Live Nation Entertainment (NYSE:LYV) Sets New 12-Month High – Here’s What Happened

Shares of Live Nation Entertainment, Inc. (NYSE:LYV) hit a new 52-week high during trading on Tuesday . The stock traded as high as $188.00 and last traded at $183.44, with a volume of 2345507 shares. The stock had previously closed at $186.59.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on LYV. Weiss Ratings reissued a “hold (c-)” rating on shares of Live Nation Entertainment in a research report on Thursday, June 4th. Wells Fargo & Company reduced their target price on Live Nation Entertainment from $203.00 to $199.00 and set an “overweight” rating on the stock in a report on Wednesday, May 6th. Susquehanna raised their price objective on Live Nation Entertainment from $180.00 to $181.00 in a research note on Wednesday, May 6th. Morgan Stanley boosted their target price on Live Nation Entertainment from $185.00 to $200.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 10th. Finally, Deutsche Bank Aktiengesellschaft increased 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. Twenty equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $189.00.

Live Nation Entertainment Stock Performance

The stock has a market capitalization of $42.93 billion, a P/E ratio of -102.98 and a beta of 1.11. The company has a 50-day moving average price of $169.48 and a two-hundred day moving average price of $158.17. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 13.93.

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

Insider Buying and Selling

In related news, EVP Michael Rowles sold 63,776 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $164.24, for a total value of $10,474,570.24. Following the sale, the executive vice president owned 204,716 shares in the company, valued at $33,622,555.84. This represents a 23.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John Hopmans sold 93,078 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president owned 188,751 shares in the company, valued at $31,345,878.57. This represents a 33.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.89% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LYV. Bessemer Group Inc. boosted its position in Live Nation Entertainment by 70.0% in the fourth quarter. Bessemer Group Inc. now owns 1,843,750 shares of the company’s stock worth $262,733,000 after purchasing an additional 759,363 shares during the last quarter. Geode Capital Management LLC boosted its position in Live Nation Entertainment by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 4,301,900 shares of the company’s stock worth $610,707,000 after purchasing an additional 20,165 shares during the period. CenterBook Partners LP boosted its holdings in Live Nation Entertainment by 780.1% in the 4th quarter. CenterBook Partners LP now owns 22,143 shares of the company’s stock worth $3,155,000 after buying an additional 19,627 shares during the period. L2 Asset Management LLC grew its position in shares of Live Nation Entertainment by 70.4% in the third quarter. L2 Asset Management LLC now owns 35,019 shares of the company’s stock valued at $5,722,000 after purchasing an additional 14,470 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Live Nation Entertainment by 14.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 607,164 shares of the company’s stock valued at $88,227,000 after purchasing an additional 78,171 shares during the period. 74.52% of the stock is currently owned by hedge funds and other institutional investors.

About Live Nation Entertainment

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.