Wall Street analysts expect Live Nation Entertainment, Inc. (NYSE:LYV) to report $3.20 billion in sales for the current quarter, Zacks Investment Research reports. Nine analysts have made estimates for Live Nation Entertainment’s earnings, with the lowest sales estimate coming in at $3.09 billion and the highest estimate coming in at $3.39 billion. Live Nation Entertainment posted sales of $2.87 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 11.5%. The company is scheduled to announce its next quarterly earnings report on Thursday, July 25th.
According to Zacks, analysts expect that Live Nation Entertainment will report full-year sales of $11.84 billion for the current year, with estimates ranging from $11.40 billion to $12.23 billion. For the next financial year, analysts anticipate that the company will post sales of $12.78 billion, with estimates ranging from $12.29 billion to $13.58 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover Live Nation Entertainment.
Live Nation Entertainment (NYSE:LYV) last issued its earnings results on Thursday, May 2nd. The company reported ($0.31) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.34) by $0.03. The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.59 billion. Live Nation Entertainment had a return on equity of 1.77% and a net margin of 0.22%. The firm’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period last year, the business posted ($0.24) EPS.
LYV has been the subject of several research reports. Zacks Investment Research upgraded Live Nation Entertainment from a “hold” rating to a “strong-buy” rating and set a $63.00 target price for the company in a research note on Thursday, February 14th. Citigroup downgraded Live Nation Entertainment from a “buy” rating to a “neutral” rating and raised their target price for the company from $59.00 to $63.00 in a research note on Friday, March 15th. They noted that the move was a valuation call. ValuEngine downgraded Live Nation Entertainment from a “strong-buy” rating to a “buy” rating in a research note on Monday, April 1st. Stephens raised their target price on Live Nation Entertainment to $70.00 and gave the company an “overweight” rating in a research note on Friday, March 29th. Finally, Berenberg Bank initiated coverage on Live Nation Entertainment in a research note on Tuesday, May 14th. They issued a “buy” rating and a $73.00 target price for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $62.00.
In related news, Director Mark S. Shapiro sold 8,000 shares of the firm’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $64.90, for a total value of $519,200.00. Following the transaction, the director now owns 36,765 shares of the company’s stock, valued at approximately $2,386,048.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Ariel Emanuel sold 7,790 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $64.25, for a total transaction of $500,507.50. Following the completion of the transaction, the director now directly owns 71,394 shares in the company, valued at approximately $4,587,064.50. The disclosure for this sale can be found here. 5.19% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in LYV. Oregon Public Employees Retirement Fund lifted its position in Live Nation Entertainment by 6,602.8% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,565,158 shares of the company’s stock valued at $72,000 after acquiring an additional 3,511,969 shares in the last quarter. Findlay Park Partners LLP lifted its position in shares of Live Nation Entertainment by 56.8% during the 4th quarter. Findlay Park Partners LLP now owns 5,077,885 shares of the company’s stock worth $250,086,000 after buying an additional 1,838,753 shares in the last quarter. Canada Pension Plan Investment Board lifted its position in shares of Live Nation Entertainment by 15.6% during the 4th quarter. Canada Pension Plan Investment Board now owns 10,823,188 shares of the company’s stock worth $532,997,000 after buying an additional 1,456,888 shares in the last quarter. Norges Bank bought a new position in shares of Live Nation Entertainment during the 4th quarter worth approximately $63,908,000. Finally, Victory Capital Management Inc. lifted its position in shares of Live Nation Entertainment by 123.1% during the 1st quarter. Victory Capital Management Inc. now owns 1,884,233 shares of the company’s stock worth $119,724,000 after buying an additional 1,039,685 shares in the last quarter. 72.58% of the stock is currently owned by institutional investors and hedge funds.
Shares of LYV traded up $0.79 during trading hours on Friday, hitting $63.28. The stock had a trading volume of 656,602 shares, compared to its average volume of 1,274,940. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market cap of $13.39 billion, a PE ratio of -703.11 and a beta of 1.14. Live Nation Entertainment has a 1-year low of $42.61 and a 1-year high of $67.00.
Live Nation Entertainment Company Profile
Live Nation Entertainment, Inc operates as a live entertainment company. It operates through Concerts, Sponsorship & Advertising, and Ticketing segments. The Concerts segment promotes live music events in its owned or operated venues, and in rented third-party venues; operates and manages music venues; and produces music festivals and creates associated content.
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