Live Nation Entertainment (NYSE:LYV – Get Free Report) had its price objective boosted by research analysts at Citigroup from $181.00 to $212.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s target price would suggest a potential upside of 17.23% from the company’s previous close.
A number of other equities research analysts have also recently issued reports on the stock. JPMorgan Chase & Co. upped their target price on shares of Live Nation Entertainment from $180.00 to $205.00 and gave the company an “overweight” rating in a report on Tuesday, July 21st. The Goldman Sachs Group increased their price target on Live Nation Entertainment from $192.00 to $202.00 and gave the company a “buy” rating in a research note on Wednesday, July 8th. Zacks Research cut shares of Live Nation Entertainment from a “hold” rating to a “strong sell” rating in a research note on Friday, July 17th. UBS Group increased their price target on shares of Live Nation Entertainment from $181.00 to $208.00 and gave the company a “buy” rating in a report on Monday, July 20th. Finally, Wall Street Zen upgraded Live Nation Entertainment from a “sell” rating to a “hold” rating in a research note on Saturday, April 11th. Twenty research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $197.19.
Read Our Latest Stock Analysis on Live Nation Entertainment
Live Nation Entertainment Stock Up 3.9%
Live Nation Entertainment (NYSE:LYV – Get Free Report) last released its earnings results on Thursday, July 30th. The company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.39. The business had revenue of $7.67 billion during the quarter, compared to the consensus estimate of $7.56 billion. Live Nation Entertainment had a net margin of 0.34% and a return on equity of 54.61%. The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.41 earnings per share. As a group, analysts expect that Live Nation Entertainment will post 0.94 EPS for the current fiscal year.
Insiders Place Their Bets
In related news, EVP Michael Rowles sold 63,776 shares of the business’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 of the company’s stock, valued at approximately $33,622,555.84. The trade was a 23.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John Hopmans sold 93,078 shares of Live Nation Entertainment 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 directly owned 188,751 shares in the company, valued at approximately $31,345,878.57. This represents a 33.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 2.89% of the company’s stock.
Institutional Investors Weigh In On Live Nation Entertainment
A number of hedge funds and other institutional investors have recently bought and sold shares of LYV. Leonteq Securities AG bought a new stake in shares of Live Nation Entertainment during the 4th quarter valued at $25,000. Nvest Wealth Strategies Inc. bought a new stake in shares of Live Nation Entertainment during the fourth quarter valued at about $26,000. Burkett Financial Services LLC bought a new position in shares of Live Nation Entertainment in the second quarter valued at approximately $26,000. Elyxium Wealth LLC bought a new stake in Live Nation Entertainment during the 4th quarter worth approximately $30,000. Finally, DV Equities LLC bought a new position in Live Nation Entertainment in the 4th quarter valued at $31,000. Institutional investors own 74.52% of the company’s stock.
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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