Live Nation Entertainment, Inc. (LYV) Stock Rating Upgraded by Zacks Investment Research
Live Nation Entertainment, Inc. (NYSE:LYV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage currently has a $48.00 target price on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 12.18% from the company’s previous close.
According to Zacks, “Live Nation Entertainment, Inc. is the world’s premier live entertainment company, consisting of Live Nation, Ticketmaster and Front Line Management Group. The Company engages in producing, marketing, and selling live concerts for artists via its concert pipe. Live Nation owns and operates many venues, including House of Blues music venues and locations, such as The Fillmore in San Francisco, Nikon at Jones Beach Theatre in New York and London’s Wembley Arena. In addition, it also produces, promotes or hosts theatrical, specialized motor sports and other live entertainment events. The Company is driving major innovations in ticketing technology, marketing and service. It offers ticket sales, ticket resale services, and marketing and distribution through ticketmaster.com, an e-commerce site on the Internet. Live Nation Entertainment, Inc. was formerly known as Live Nation, Inc. and is based in Beverly Hills, California. “
A number of other research firms have also issued reports on LYV. Jefferies Group LLC reiterated a “buy” rating and set a $42.00 price objective on shares of Live Nation Entertainment in a research note on Tuesday, September 12th. J P Morgan Chase & Co reiterated a “buy” rating on shares of Live Nation Entertainment in a research note on Friday, August 11th. Stephens reiterated an “overweight” rating and set a $44.00 price objective (up from $36.00) on shares of Live Nation Entertainment in a research note on Thursday, August 10th. Northcoast Research lowered Live Nation Entertainment from a “buy” rating to a “neutral” rating in a research note on Monday, June 19th. They noted that the move was a valuation call. Finally, William Blair initiated coverage on Live Nation Entertainment in a research note on Friday, July 21st. They issued an “outperform” rating on the stock. Three equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $40.86.
Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings data on Wednesday, August 9th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.10. Live Nation Entertainment had a return on equity of 1.60% and a net margin of 0.25%. The company had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.37 billion. During the same period in the previous year, the company posted $0.13 EPS. The firm’s revenue for the quarter was up 29.3% compared to the same quarter last year.
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In other Live Nation Entertainment news, insider Brian Capo sold 7,500 shares of the company’s stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $40.50, for a total value of $303,750.00. Following the transaction, the insider now directly owns 13,354 shares in the company, valued at approximately $540,837. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ariel Emanuel sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $41.56, for a total value of $415,600.00. Following the completion of the transaction, the director now owns 85,737 shares in the company, valued at $3,563,229.72. The disclosure for this sale can be found here. 4.77% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in LYV. William Blair Investment Management LLC purchased a new position in shares of Live Nation Entertainment in the 2nd quarter worth about $109,693,000. Epoch Investment Partners Inc. purchased a new position in shares of Live Nation Entertainment in the 1st quarter worth about $44,071,000. Acadian Asset Management LLC boosted its holdings in shares of Live Nation Entertainment by 818.0% in the 2nd quarter. Acadian Asset Management LLC now owns 1,086,576 shares of the company’s stock worth $37,868,000 after purchasing an additional 968,217 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Live Nation Entertainment by 80.9% in the 2nd quarter. Victory Capital Management Inc. now owns 1,516,512 shares of the company’s stock worth $52,851,000 after purchasing an additional 678,283 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Live Nation Entertainment by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 10,414,998 shares of the company’s stock worth $316,303,000 after purchasing an additional 517,577 shares in the last quarter. Institutional investors and hedge funds own 65.64% of the company’s stock.
Live Nation Entertainment Company Profile
Live Nation Entertainment, Inc is a live entertainment company. The Company’s businesses consist of the promotion of live events, including ticketing, sponsorship and advertising. Its segments include Concerts, Sponsorship & Advertising, Ticketing and Artist Nation. The Concerts segment is engaged in promotion of live music events in its owned or operated venues and in rented third-party venues; operation and management of music venues; production of music festivals, and creation of associated content.
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