Macquarie Reaffirms Buy Rating for Live Nation Entertainment (LYV)
Macquarie reiterated their buy rating on shares of Live Nation Entertainment (NYSE:LYV) in a research note issued to investors on Wednesday morning. They currently have a $52.00 target price on the stock. Macquarie also issued estimates for Live Nation Entertainment’s Q3 2019 earnings at $0.72 EPS.
A number of other research firms have also recently issued reports on LYV. JPMorgan Chase & Co. reiterated a buy rating on shares of Live Nation Entertainment in a research note on Wednesday, October 18th. Zacks Investment Research upgraded shares of Live Nation Entertainment from a hold rating to a buy rating and set a $48.00 target price for the company in a research note on Tuesday, October 24th. Jefferies Group reiterated a buy rating and issued a $42.00 target price on shares of Live Nation Entertainment in a research note on Monday, October 16th. Finally, Citigroup lowered shares of Live Nation Entertainment from a buy rating to a neutral rating in a research report on Saturday, December 30th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Live Nation Entertainment presently has a consensus rating of Buy and a consensus price target of $44.57.
Live Nation Entertainment (NYSE LYV) traded up $1.11 during midday trading on Wednesday, reaching $43.19. 2,130,000 shares of the company’s stock were exchanged, compared to its average volume of 1,380,000. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $8,930.00, a PE ratio of 2,160.58 and a beta of 1.06. Live Nation Entertainment has a 1 year low of $27.17 and a 1 year high of $46.99.
In other news, COO Joe Berchtold sold 20,000 shares of Live Nation Entertainment stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $43.08, for a total value of $861,600.00. Following the transaction, the chief operating officer now owns 97,918 shares of the company’s stock, valued at $4,218,307.44. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Michael Rapino sold 210,000 shares of Live Nation Entertainment stock in a transaction that occurred on Friday, December 8th. The shares were sold at an average price of $43.21, for a total transaction of $9,074,100.00. Following the completion of the transaction, the chief executive officer now directly owns 115,277 shares in the company, valued at approximately $4,981,119.17. The disclosure for this sale can be found here. In the last three months, insiders sold 1,106,511 shares of company stock worth $49,467,752. Insiders own 4.77% of the company’s stock.
Several large investors have recently added to or reduced their stakes in LYV. Canada Pension Plan Investment Board raised its position in shares of Live Nation Entertainment by 8,038.5% in the third quarter. Canada Pension Plan Investment Board now owns 5,786,500 shares of the company’s stock valued at $252,002,000 after purchasing an additional 5,715,400 shares during the period. Scout Investments Inc. bought a new position in Live Nation Entertainment during the third quarter worth $24,217,000. Vanguard Group Inc. increased its position in Live Nation Entertainment by 4.3% during the second quarter. Vanguard Group Inc. now owns 10,866,455 shares of the company’s stock worth $378,695,000 after acquiring an additional 451,457 shares during the period. Russell Investments Group Ltd. increased its position in Live Nation Entertainment by 346.1% during the third quarter. Russell Investments Group Ltd. now owns 468,705 shares of the company’s stock worth $20,412,000 after acquiring an additional 363,634 shares during the period. Finally, Schwab Charles Investment Management Inc. increased its position in Live Nation Entertainment by 24.5% during the third quarter. Schwab Charles Investment Management Inc. now owns 1,813,800 shares of the company’s stock worth $78,991,000 after acquiring an additional 356,715 shares during the period. 68.08% of the stock is currently owned by institutional investors.
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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