Live Nation Entertainment (NYSE:LYV) Upgraded to Strong-Buy at BTIG Research

BTIG Research upgraded shares of Live Nation Entertainment (NYSE:LYVFree Report) to a strong-buy rating in a research report released on Thursday,Zacks.com reports.

Several other brokerages have also recently commented on LYV. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Live Nation Entertainment from $180.00 to $185.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Susquehanna lowered Live Nation Entertainment from a “positive” rating to a “neutral” rating and upped their target price for the stock from $181.00 to $186.00 in a report on Tuesday. JPMorgan Chase & Co. raised their price target on Live Nation Entertainment from $180.00 to $205.00 and gave the company an “overweight” rating in a research note on Tuesday. Morgan Stanley boosted their price target on Live Nation Entertainment from $185.00 to $200.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 10th. Finally, Citigroup reissued a “market outperform” rating on shares of Live Nation Entertainment in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Live Nation Entertainment presently has a consensus rating of “Moderate Buy” and a consensus target price of $195.95.

Check Out Our Latest Analysis on LYV

Live Nation Entertainment Trading Down 1.0%

NYSE:LYV opened at $176.19 on Thursday. The company has a market cap of $41.50 billion, a P/E ratio of -99.54 and a beta of 1.11. Live Nation Entertainment has a twelve month low of $125.34 and a twelve month high of $188.00. The business has a 50 day moving average price of $173.33 and a two-hundred day moving average price of $160.96. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 13.93.

Live Nation Entertainment (NYSE:LYVGet 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 during the quarter, compared to analyst estimates of $3.57 billion. During the same quarter last year, the business earned ($0.32) earnings per share. Live Nation Entertainment’s revenue for the quarter was up 12.1% on a year-over-year basis. As a group, analysts expect that Live Nation Entertainment will post 0.96 EPS for the current fiscal year.

Insider Buying and Selling at Live Nation Entertainment

In related news, EVP John Hopmans sold 93,078 shares of the company’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $166.07, for a total value of $15,457,463.46. Following the transaction, the executive vice president directly owned 188,751 shares in the company, valued at approximately $31,345,878.57. This represents a 33.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Michael Rowles sold 63,776 shares of the firm’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $164.24, for a total transaction 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 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 made changes to their positions in LYV. Norges Bank acquired a new stake in shares of Live Nation Entertainment during the 4th quarter worth $285,924,000. Sachem Head Capital Management LP bought a new stake in Live Nation Entertainment during the fourth quarter worth about $173,380,000. Jericho Capital Asset Management L.P. grew its stake in Live Nation Entertainment by 37.9% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,996,512 shares of the company’s stock worth $569,503,000 after buying an additional 1,099,350 shares in the last quarter. First Trust Advisors LP grew its stake in Live Nation Entertainment by 653.7% during the fourth quarter. First Trust Advisors LP now owns 1,191,347 shares of the company’s stock worth $169,767,000 after buying an additional 1,033,289 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Live Nation Entertainment by 10.3% in the 4th quarter. Principal Financial Group Inc. now owns 10,727,681 shares of the company’s stock valued at $1,528,700,000 after buying an additional 1,001,905 shares during the period. Institutional investors and hedge funds own 74.52% of the company’s stock.

About Live Nation Entertainment

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Live Nation Entertainment (NYSE:LYV)

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