Zacks Investment Research upgraded shares of Live Nation Entertainment (NYSE:LYV) from a hold rating to a buy rating in a report released on Thursday, Zacks.com reports. Zacks Investment Research currently has $76.00 price target on the stock.
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. “
LYV has been the subject of several other research reports. Morgan Stanley assumed coverage on shares of Live Nation Entertainment in a research note on Tuesday, October 8th. They issued an equal weight rating and a $75.00 target price for the company. Guggenheim raised their target price on shares of Live Nation Entertainment from $80.00 to $84.00 in a research note on Friday, October 4th. Jefferies Financial Group assumed coverage on shares of Live Nation Entertainment in a research note on Wednesday, October 2nd. They issued a buy rating and a $84.00 target price for the company. ValuEngine cut shares of Live Nation Entertainment from a buy rating to a hold rating in a research note on Wednesday, October 2nd. Finally, Citigroup cut shares of Live Nation Entertainment from a neutral rating to a sell rating and set a $63.00 target price for the company. in a research note on Friday, June 28th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $72.00.
Live Nation Entertainment stock traded up $0.53 during midday trading on Thursday, hitting $68.14. 575,894 shares of the company’s stock were exchanged, compared to its average volume of 1,287,478. Live Nation Entertainment has a 12-month low of $46.02 and a 12-month high of $73.71. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a market cap of $14.44 billion, a price-to-earnings ratio of -757.11 and a beta of 1.19. The firm’s 50 day simple moving average is $68.92 and its 200 day simple moving average is $67.03.
Live Nation Entertainment (NYSE:LYV) last released its earnings results on Thursday, July 25th. The company reported $0.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.02. Live Nation Entertainment had a net margin of 0.55% and a return on equity of 4.49%. The company had revenue of $3.16 billion during the quarter, compared to analysts’ expectations of $3.18 billion. During the same quarter last year, the business earned $0.24 EPS. The business’s revenue was up 10.1% on a year-over-year basis. On average, equities research analysts forecast that Live Nation Entertainment will post 0.28 EPS for the current fiscal year.
In other news, EVP Michael Rowles sold 67,840 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $71.71, for a total value of $4,864,806.40. Following the completion of the sale, the executive vice president now owns 257,691 shares in the company, valued at approximately $18,479,021.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.82% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Clearbridge Investments LLC lifted its stake in shares of Live Nation Entertainment by 3.7% in the first quarter. Clearbridge Investments LLC now owns 3,162,149 shares of the company’s stock valued at $200,923,000 after purchasing an additional 112,797 shares during the period. Cleararc Capital Inc. acquired a new stake in shares of Live Nation Entertainment in the first quarter valued at about $226,000. First Hawaiian Bank raised its position in Live Nation Entertainment by 2.2% during the third quarter. First Hawaiian Bank now owns 16,333 shares of the company’s stock worth $1,084,000 after acquiring an additional 345 shares during the last quarter. Leith Wheeler Investment Counsel Ltd. raised its position in Live Nation Entertainment by 3.5% during the second quarter. Leith Wheeler Investment Counsel Ltd. now owns 122,842 shares of the company’s stock worth $8,138,000 after acquiring an additional 4,150 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its position in Live Nation Entertainment by 10.7% during the second quarter. Envestnet Asset Management Inc. now owns 64,725 shares of the company’s stock worth $4,288,000 after acquiring an additional 6,245 shares during the last quarter. Hedge funds and other institutional investors own 69.09% 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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