Live Nation Entertainment (NYSE:LYV) Reaches New 12-Month High – Still a Buy?

Shares of Live Nation Entertainment, Inc. (NYSE:LYV) hit a new 52-week high during trading on Thursday . The company traded as high as $176.30 and last traded at $175.5530, with a volume of 2850542 shares trading hands. The stock had previously closed at $171.47.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Guggenheim raised their price target on Live Nation Entertainment from $192.00 to $197.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft boosted their price target on Live Nation Entertainment from $180.00 to $185.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Live Nation Entertainment in a research note on Thursday, June 4th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Live Nation Entertainment in a report on Monday, March 9th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Live Nation Entertainment from $178.00 to $180.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Twenty research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $188.50.

Live Nation Entertainment Trading Up 2.5%

The company has a market cap of $42.27 billion, a P/E ratio of -101.38 and a beta of 1.12. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 13.93. The firm has a 50-day moving average of $165.03 and a 200 day moving average of $155.56.

Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($1.85) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($1.50). The company had revenue of $3.79 billion during the quarter, compared to the consensus estimate of $3.57 billion. Live Nation Entertainment had a net margin of 0.15% and a return on equity of 45.92%. The business’s revenue was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.32) EPS. On average, analysts predict that Live Nation Entertainment, Inc. will post 1.09 earnings per share for the current fiscal year.

Insider Transactions at Live Nation Entertainment

In related news, EVP John Hopmans sold 93,078 shares of Live Nation Entertainment stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $166.07, for a total value of $15,457,463.46. Following the completion of the sale, the executive vice president owned 188,751 shares of the company’s stock, valued at approximately $31,345,878.57. This trade represents a 33.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Michael Rowles sold 63,776 shares of the firm’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $164.24, for a total transaction of $10,474,570.24. Following the completion of the transaction, the executive vice president directly owned 204,716 shares in the company, valued at $33,622,555.84. This trade represents a 23.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.89% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Live Nation Entertainment

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Leonteq Securities AG bought a new stake in Live Nation Entertainment during the 4th quarter worth approximately $25,000. Nvest Wealth Strategies Inc. purchased a new position in shares of Live Nation Entertainment during the fourth quarter valued at approximately $26,000. Ameriflex Group Inc. grew its holdings in Live Nation Entertainment by 102.4% during the third quarter. Ameriflex Group Inc. now owns 166 shares of the company’s stock worth $27,000 after buying an additional 84 shares in the last quarter. Elyxium Wealth LLC bought a new stake in Live Nation Entertainment during the fourth quarter worth $30,000. Finally, DV Equities LLC purchased a new stake in Live Nation Entertainment in the 4th quarter valued at $31,000. Institutional investors and hedge funds own 74.52% of the company’s stock.

Live Nation Entertainment Company Profile

Live Nation Entertainment is a global live entertainment company that promotes, operates and sells tickets for live events. The company’s core activities include concert promotion and production, venue operations and management, ticketing services through its Ticketmaster platform, artist management and development, and sponsorship and advertising services tied to live events. These integrated businesses are designed to connect artists, fans and commercial partners across the live event ecosystem.

The company in its current form was created following the 2010 merger of Live Nation and Ticketmaster, combining a promoter and venue operator with one of the industry’s largest ticketing platforms.