William Blair assumed coverage on shares of Live Nation Entertainment, Inc. (NYSE:LYV) in a report released on Friday, July 21st, MarketBeat.com reports. The firm issued an outperform rating on the stock.
Other equities research analysts have also issued reports about the company. ValuEngine raised Live Nation Entertainment from a sell rating to a hold rating in a research report on Friday, June 2nd. Guggenheim assumed coverage on Live Nation Entertainment in a research report on Wednesday, May 24th. They issued a buy rating and a $40.00 price target for the company. Citigroup Inc. reissued a buy rating and issued a $39.00 price target (up from $32.00) on shares of Live Nation Entertainment in a research report on Friday, May 19th. Jefferies Group LLC reissued a buy rating on shares of Live Nation Entertainment in a research report on Friday, May 5th. Finally, Macquarie boosted their price target on Live Nation Entertainment from $34.00 to $37.00 and gave the stock a buy rating in a research report on Monday, April 24th. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Live Nation Entertainment currently has an average rating of Buy and a consensus target price of $37.38.
Live Nation Entertainment (NYSE:LYV) opened at 37.54 on Friday. Live Nation Entertainment has a 12-month low of $25.56 and a 12-month high of $37.82. The company’s market cap is $7.68 billion. The firm has a 50-day moving average price of $35.59 and a 200-day moving average price of $32.06.
Live Nation Entertainment (NYSE:LYV) last issued its earnings results on Thursday, May 4th. The company reported ($0.22) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.33) by $0.11. The business had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.27 billion. Live Nation Entertainment had a negative return on equity of 0.16% and a negative net margin of 0.03%. The firm’s revenue for the quarter was up 17.0% on a year-over-year basis. On average, equities research analysts forecast that Live Nation Entertainment will post $0.15 earnings per share for the current fiscal year.
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In related 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 transaction of $340,100.00. Following the transaction, the director now directly owns 82,605 shares of the company’s stock, valued at approximately $2,809,396.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Elizabeth Kathleen Willard sold 20,000 shares of the company’s stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $34.86, for a total value of $697,200.00. Following the transaction, the chief financial officer now directly owns 286,216 shares in the company, valued at $9,977,489.76. The disclosure for this sale can be found here. Insiders have sold a total of 36,337 shares of company stock worth $1,264,291 over the last ninety days. 4.77% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Epoch Investment Partners Inc. acquired a new position in shares of Live Nation Entertainment during the first quarter valued at about $44,071,000. Norges Bank purchased a new stake in Live Nation Entertainment during the fourth quarter valued at $35,629,000. Harbor Spring Capital LLC purchased a new stake in Live Nation Entertainment during the first quarter valued at $38,791,000. Acadian Asset Management LLC increased its stake in Live Nation Entertainment by 818.0% in the second quarter. Acadian Asset Management LLC now owns 1,086,576 shares of the company’s stock valued at $37,868,000 after buying an additional 968,217 shares during the last quarter. Finally, Sentry Investments Corp. increased its stake in Live Nation Entertainment by 10.0% in the first quarter. Sentry Investments Corp. now owns 5,690,700 shares of the company’s stock valued at $172,827,000 after buying an additional 519,400 shares during the last quarter. 64.19% of the stock is currently owned by institutional investors.
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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