Zacks Investment Research upgraded shares of Live Nation Entertainment, Inc. (NYSE:LYV) from a hold rating to a buy rating in a research note published on Tuesday morning. The brokerage currently has $48.00 price target 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. “
A number of other equities analysts also recently weighed in on the stock. Jefferies Group LLC reissued a buy rating and issued a $42.00 price target on shares of Live Nation Entertainment in a report on Tuesday, September 12th. J P Morgan Chase & Co reissued a buy rating on shares of Live Nation Entertainment in a report on Friday, August 11th. Stephens reissued an overweight rating and issued a $44.00 price target (up from $36.00) on shares of Live Nation Entertainment in a report on Thursday, August 10th. William Blair assumed coverage on shares of Live Nation Entertainment in a report on Friday, July 21st. They issued an outperform rating on the stock. Finally, BidaskClub raised shares of Live Nation Entertainment from a buy rating to a strong-buy rating in a report on Sunday, July 16th. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $40.86.
Shares of Live Nation Entertainment (NYSE LYV) traded down 0.40% during trading on Tuesday, hitting $42.02. 352,132 shares of the stock traded hands. The stock has a 50 day moving average price of $41.73 and a 200-day moving average price of $36.38. The stock has a market cap of $8.62 billion, a price-to-earnings ratio of 6002.86 and a beta of 1.03. Live Nation Entertainment has a 1-year low of $26.41 and a 1-year high of $43.86.
Live Nation Entertainment (NYSE:LYV) last issued its quarterly earnings results on Wednesday, August 9th. The company reported $0.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.10. The company had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.37 billion. Live Nation Entertainment had a net margin of 0.25% and a return on equity of 1.60%. The firm’s quarterly revenue was up 29.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.13 EPS. Equities analysts forecast that Live Nation Entertainment will post $0.22 EPS for the current year.
In other Live Nation Entertainment news, insider Brian Capo sold 7,500 shares of the company’s stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $40.50, for a total transaction of $303,750.00. Following the sale, the insider now directly owns 13,354 shares of the company’s stock, valued at $540,837. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Ariel Emanuel sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $41.56, for a total transaction of $415,600.00. Following the sale, the director now directly owns 85,737 shares in the company, valued at $3,563,229.72. The disclosure for this sale can be found here. 4.77% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Live Nation Entertainment by 9.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,321 shares of the company’s stock valued at $185,000 after buying an additional 445 shares during the period. NJ State Employees Deferred Compensation Plan bought a new stake in shares of Live Nation Entertainment during the second quarter valued at about $210,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Live Nation Entertainment during the first quarter valued at about $233,000. KBC Group NV bought a new stake in shares of Live Nation Entertainment during the first quarter valued at about $238,000. Finally, Montag A & Associates Inc. bought a new stake in shares of Live Nation Entertainment during the second quarter valued at about $261,000. 65.64% of the stock is currently owned by institutional investors and hedge funds.
Live Nation Entertainment Company Profile
Live Nation Entertainment, Inc is a live entertainment company. The Company’s businesses consist of the promotion of live events, including ticketing, sponsorship and advertising. Its segments include Concerts, Sponsorship & Advertising, Ticketing and Artist Nation. The Concerts segment is engaged in promotion of live music events in its owned or operated venues and in rented third-party venues; operation and management of music venues; production of music festivals, and creation of associated content.
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