Live Nation Entertainment (NYSE:LYV) Stock Price Target Lowered at Wells Fargo & Company

Live Nation Entertainment (NYSE:LYV) had its price objective lowered by Wells Fargo & Company from $222.00 to $221.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other research firms have also commented on LYV. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $220.00 price target on shares of Live Nation Entertainment in a research report on Tuesday, October 13th. JPMorgan Chase & Co. lifted their price objective on Live Nation Entertainment from $180.00 to $205.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 21st. UBS Group boosted their target price on Live Nation Entertainment from $181.00 to $208.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Roth Capital set a $208.00 target price on Live Nation Entertainment in a report on Friday, July 31st. Finally, Zacks Research lowered Live Nation Entertainment from a “hold” rating to a “strong sell” rating in a research note on Monday, October 19th. Twenty analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $197.90.

Live Nation Entertainment Trading Down 3.2%

Shares of LYV stock traded down $5.85 during mid-day trading on Friday, reaching $175.40. The stock had a trading volume of 5,811,492 shares, compared to its average volume of 1,768,778. The stock’s 50-day moving average price is $172.84 and its two-hundred day moving average price is $167.41. Live Nation Entertainment has a 52-week low of $125.34 and a 52-week high of $189.24. The firm has a market capitalization of $41.33 billion, a PE ratio of -1,031.78 and a beta of 1.15. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 8.25.

Live Nation Entertainment (NYSE:LYV) last issued its quarterly earnings data on Thursday, November 5th. The company reported $1.69 EPS for the quarter, beating the consensus estimate of $1.50 by $0.19. The firm had revenue of $10.11 billion during the quarter, compared to the consensus estimate of $9.60 billion. Live Nation Entertainment had a net margin of 0.34% and a return on equity of 54.61%. The company’s quarterly revenue was up 18.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.73 earnings per share. Equities analysts expect that Live Nation Entertainment will post 1.06 earnings per share for the current fiscal year.

Insider Buying and Selling at Live Nation Entertainment

In related news, CAO Brian Capo sold 2,900 shares of the company’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $184.00, for a total value of $533,600.00. Following the sale, the chief accounting officer directly owned 8,655 shares of the company’s stock, valued at $1,592,520. This represents a 25.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.89% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Live Nation Entertainment

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its position in shares of Live Nation Entertainment by 3.4% in the 1st quarter. Principal Financial Group Inc. now owns 11,095,305 shares of the company’s stock worth $1,692,151,000 after buying an additional 367,624 shares during the period. Bank of America Corp DE purchased a new position in Live Nation Entertainment during the 2nd quarter valued at about $1,221,398,000. Canada Pension Plan Investment Board purchased a new position in Live Nation Entertainment during the 2nd quarter valued at about $859,018,000. Bessemer Group Inc. boosted its stake in Live Nation Entertainment by 25.8% during the first quarter. Bessemer Group Inc. now owns 2,319,123 shares of the company’s stock worth $353,690,000 after acquiring an additional 475,373 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Live Nation Entertainment by 11.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,393,745 shares of the company’s stock worth $212,502,000 after acquiring an additional 143,432 shares in the last quarter. Hedge funds and other institutional investors own 74.52% of the company’s stock.

Key Live Nation Entertainment News

Here are the key news stories impacting Live Nation Entertainment this week:

• Positive Sentiment: Live Nation earned $1.69 per share, beating the $1.50 consensus estimate, while revenue rose 18.9% year over year to $10.11 billion, ahead of estimates of $9.60 billion. Live Nation Q3 earnings and revenues surpass estimates
• Positive Sentiment: Record concert attendance and Ticketmaster growth helped drive the results; reports cited 61 million fans attending events during the quarter. Strong demand supports the company’s growth outlook. Live Nation Q3 earnings beat on record attendance and ticketing gains
• Positive Sentiment: Wells Fargo maintained an “overweight” rating and a $221 price target, only slightly below its prior $222 target. The firm’s target suggests substantial upside from the quoted share price. Wells Fargo analyst ratings
• Negative Sentiment: Despite higher sales and earnings, operating margins narrowed, a potential concern given the company’s very thin reported net margin. Investors may watch whether strong attendance and ticketing growth can translate into improved profitability. Live Nation Q3 earnings beat on record attendance and ticketing gains

About Live Nation Entertainment

Live Nation Entertainment, Inc is a live entertainment company that promotes concerts, operates and manages venues, and provides ticketing services. Its activities span the live-event process, from helping artists plan and promote tours to connecting fans with events.

The company’s businesses include concert promotion and venue operations, ticketing through Ticketmaster, and sponsorship and advertising services for brands seeking to reach live-event audiences. Ticketmaster provides ticket sales and related technology for concerts and other events.

Live Nation was formed in 2010 through the merger of concert promoter Live Nation and ticketing company Ticketmaster.