Citigroup Downgrades Live Nation Entertainment (LYV) to Neutral

Live Nation Entertainment (NYSE:LYV) was downgraded by research analysts at Citigroup from a “buy” rating to a “neutral” rating in a report issued on Saturday.

LYV has been the topic of a number of other reports. Zacks Investment Research lowered shares of Live Nation Entertainment from a “buy” rating to a “hold” rating in a research note on Thursday, October 26th. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Live Nation Entertainment in a research note on Wednesday, October 18th. Jefferies Group reaffirmed a “buy” rating and issued a $42.00 price objective on shares of Live Nation Entertainment in a research note on Monday, October 16th. Finally, Macquarie reaffirmed a “buy” rating and issued a $48.00 price objective on shares of Live Nation Entertainment in a research note on Sunday, November 5th. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $44.00.

Shares of Live Nation Entertainment (NYSE:LYV) opened at $42.57 on Friday. Live Nation Entertainment has a 1-year low of $26.44 and a 1-year high of $46.99. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 1.39. The firm has a market cap of $8,811.74, a P/E ratio of 2,129.56 and a beta of 1.05.

Live Nation Entertainment (NYSE:LYV) last posted its earnings results on Thursday, November 2nd. The company reported $0.53 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.55 by ($0.02). Live Nation Entertainment had a return on equity of 3.33% and a net margin of 0.50%. The business had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $3.36 billion. During the same period in the previous year, the firm earned $0.49 earnings per share. The company’s revenue was up 12.3% compared to the same quarter last year. equities analysts predict that Live Nation Entertainment will post 0.14 earnings per share for the current fiscal year.

In related news, CEO Michael Rapino sold 210,000 shares of the stock in a transaction on Friday, November 17th. The shares were sold at an average price of $45.14, for a total transaction of $9,479,400.00. Following the transaction, the chief executive officer now directly owns 185,277 shares of the company’s stock, valued at $8,363,403.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Joe Berchtold sold 20,000 shares of the stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $43.08, for a total transaction of $861,600.00. Following the transaction, the chief operating officer now directly owns 97,918 shares in the company, valued at $4,218,307.44. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,106,511 shares of company stock worth $49,467,752. Insiders own 4.77% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Neuberger Berman Group LLC boosted its stake in Live Nation Entertainment by 0.8% during the second quarter. Neuberger Berman Group LLC now owns 7,830 shares of the company’s stock worth $273,000 after acquiring an additional 63 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in Live Nation Entertainment by 0.9% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 19,493 shares of the company’s stock worth $679,000 after acquiring an additional 177 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Live Nation Entertainment by 9.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,321 shares of the company’s stock worth $185,000 after acquiring an additional 445 shares in the last quarter. State of Wisconsin Investment Board boosted its stake in Live Nation Entertainment by 1.9% during the second quarter. State of Wisconsin Investment Board now owns 26,701 shares of the company’s stock worth $931,000 after acquiring an additional 490 shares in the last quarter. Finally, Colony Group LLC boosted its stake in Live Nation Entertainment by 0.7% during the second quarter. Colony Group LLC now owns 76,495 shares of the company’s stock worth $2,666,000 after acquiring an additional 540 shares in the last quarter. 68.06% of the stock is currently owned by institutional investors and hedge funds.

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About Live Nation Entertainment

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.

Analyst Recommendations for Live Nation Entertainment (NYSE:LYV)

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