Live Nation Entertainment, Inc. (NYSE:LYV) Sets New 1-Year High Following Strong Earnings
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.
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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.
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