Zacks Investment Research upgraded shares of Live Nation Entertainment, Inc. (NYSE:LYV) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning. The firm currently has $48.00 target price 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. “
A number of other equities analysts have also weighed in on LYV. Stephens restated an overweight rating and set a $44.00 price target (up from $36.00) on shares of Live Nation Entertainment in a research report on Thursday, August 10th. J P Morgan Chase & Co restated a buy rating on shares of Live Nation Entertainment in a research report on Friday, August 11th. BidaskClub upgraded shares of Live Nation Entertainment from a buy rating to a strong-buy rating in a research report on Sunday, July 16th. William Blair began coverage on shares of Live Nation Entertainment in a research report on Friday, July 21st. They set an outperform rating on the stock. Finally, Jefferies Group LLC restated a buy rating and set a $42.00 price target on shares of Live Nation Entertainment in a research report on Tuesday, September 12th. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $40.86.
Shares of Live Nation Entertainment (LYV) opened at 42.78 on Tuesday. The stock’s 50 day moving average is $41.54 and its 200 day moving average is $36.29. The stock has a market capitalization of $8.77 billion, a PE ratio of 6111.43 and a beta of 1.03. Live Nation Entertainment has a 12 month low of $26.41 and a 12 month high of $43.86.
Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings results on Wednesday, August 9th. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.10. The firm had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.37 billion. Live Nation Entertainment had a net margin of 0.25% and a return on equity of 1.60%. Live Nation Entertainment’s quarterly revenue was up 29.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.13 earnings per share. Analysts anticipate that Live Nation Entertainment will post $0.22 earnings per share for the current fiscal year.
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In other Live Nation Entertainment news, Director Ariel Emanuel sold 10,000 shares of the business’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $41.56, for a total value of $415,600.00. Following the transaction, the director now directly owns 85,737 shares in the company, valued at approximately $3,563,229.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Brian Capo sold 7,500 shares of the business’s stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $40.50, for a total transaction of $303,750.00. Following the completion of the transaction, the insider now owns 13,354 shares in the company, valued at $540,837. The disclosure for this sale can be found here. Insiders own 4.77% of the company’s stock.
A number of large investors have recently bought and sold shares of LYV. William Blair Investment Management LLC acquired a new position in Live Nation Entertainment in the 2nd quarter valued at about $109,693,000. Epoch Investment Partners Inc. acquired a new position in Live Nation Entertainment in the 1st quarter valued at about $44,071,000. Acadian Asset Management LLC boosted its holdings in Live Nation Entertainment by 818.0% in the 2nd quarter. Acadian Asset Management LLC now owns 1,086,576 shares of the company’s stock valued at $37,868,000 after purchasing an additional 968,217 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Live Nation Entertainment by 80.9% in the 2nd quarter. Victory Capital Management Inc. now owns 1,516,512 shares of the company’s stock valued at $52,851,000 after purchasing an additional 678,283 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Live Nation Entertainment by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 10,414,998 shares of the company’s stock valued at $316,303,000 after purchasing an additional 517,577 shares during the last quarter. Institutional investors own 65.64% of the company’s stock.
About Live Nation Entertainment
Live Nation Entertainment, Inc is a live entertainment company. The Company’s businesses consist of the promotion of live events, including ticketing, sponsorship and advertising. Its segments include Concerts, Sponsorship & Advertising, Ticketing and Artist Nation. The Concerts segment is engaged in promotion of live music events in its owned or operated venues and in rented third-party venues; operation and management of music venues; production of music festivals, and creation of associated content.
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