Zacks Investment Research lowered shares of Live Nation Entertainment (NYSE:LYV) from a hold rating to a sell rating in a research report report published on Thursday morning.
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. “
Several other research firms have also recently weighed in on LYV. Macquarie reiterated a buy rating and set a $48.00 price objective on shares of Live Nation Entertainment in a report on Sunday, November 5th. JPMorgan Chase & Co. reiterated a buy rating on shares of Live Nation Entertainment in a report on Wednesday, October 18th. Jefferies Group reiterated a buy rating and set a $42.00 price objective on shares of Live Nation Entertainment in a report on Monday, October 16th. Finally, Citigroup cut Live Nation Entertainment from a buy rating to a neutral rating in a report on Saturday, December 30th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $44.00.
Live Nation Entertainment (NYSE:LYV) traded up $0.67 during trading on Thursday, hitting $44.43. The stock had a trading volume of 617,000 shares, compared to its average volume of 1,057,978. The firm has a market cap of $9,188.12, a price-to-earnings ratio of 2,222.61 and a beta of 1.06. Live Nation Entertainment has a 52 week low of $27.17 and a 52 week high of $46.99. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.11 and a quick ratio of 1.11.
Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings data on Thursday, November 2nd. The company reported $0.53 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.55 by ($0.02). Live Nation Entertainment had a net margin of 0.50% and a return on equity of 3.33%. The business had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $3.36 billion. During the same quarter last year, the firm earned $0.49 EPS. The company’s revenue for the quarter was up 12.3% on a year-over-year basis. equities research analysts expect that Live Nation Entertainment will post 0.14 EPS for the current fiscal year.
In other Live Nation Entertainment news, COO Joe Berchtold sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $43.08, for a total value of $861,600.00. Following the sale, the chief operating officer now owns 97,918 shares in the company, valued at approximately $4,218,307.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Rapino sold 70,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $42.87, for a total value of $3,000,900.00. Following the completion of the sale, the chief executive officer now owns 115,277 shares in the company, valued at approximately $4,941,924.99. The disclosure for this sale can be found here. Insiders sold a total of 1,106,511 shares of company stock worth $49,467,752 in the last 90 days. Company insiders own 4.77% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LYV. Neuberger Berman Group LLC increased its position in shares of Live Nation Entertainment by 0.8% during the 2nd quarter. Neuberger Berman Group LLC now owns 7,830 shares of the company’s stock worth $273,000 after purchasing an additional 63 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Live Nation Entertainment by 0.9% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 19,493 shares of the company’s stock worth $679,000 after purchasing an additional 177 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Live Nation Entertainment by 9.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,321 shares of the company’s stock worth $185,000 after purchasing an additional 445 shares during the last quarter. Colony Group LLC increased its position in shares of Live Nation Entertainment by 0.7% during the 2nd quarter. Colony Group LLC now owns 76,495 shares of the company’s stock worth $2,666,000 after purchasing an additional 540 shares during the last quarter. Finally, IHT Wealth Management LLC increased its position in shares of Live Nation Entertainment by 58.5% during the 2nd quarter. IHT Wealth Management LLC now owns 2,574 shares of the company’s stock worth $280,000 after purchasing an additional 950 shares during the last quarter. Hedge funds and other institutional investors own 68.08% of the company’s stock.
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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