. RWC Asset Management LLP now owns 432,656 shares of the company’s stock worth $23,567,000 after acquiring an additional 31,973 shares during the last quarter. Sterling Capital Management LLC lifted its position in shares of Live Nation Entertainment by 7.4% in the 2nd quarter. Sterling Capital Management LLC now owns 1,053,819 shares of the company’s stock worth $51,184,000 after purchasing an additional 73,061 shares during the period. Arizona State Retirement System lifted its position in shares of Live Nation Entertainment by 3.0% in the 2nd quarter. Arizona State Retirement System now owns 94,262 shares of the company’s stock worth $4,578,000 after purchasing an additional 2,719 shares during the period. Sawtooth Solutions LLC purchased a new stake in shares of Live Nation Entertainment in the 2nd quarter worth about $304,000. Finally, Raymond James & Associates lifted its position in shares of Live Nation Entertainment by 29.4% in the 2nd quarter. Raymond James & Associates now owns 93,672 shares of the company’s stock worth $4,550,000 after purchasing an additional 21,310 shares during the period. 69.56% of the stock is currently owned by institutional investors and hedge funds.
The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.76. The stock has a market capitalization of $11.47 billion, a P/E ratio of -114.02 and a beta of 0.99.
Live Nation Entertainment (NYSE:LYV) last posted its earnings results on Thursday, November 1st. The company reported $0.70 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.06. The company had revenue of $3.84 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the business posted $0.53 earnings per share. The company’s revenue for the quarter was up 11.5% on a year-over-year basis. As a group, analysts predict that Live Nation Entertainment, Inc. will post 0.01 EPS for the current year.
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Live Nation Entertainment Company Profile (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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