Live Nation Entertainment, Inc. (NYSE:LYV – Get Free Report) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $184.86 and last traded at $183.2360, with a volume of 4980929 shares changing hands. The stock had previously closed at $182.56.
Wall Street Analyst Weigh In
Several research analysts have weighed in on LYV shares. Zacks Research upgraded Live Nation Entertainment from a “strong sell” rating to a “hold” rating in a research note on Friday, May 8th. Rothschild & Co Redburn upped their price target on Live Nation Entertainment from $193.00 to $195.00 in a research note on Wednesday, May 6th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Live Nation Entertainment in a report on Monday, March 9th. The Goldman Sachs Group lifted their price objective on shares of Live Nation Entertainment from $190.00 to $192.00 in a research report on Wednesday, May 6th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Live Nation Entertainment in a research report on Thursday, June 4th. Twenty analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $188.50.
Check Out Our Latest Report on LYV
Live Nation Entertainment Stock Performance
Live Nation Entertainment (NYSE:LYV – Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($1.85) EPS for the quarter, missing the consensus estimate 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 company had revenue of $3.79 billion during the quarter, compared to analyst estimates of $3.57 billion. During the same quarter last year, the business earned ($0.32) EPS. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. On average, analysts forecast that Live Nation Entertainment, Inc. will post 1.09 EPS for the current year.
Insider Buying and Selling at Live Nation Entertainment
In other Live Nation Entertainment news, EVP Michael Rowles sold 63,776 shares of the company’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $164.24, for a total value of $10,474,570.24. Following the sale, the executive vice president owned 204,716 shares of the company’s stock, 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John Hopmans sold 93,078 shares of the business’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 sale, the executive vice president owned 188,751 shares in the company, valued at $31,345,878.57. This represents a 33.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 2.89% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bessemer Group Inc. increased its stake in shares of Live Nation Entertainment by 70.0% in the fourth quarter. Bessemer Group Inc. now owns 1,843,750 shares of the company’s stock valued at $262,733,000 after purchasing an additional 759,363 shares during the period. Geode Capital Management LLC boosted its position in shares of Live Nation Entertainment by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 4,301,900 shares of the company’s stock worth $610,707,000 after buying an additional 20,165 shares during the period. L2 Asset Management LLC boosted its position in shares of Live Nation Entertainment by 70.4% during the third quarter. L2 Asset Management LLC now owns 35,019 shares of the company’s stock worth $5,722,000 after buying an additional 14,470 shares during the period. CenterBook Partners LP grew its holdings in Live Nation Entertainment by 780.1% in the 4th quarter. CenterBook Partners LP now owns 22,143 shares of the company’s stock worth $3,155,000 after buying an additional 19,627 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in Live Nation Entertainment by 14.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 607,164 shares of the company’s stock valued at $88,227,000 after acquiring an additional 78,171 shares during the period. 74.52% of the stock is currently owned by hedge funds and other 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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