Live Nation Entertainment (NYSE:LYV) Stock Price Down 8.5% After Earnings Miss

Live Nation Entertainment, Inc. (NYSE:LYV) traded down 8.5% during trading on Wednesday after the company announced weaker than expected quarterly earnings. The company traded as low as $135.34 and last traded at $137.8980. 1,781,260 shares traded hands during mid-day trading, a decline of 28% from the average session volume of 2,474,771 shares. The stock had previously closed at $150.75.

The company reported $0.73 EPS for the quarter, missing analysts’ consensus estimates of $1.54 by ($0.81). Live Nation Entertainment had a return on equity of 105.85% and a net margin of 3.88%.The company had revenue of $8.50 billion during the quarter, compared to analysts’ expectations of $8.87 billion. During the same period in the prior year, the firm earned $1.66 EPS. Live Nation Entertainment’s quarterly revenue was up 11.1% on a year-over-year basis.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Benchmark reissued a “buy” rating on shares of Live Nation Entertainment in a research note on Tuesday. Rothschild & Co Redburn lowered shares of Live Nation Entertainment from a “buy” rating to a “neutral” rating and upped their price target for the company from $144.00 to $170.00 in a report on Tuesday, September 16th. Morgan Stanley reduced their price objective on shares of Live Nation Entertainment from $180.00 to $170.00 and set an “overweight” rating on the stock in a research report on Wednesday. Weiss Ratings reissued a “hold (c)” rating on shares of Live Nation Entertainment in a research report on Wednesday, October 8th. Finally, Oppenheimer upped their target price on shares of Live Nation Entertainment from $165.00 to $180.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 12th. Eighteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $172.84.

Institutional Trading of Live Nation Entertainment

Institutional investors have recently made changes to their positions in the stock. Clearstead Trust LLC boosted its holdings in shares of Live Nation Entertainment by 469.0% during the 2nd quarter. Clearstead Trust LLC now owns 165 shares of the company’s stock valued at $25,000 after acquiring an additional 136 shares during the last quarter. Wayfinding Financial LLC purchased a new stake in shares of Live Nation Entertainment during the 1st quarter valued at about $30,000. Atwood & Palmer Inc. purchased a new stake in shares of Live Nation Entertainment during the 3rd quarter valued at about $33,000. Heartwood Wealth Advisors LLC purchased a new stake in shares of Live Nation Entertainment during the 3rd quarter valued at about $34,000. Finally, Measured Risk Portfolios Inc. purchased a new stake in shares of Live Nation Entertainment during the 3rd quarter valued at about $37,000. Hedge funds and other institutional investors own 74.52% of the company’s stock.

Live Nation Entertainment Stock Performance

The business’s fifty day moving average price is $159.96 and its 200-day moving average price is $151.04. The company has a debt-to-equity ratio of 5.38, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market cap of $32.48 billion, a PE ratio of 59.79, a P/E/G ratio of 12.85 and a beta of 1.40.

Live Nation Entertainment Company Profile

Live Nation Entertainment, Inc operates as a live entertainment company worldwide. It operates through Concerts, Ticketing, and Sponsorship & Advertising segments. The Concerts segment promotes live music events in its owned or operated venues, and in rented third-party venues. This segment operates and manages music venues; produces music festivals; creates and streams associated content; and offers management and other services to artists.