Live Nation Entertainment, Inc. (NYSE:LYV) reached a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $40.95 and last traded at $40.90, with a volume of 5,440,753 shares trading hands. The stock had previously closed at $37.50.

The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.10. Live Nation Entertainment had a negative net margin of 0.03% and a negative return on equity of 0.16%. The firm had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.37 billion. During the same quarter in the prior year, the firm earned $0.13 EPS. The company’s revenue was up 29.3% on a year-over-year basis.

LYV has been the topic of several recent research reports. Zacks Investment Research raised shares of Live Nation Entertainment from a “hold” rating to a “strong-buy” rating and set a $40.00 target price on the stock in a research note on Tuesday, May 9th. BidaskClub lowered shares of Live Nation Entertainment from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 22nd. Jefferies Group LLC reaffirmed a “buy” rating and issued a $33.00 target price on shares of Live Nation Entertainment in a research note on Monday, April 24th. Macquarie reaffirmed an “outperform” rating and issued a $38.00 target price on shares of Live Nation Entertainment in a research note on Sunday, May 14th. Finally, William Blair initiated coverage on shares of Live Nation Entertainment in a research note on Friday, July 21st. They issued an “outperform” rating on the stock. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $38.75.

In other Live Nation Entertainment news, CFO Elizabeth Kathleen Willard sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $34.86, for a total transaction of $697,200.00. Following the sale, the chief financial officer now directly owns 286,216 shares in the company, valued at approximately $9,977,489.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert Ted Enloe III sold 6,337 shares of the firm’s stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $35.82, for a total transaction of $226,991.34. Following the sale, the director now owns 23,450 shares in the company, valued at $839,979. The disclosure for this sale can be found here. Company insiders own 4.77% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the company. William Blair Investment Management LLC bought a new stake in shares of Live Nation Entertainment during the second quarter valued at approximately $109,693,000. Epoch Investment Partners Inc. bought a new stake in shares of Live Nation Entertainment during the first quarter valued at approximately $44,071,000. Harbor Spring Capital LLC bought a new stake in shares of Live Nation Entertainment during the first quarter valued at approximately $38,791,000. Acadian Asset Management LLC increased its stake in shares of Live Nation Entertainment by 818.0% in the second quarter. Acadian Asset Management LLC now owns 1,086,576 shares of the company’s stock valued at $37,868,000 after buying an additional 968,217 shares during the period. Finally, Victory Capital Management Inc. increased its stake in shares of Live Nation Entertainment by 80.9% in the second quarter. Victory Capital Management Inc. now owns 1,516,512 shares of the company’s stock valued at $52,851,000 after buying an additional 678,283 shares during the period. Hedge funds and other institutional investors own 64.45% of the company’s stock.

The company’s market cap is $8.38 billion. The company has a 50 day moving average of $35.88 and a 200 day moving average of $32.42.

WARNING: This piece of content was reported by Watch List News and is the property of of Watch List News. If you are reading this piece of content on another domain, it was copied illegally and republished in violation of international trademark & copyright laws. The correct version of this piece of content can be accessed at https://www.watchlistnews.com/live-nation-entertainment-inc-nyselyv-sets-new-1-year-high-following-strong-earnings/1470429.html.

About Live Nation Entertainment

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.

Receive News & Ratings for Live Nation Entertainment Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Live Nation Entertainment Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.