Live Nation Entertainment (NYSE:LYV) Hits New 1-Year High – Here’s Why

Live Nation Entertainment, Inc. (NYSE:LYV)’s stock price hit a new 52-week high on Thursday . The stock traded as high as $188.10 and last traded at $186.9830, with a volume of 113162 shares traded. The stock had previously closed at $185.33.

Analyst Ratings Changes

Several analysts have commented on LYV shares. Guggenheim lifted their price objective on shares of Live Nation Entertainment from $197.00 to $218.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Zacks Research lowered shares of Live Nation Entertainment from a “hold” rating to a “strong sell” rating in a research note on Friday, July 17th. Roth Capital set a $208.00 target price on shares of Live Nation Entertainment in a research report on Friday, July 31st. Wells Fargo & Company upped their price target on shares of Live Nation Entertainment from $199.00 to $222.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Finally, Rothschild & Co Redburn lifted their price objective on Live Nation Entertainment from $193.00 to $195.00 in a research note on Wednesday, May 6th. Twenty investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $197.19.

Live Nation Entertainment Stock Performance

The business’s 50-day simple moving average is $178.64 and its two-hundred day simple moving average is $165.07. The firm has a market cap of $44.39 billion, a price-to-earnings ratio of -166.70 and a beta of 1.12. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 8.25.

Live Nation Entertainment (NYSE:LYV) last posted its earnings results on Thursday, July 30th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.39. Live Nation Entertainment had a net margin of 0.34% and a return on equity of 54.61%. The business had revenue of $7.67 billion for the quarter, compared to analyst estimates of $7.56 billion. During the same period in the prior year, the company posted $0.41 EPS. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, sell-side analysts expect that Live Nation Entertainment, Inc. will post 1.05 earnings per share for the current fiscal year.

Institutional Trading of Live Nation Entertainment

Institutional investors and hedge funds have recently made changes to their positions in the business. Empowered Funds LLC raised its stake in shares of Live Nation Entertainment by 3.3% during the 1st quarter. Empowered Funds LLC now owns 17,376 shares of the company’s stock worth $2,269,000 after buying an additional 547 shares during the period. EverSource Wealth Advisors LLC grew its stake in Live Nation Entertainment by 15.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 798 shares of the company’s stock valued at $121,000 after acquiring an additional 109 shares during the period. Cerity Partners LLC increased its holdings in Live Nation Entertainment by 6.0% in the 2nd quarter. Cerity Partners LLC now owns 27,496 shares of the company’s stock worth $4,160,000 after acquiring an additional 1,550 shares in the last quarter. Daiwa Securities Group Inc. raised its position in Live Nation Entertainment by 15.9% during the second quarter. Daiwa Securities Group Inc. now owns 26,340 shares of the company’s stock worth $3,983,000 after acquiring an additional 3,604 shares during the period. Finally, NewEdge Advisors LLC lifted its holdings in Live Nation Entertainment by 344.3% during the second quarter. NewEdge Advisors LLC now owns 2,208 shares of the company’s stock valued at $334,000 after purchasing an additional 1,711 shares in the last quarter. 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.