Analysts at William Blair assumed coverage on shares of Live Nation Entertainment, Inc. (NYSE:LYV) in a research note issued to investors on Friday. The brokerage set an “outperform” rating on the stock.
A number of other research firms also recently weighed in on LYV. Zacks Investment Research downgraded Live Nation Entertainment from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 11th. Macquarie reiterated an “outperform” rating and set a $38.00 target price on shares of Live Nation Entertainment in a research report on Sunday, May 14th. Jefferies Group LLC reiterated a “buy” rating and set a $36.00 target price on shares of Live Nation Entertainment in a research report on Monday, June 5th. ValuEngine upgraded Live Nation Entertainment from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Guggenheim initiated coverage on Live Nation Entertainment in a research report on Wednesday, May 24th. They set a “buy” rating and a $40.00 target price for the company. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Live Nation Entertainment has a consensus rating of “Buy” and an average target price of $37.00.
Live Nation Entertainment (NYSE LYV) opened at 36.66 on Friday. The firm’s market capitalization is $7.50 billion. Live Nation Entertainment has a 1-year low of $25.21 and a 1-year high of $36.75. The firm’s 50-day moving average price is $35.21 and its 200 day moving average price is $31.47.
Live Nation Entertainment (NYSE:LYV) last released its earnings results on Thursday, May 4th. The company reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.11. The firm had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.27 billion. Live Nation Entertainment had a negative return on equity of 0.16% and a negative net margin of 0.03%. Live Nation Entertainment’s revenue was up 17.0% on a year-over-year basis. On average, analysts predict that Live Nation Entertainment will post $0.14 EPS for the current year.
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In other Live Nation Entertainment news, Director James S. Kahan sold 10,000 shares of the company’s stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $34.01, for a total value of $340,100.00. Following the completion of the transaction, the director now owns 82,605 shares of the company’s stock, valued at approximately $2,809,396.05. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Robert Ted Enloe III sold 6,337 shares of the company’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $35.82, for a total value of $226,991.34. Following the completion of the transaction, the director now directly owns 23,450 shares of the company’s stock, valued at approximately $839,979. The disclosure for this sale can be found here. In the last ninety days, insiders sold 36,337 shares of company stock valued at $1,264,291. Insiders own 4.77% of the company’s stock.
A number of institutional investors have recently modified their holdings of the company. Highbridge Capital Management LLC boosted its position in shares of Live Nation Entertainment by 198.9% in the fourth quarter. Highbridge Capital Management LLC now owns 10,582 shares of the company’s stock worth $282,000 after buying an additional 21,282 shares during the last quarter. Credit Agricole S A purchased a new position in shares of Live Nation Entertainment during the fourth quarter worth about $115,000. Karp Capital Management Corp purchased a new position in shares of Live Nation Entertainment during the first quarter worth about $686,000. World Asset Management Inc boosted its position in shares of Live Nation Entertainment by 9.7% in the first quarter. World Asset Management Inc now owns 8,844 shares of the company’s stock worth $269,000 after buying an additional 783 shares during the last quarter. Finally, Cornerstone Capital Management Holdings LLC. boosted its position in shares of Live Nation Entertainment by 175.6% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 590,730 shares of the company’s stock worth $17,938,000 after buying an additional 376,400 shares during the last quarter. 63.52% of the stock is owned by institutional investors and hedge funds.
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.
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