Macquarie Reiterates “Buy” Rating for Live Nation Entertainment, Inc. (LYV)
Live Nation Entertainment, Inc. (NYSE:LYV)‘s stock had its “buy” rating reiterated by analysts at Macquarie in a research note issued on Sunday. They currently have a $48.00 target price on the stock. Macquarie’s price objective would indicate a potential upside of 9.54% from the stock’s current price.
The analysts wrote, “We model 4Q/’18 AOI of US$83m/ US$834m in line with guidance for 4Q as a % of ’17 AOI to be lower than in ‘16: #1 Concerts flywheel on fire, with global demand at all-time high: Live added 7m fans in 3Q and expects to add 85m in ’17. An evolved supply-demand chain allows Live to more easily book/monetize artists globally; with only 30% global mkt share, the runway for organic growth is long. Furthermore, the hospitality opportunity is large and high-margin; we model ‘17/’18 concerts AOI of US$171m/US$197m. #2 Getting more of music’s ~US$3bn sponsorship/ad pie: With an audience of 80m+ and a growing supply of fan data, Live is attracting more high-end national sponsors vs local/regional. Mgmt anticipates double-digit growth in the years ahead and has identified festival sponsorship and concert-related third-party content as relatively untapped segments.””
Several other analysts have also recently weighed in on LYV. Zacks Investment Research upgraded shares of Live Nation Entertainment from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a report on Tuesday, October 10th. Jefferies Group LLC reiterated a “buy” rating and issued a $42.00 price target on shares of Live Nation Entertainment in a report on Tuesday, September 12th. William Blair initiated coverage on shares of Live Nation Entertainment in a report on Friday, July 21st. They issued an “outperform” rating on the stock. BidaskClub upgraded shares of Live Nation Entertainment from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 16th. Finally, J P Morgan Chase & Co reiterated a “buy” rating on shares of Live Nation Entertainment in a report on Wednesday, October 18th. Four equities research 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. The company currently has an average rating of “Buy” and a consensus price target of $42.86.
Live Nation Entertainment (LYV) opened at $43.82 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.54. The firm has a market capitalization of $9,061.98, a PE ratio of 2,191.00 and a beta of 1.07.
Live Nation Entertainment (NYSE:LYV) last issued its earnings results on Thursday, November 2nd. The company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.55 by ($0.02). Live Nation Entertainment had a return on equity of 3.47% and a net margin of 0.50%. The firm had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $3.36 billion. During the same quarter in the prior year, the business posted $0.49 EPS. The firm’s revenue for the quarter was up 12.3% on a year-over-year basis. equities analysts forecast that Live Nation Entertainment will post 0.2 earnings per share for the current fiscal year.
In other Live Nation Entertainment news, insider Brian Capo sold 7,500 shares of the firm’s stock in a transaction on Friday, September 8th. The stock was sold at an average price of $40.50, for a total transaction of $303,750.00. Following the completion of the transaction, the insider now owns 13,354 shares of the company’s stock, valued at $540,837. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ariel Emanuel sold 10,000 shares of the firm’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $41.56, for a total value of $415,600.00. Following the transaction, the director now directly owns 85,737 shares of the company’s stock, valued at approximately $3,563,229.72. The disclosure for this sale can be found here. Company insiders own 4.77% of the company’s stock.
A number of institutional investors have recently made changes to their positions in LYV. Wellington Management Group LLP lifted its position in Live Nation Entertainment by 95.9% during the first quarter. Wellington Management Group LLP now owns 29,373 shares of the company’s stock valued at $892,000 after buying an additional 14,378 shares during the period. Teachers Advisors LLC lifted its position in Live Nation Entertainment by 9.3% during the first quarter. Teachers Advisors LLC now owns 802,583 shares of the company’s stock valued at $24,374,000 after buying an additional 68,404 shares during the period. PNC Financial Services Group Inc. lifted its position in Live Nation Entertainment by 2.4% during the first quarter. PNC Financial Services Group Inc. now owns 14,699 shares of the company’s stock valued at $446,000 after buying an additional 346 shares during the period. Oppenheimer Asset Management Inc. purchased a new position in Live Nation Entertainment during the first quarter valued at $233,000. Finally, State Street Corp lifted its position in Live Nation Entertainment by 2.9% during the first quarter. State Street Corp now owns 3,401,554 shares of the company’s stock valued at $103,306,000 after buying an additional 95,550 shares during the period. 65.87% of the stock is owned by institutional investors and hedge funds.
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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