Live Nation Entertainment, Inc. (LYV) Sets New 12-Month High at $45.76

Live Nation Entertainment, Inc. (NYSE:LYV)’s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as $45.76 and last traded at $44.93, with a volume of 1172300 shares changing hands. The stock had previously closed at $44.77.

Several brokerages recently commented on LYV. Stephens reaffirmed an “overweight” rating and issued a $44.00 price objective (up from $36.00) on shares of Live Nation Entertainment in a research report on Thursday, August 10th. J P Morgan Chase & Co reaffirmed a “buy” rating on shares of Live Nation Entertainment in a research report on Friday, August 11th. Jefferies Group LLC increased their price objective on shares of Live Nation Entertainment from $42.00 to $46.00 and gave the company a “buy” rating in a research report on Friday, November 3rd. Macquarie reaffirmed a “buy” rating and issued a $48.00 price objective on shares of Live Nation Entertainment in a research report on Sunday, November 5th. Finally, Zacks Investment Research lowered shares of Live Nation Entertainment from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 10th. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Live Nation Entertainment presently has a consensus rating of “Buy” and an average price target of $42.86.

The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 1.39. The stock has a market capitalization of $9,545.88, a PE ratio of 2,308.00 and a beta of 1.07.

Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings results on Thursday, November 2nd. The company reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.02). Live Nation Entertainment had a return on equity of 3.33% and a net margin of 0.50%. The business had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $3.36 billion. During the same period in the prior year, the business posted $0.49 earnings per share. The business’s quarterly revenue was up 12.3% compared to the same quarter last year. equities analysts predict that Live Nation Entertainment, Inc. will post 0.18 EPS for the current fiscal year.

In other Live Nation Entertainment news, CEO Michael Rapino sold 70,000 shares of the firm’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $44.93, for a total transaction of $3,145,100.00. Following the completion of the transaction, the chief executive officer now directly owns 395,277 shares of the company’s stock, valued at approximately $17,759,795.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Joe Berchtold sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $45.43, for a total transaction of $908,600.00. Following the transaction, the chief operating officer now directly owns 117,918 shares of the company’s stock, valued at $5,357,014.74. The disclosure for this sale can be found here. Insiders have sold a total of 224,011 shares of company stock valued at $9,971,502 over the last three months. 4.77% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. California Public Employees Retirement System grew its stake in shares of Live Nation Entertainment by 4.9% during the 3rd quarter. California Public Employees Retirement System now owns 452,575 shares of the company’s stock worth $19,710,000 after purchasing an additional 21,135 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in shares of Live Nation Entertainment during the 3rd quarter worth approximately $2,495,000. Janus Henderson Group PLC grew its stake in shares of Live Nation Entertainment by 789.0% during the 3rd quarter. Janus Henderson Group PLC now owns 385,122 shares of the company’s stock worth $16,772,000 after purchasing an additional 341,802 shares during the period. Cornerstone Capital Management Holdings LLC. grew its stake in shares of Live Nation Entertainment by 35.6% during the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 751,380 shares of the company’s stock worth $32,720,000 after purchasing an additional 197,118 shares during the period. Finally, Chevy Chase Trust Holdings Inc. acquired a new stake in shares of Live Nation Entertainment during the 3rd quarter worth approximately $209,000. 68.32% of the stock is currently owned by institutional investors and hedge funds.

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Live Nation Entertainment Company Profile

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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