Live Nation Entertainment, Inc. (NYSE:LYV) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Thursday.
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 research analysts have also recently commented on LYV. Jefferies Group LLC increased their target price on shares of Live Nation Entertainment from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, June 27th. BidaskClub lowered shares of Live Nation Entertainment from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 22nd. Guggenheim started coverage on shares of Live Nation Entertainment in a research note on Wednesday, May 24th. They set a “buy” rating and a $40.00 price target on the stock. Citigroup Inc. restated a “buy” rating and set a $39.00 price target (up previously from $32.00) on shares of Live Nation Entertainment in a research note on Friday, May 19th. Finally, Macquarie increased their price objective on shares of Live Nation Entertainment from $34.00 to $37.00 and gave the stock a “buy” rating in a research note on Monday, April 24th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $38.75.
Shares of Live Nation Entertainment (NYSE:LYV) opened at 38.34 on Thursday. The stock has a market capitalization of $7.90 billion, a price-to-earnings ratio of 9585.00 and a beta of 1.00. Live Nation Entertainment has a 12-month low of $25.56 and a 12-month high of $42.20. The stock’s 50 day moving average is $36.13 and its 200-day moving average is $32.55.
Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings data on Wednesday, August 9th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.10. The company had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Live Nation Entertainment had a net margin of 0.25% and a return on equity of 1.61%. The firm’s quarterly revenue was up 29.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.13 EPS. On average, analysts expect that Live Nation Entertainment will post $0.19 earnings per share for the current year.
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In other news, Director Robert Ted Enloe III sold 6,337 shares of the business’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $35.82, for a total transaction of $226,991.34. Following the completion of the sale, the director now owns 23,450 shares in the company, valued at approximately $839,979. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Elizabeth Kathleen Willard sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $34.86, for a total transaction of $697,200.00. Following the sale, the chief financial officer now owns 286,216 shares of the company’s stock, valued at approximately $9,977,489.76. The disclosure for this sale can be found here. 4.77% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Canada Pension Plan Investment Board boosted its position in shares of Live Nation Entertainment by 118.3% in the first quarter. Canada Pension Plan Investment Board now owns 50,000 shares of the company’s stock worth $1,519,000 after buying an additional 27,100 shares during the last quarter. BB&T Corp boosted its position in shares of Live Nation Entertainment by 4.2% in the first quarter. BB&T Corp now owns 169,258 shares of the company’s stock valued at $5,141,000 after buying an additional 6,882 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in shares of Live Nation Entertainment by 1.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 46,241 shares of the company’s stock valued at $1,404,000 after buying an additional 600 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of Live Nation Entertainment by 122.2% in the first quarter. Russell Investments Group Ltd. now owns 85,064 shares of the company’s stock valued at $2,584,000 after buying an additional 46,787 shares in the last quarter. Finally, K.J. Harrison & Partners Inc boosted its position in shares of Live Nation Entertainment by 225.0% in the first quarter. K.J. Harrison & Partners Inc now owns 130,000 shares of the company’s stock valued at $3,948,000 after buying an additional 90,000 shares in the last quarter. 64.45% of the stock is currently 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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