Zacks Investment Research Downgrades Live Nation Entertainment (NYSE:LYV) to Hold

Zacks Investment Research cut shares of Live Nation Entertainment (NYSE:LYV) from a buy rating to a hold rating in a research note published on Friday morning, Zacks.com reports.

According to Zacks, “Live Nation Entertainment, Inc. is the world’s premier live entertainment company, consisting of Live Nation, Ticketmaster and Front Line Management Group. The Company engages in producing, marketing, and selling live concerts for artists via its concert pipe. Live Nation owns and operates many venues, including House of Blues music venues and locations, such as The Fillmore in San Francisco, Nikon at Jones Beach Theatre in New York and London’s Wembley Arena. In addition, it also produces, promotes or hosts theatrical, specialized motor sports and other live entertainment events. The Company is driving major innovations in ticketing technology, marketing and service. It offers ticket sales, ticket resale services, and marketing and distribution through ticketmaster.com, an e-commerce site on the Internet. Live Nation Entertainment, Inc. was formerly known as Live Nation, Inc. and is based in Beverly Hills, California. “

Several other research firms also recently issued reports on LYV. Berenberg Bank began coverage on Live Nation Entertainment in a report on Tuesday, May 14th. They issued a buy rating and a $73.00 price objective on the stock. Atlantic Securities began coverage on Live Nation Entertainment in a report on Tuesday, June 11th. They issued an overweight rating and a $75.00 price objective on the stock. Citigroup downgraded Live Nation Entertainment from a neutral rating to a sell rating and set a $63.00 price objective on the stock. in a report on Friday, June 28th. Finally, ValuEngine upgraded Live Nation Entertainment from a buy rating to a strong-buy rating in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $68.57.

Shares of LYV stock traded down $0.55 on Friday, hitting $70.70. The stock had a trading volume of 732,642 shares, compared to its average volume of 931,773. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market capitalization of $15.07 billion, a price-to-earnings ratio of -785.56 and a beta of 1.11. Live Nation Entertainment has a 1 year low of $46.02 and a 1 year high of $73.71. The firm has a 50 day moving average of $68.91.

Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.02. The firm had revenue of $3.16 billion for the quarter, compared to the consensus estimate of $3.18 billion. Live Nation Entertainment had a return on equity of 4.49% and a net margin of 0.55%. The company’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.24 EPS. Equities analysts forecast that Live Nation Entertainment will post 0.28 earnings per share for the current fiscal year.

In other Live Nation Entertainment news, Director Robert Ted Enloe III sold 5,447 shares of the company’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $62.45, for a total transaction of $340,165.15. Following the sale, the director now owns 67,886 shares in the company, valued at approximately $4,239,480.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ariel Emanuel sold 7,790 shares of the company’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $64.25, for a total value of $500,507.50. Following the sale, the director now owns 71,394 shares in the company, valued at approximately $4,587,064.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 89,077 shares of company stock worth $5,643,290. 4.82% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of LYV. Parallel Advisors LLC increased its holdings in Live Nation Entertainment by 81.0% during the 1st quarter. Parallel Advisors LLC now owns 543 shares of the company’s stock worth $35,000 after purchasing an additional 243 shares during the period. Steward Partners Investment Advisory LLC purchased a new stake in Live Nation Entertainment during the 2nd quarter worth about $37,000. CWM LLC increased its holdings in Live Nation Entertainment by 59.5% during the 1st quarter. CWM LLC now owns 622 shares of the company’s stock worth $40,000 after purchasing an additional 232 shares during the period. Icon Wealth Partners LLC purchased a new stake in Live Nation Entertainment during the 1st quarter worth about $40,000. Finally, Hilton Capital Management LLC purchased a new stake in Live Nation Entertainment during the 1st quarter worth about $69,000. Institutional investors own 70.06% of the company’s stock.

Live Nation Entertainment Company Profile

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 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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