Live Nation Entertainment, Inc. (NYSE:LYV – Get Free Report) reached a new 52-week high during trading on Thursday . The company traded as high as $176.30 and last traded at $175.5530, with a volume of 2850542 shares changing hands. The stock had previously closed at $171.47.
Analyst Ratings Changes
A number of equities research analysts recently issued reports on the stock. Morgan Stanley upped their price target on shares of Live Nation Entertainment from $185.00 to $200.00 and gave the company an “overweight” rating in a research note on Wednesday, June 10th. Deutsche Bank Aktiengesellschaft lifted their price target on Live Nation Entertainment from $180.00 to $185.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Live Nation Entertainment in a research note on Monday, March 9th. Wall Street Zen upgraded Live Nation Entertainment from a “sell” rating to a “hold” rating in a report on Saturday, April 11th. Finally, The Goldman Sachs Group raised their price target on Live Nation Entertainment from $190.00 to $192.00 in a research report on Wednesday, May 6th. Twenty investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $188.50.
Get Our Latest Stock Analysis on LYV
Live Nation Entertainment Stock Performance
Live Nation Entertainment (NYSE:LYV – Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($1.85) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by ($1.50). Live Nation Entertainment had a net margin of 0.15% and a return on equity of 45.92%. The business had revenue of $3.79 billion for the quarter, compared to analysts’ expectations of $3.57 billion. During the same quarter in the previous year, the firm earned ($0.32) EPS. Live Nation Entertainment’s revenue was up 12.1% compared to the same quarter last year. As a group, sell-side analysts expect that Live Nation Entertainment, Inc. will post 1.09 EPS for the current year.
Insiders Place Their Bets
In other news, EVP Michael Rowles sold 63,776 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $164.24, for a total value of $10,474,570.24. Following the transaction, the executive vice president directly owned 204,716 shares in the company, valued at approximately $33,622,555.84. This represents a 23.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP John Hopmans sold 93,078 shares of the firm’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $166.07, for a total transaction of $15,457,463.46. Following the completion of the transaction, the executive vice president directly owned 188,751 shares in the company, valued at $31,345,878.57. This represents a 33.03% decrease in their position. The SEC filing for this sale provides additional information. 2.89% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Live Nation Entertainment
A number of institutional investors and hedge funds have recently bought and sold shares of the company. Bessemer Group Inc. boosted its position in shares of Live Nation Entertainment by 70.0% in the 4th quarter. Bessemer Group Inc. now owns 1,843,750 shares of the company’s stock worth $262,733,000 after purchasing an additional 759,363 shares in the last quarter. Geode Capital Management LLC increased its position in Live Nation Entertainment by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 4,301,900 shares of the company’s stock valued at $610,707,000 after buying an additional 20,165 shares in the last quarter. L2 Asset Management LLC raised its stake in Live Nation Entertainment by 70.4% in the third quarter. L2 Asset Management LLC now owns 35,019 shares of the company’s stock valued at $5,722,000 after buying an additional 14,470 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Live Nation Entertainment by 14.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 607,164 shares of the company’s stock worth $88,227,000 after acquiring an additional 78,171 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Live Nation Entertainment by 4.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,195,473 shares of the company’s stock worth $455,355,000 after acquiring an additional 123,800 shares during the last quarter. 74.52% of the stock is owned by institutional investors.
Live Nation Entertainment Company Profile
Live Nation Entertainment is a global live entertainment company that promotes, operates and sells tickets for live events. The company’s core activities include concert promotion and production, venue operations and management, ticketing services through its Ticketmaster platform, artist management and development, and sponsorship and advertising services tied to live events. These integrated businesses are designed to connect artists, fans and commercial partners across the live event ecosystem.
The company in its current form was created following the 2010 merger of Live Nation and Ticketmaster, combining a promoter and venue operator with one of the industry’s largest ticketing platforms.
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