Zacks Investment Research upgraded shares of Live Nation Entertainment (NYSE:LYV) from a hold rating to a buy rating in a research note released on Thursday, Zacks.com reports. They currently have $76.00 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. “
Other research analysts have also recently issued reports about the stock. Citigroup cut shares of Live Nation Entertainment from a neutral rating to a sell rating and set a $63.00 price target on the stock. in a research report on Friday, June 28th. Morgan Stanley assumed coverage on shares of Live Nation Entertainment in a research report on Tuesday, October 8th. They set an equal weight rating and a $75.00 price target on the stock. ValuEngine cut shares of Live Nation Entertainment from a buy rating to a hold rating in a research report on Wednesday, October 2nd. Guggenheim lifted their price target on shares of Live Nation Entertainment from $80.00 to $84.00 in a research report on Friday, October 4th. Finally, Jefferies Financial Group assumed coverage on shares of Live Nation Entertainment in a research report on Wednesday, October 2nd. They set a buy rating and a $84.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company. The company has an average rating of Buy and an average price target of $72.00.
Live Nation Entertainment (NYSE:LYV) last announced its quarterly earnings results on Thursday, July 25th. The company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. The firm had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.18 billion. Live Nation Entertainment had a net margin of 0.55% and a return on equity of 4.49%. Live Nation Entertainment’s revenue was up 10.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.24 earnings per share. As a group, research analysts forecast that Live Nation Entertainment will post 0.28 earnings per share for the current fiscal year.
In other news, EVP Michael Rowles sold 67,840 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $71.71, for a total transaction of $4,864,806.40. Following the transaction, the executive vice president now directly owns 257,691 shares of the company’s stock, valued at $18,479,021.61. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 4.82% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of LYV. Nuveen Asset Management LLC acquired a new position in shares of Live Nation Entertainment during the second quarter worth $36,074,000. Vanguard Group Inc. raised its holdings in Live Nation Entertainment by 2.1% in the second quarter. Vanguard Group Inc. now owns 12,451,018 shares of the company’s stock valued at $824,880,000 after acquiring an additional 254,042 shares in the last quarter. Clal Insurance Enterprises Holdings Ltd raised its holdings in Live Nation Entertainment by 23.5% in the second quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,042,558 shares of the company’s stock valued at $69,069,000 after acquiring an additional 198,558 shares in the last quarter. Kornitzer Capital Management Inc. KS raised its holdings in Live Nation Entertainment by 63.2% in the second quarter. Kornitzer Capital Management Inc. KS now owns 464,181 shares of the company’s stock valued at $30,752,000 after acquiring an additional 179,838 shares in the last quarter. Finally, Axiom International Investors LLC DE raised its holdings in Live Nation Entertainment by 26.6% in the second quarter. Axiom International Investors LLC DE now owns 777,590 shares of the company’s stock valued at $51,515,000 after acquiring an additional 163,280 shares in the last quarter. 69.09% of the stock is currently owned by institutional investors and hedge funds.
About Live Nation Entertainment
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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