Zacks: Analysts Expect Live Nation Entertainment, Inc. (LYV) Will Post Quarterly Sales of $2.04 Billion
Wall Street brokerages predict that Live Nation Entertainment, Inc. (NYSE:LYV) will announce sales of $2.04 billion for the current quarter, according to Zacks Investment Research. Eleven analysts have issued estimates for Live Nation Entertainment’s earnings, with estimates ranging from $1.89 billion to $2.27 billion. Live Nation Entertainment reported sales of $1.80 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 13.3%. The business is expected to report its next quarterly earnings results on Thursday, February 22nd.
According to Zacks, analysts expect that Live Nation Entertainment will report full year sales of $2.04 billion for the current fiscal year, with estimates ranging from $9.54 billion to $10.08 billion. For the next fiscal year, analysts expect that the company will post sales of $10.58 billion per share, with estimates ranging from $10.06 billion to $11.32 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Live Nation Entertainment.
Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings data on Thursday, November 2nd. The company reported $0.53 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.55 by ($0.02). Live Nation Entertainment had a return on equity of 3.33% 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 period in the previous year, the firm earned $0.49 EPS. The business’s revenue was up 12.3% compared to the same quarter last year.
A number of analysts have issued reports on LYV shares. Jefferies Group reaffirmed a “buy” rating and issued a $42.00 price objective on shares of Live Nation Entertainment in a research note on Tuesday, September 12th. Zacks Investment Research raised Live Nation Entertainment from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a research report on Tuesday, October 10th. JPMorgan Chase & Co. reissued a “buy” rating on shares of Live Nation Entertainment in a research report on Wednesday, October 18th. Macquarie reissued a “buy” rating and set a $48.00 target price on shares of Live Nation Entertainment in a research report on Sunday, November 5th. Finally, Citigroup downgraded Live Nation Entertainment from a “buy” rating to a “neutral” rating and set a $47.00 target price on the stock. in a research report on Friday, December 22nd. Five analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $44.00.
In other Live Nation Entertainment news, CEO Michael Rapino sold 210,000 shares of the company’s stock in a transaction on Friday, December 8th. The stock was sold at an average price of $43.21, for a total value of $9,074,100.00. Following the completion of the sale, the chief executive officer now directly owns 115,277 shares in the company, valued at approximately $4,981,119.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael Rowles sold 46,511 shares of the company’s stock in a transaction on Monday, November 6th. The stock was sold at an average price of $43.35, for a total value of $2,016,251.85. Following the completion of the sale, the executive vice president now owns 192,054 shares of the company’s stock, valued at $8,325,540.90. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,106,511 shares of company stock valued at $49,467,752. 4.77% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of LYV. The Manufacturers Life Insurance Company increased its position in Live Nation Entertainment by 2.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 198,179 shares of the company’s stock valued at $6,906,000 after buying an additional 5,319 shares in the last quarter. BB&T Corp increased its position in shares of Live Nation Entertainment by 2.8% during the third quarter. BB&T Corp now owns 177,974 shares of the company’s stock worth $7,751,000 after purchasing an additional 4,895 shares in the last quarter. Fisher Asset Management LLC increased its position in shares of Live Nation Entertainment by 8.2% during the third quarter. Fisher Asset Management LLC now owns 453,765 shares of the company’s stock worth $19,761,000 after purchasing an additional 34,434 shares in the last quarter. Schwab Charles Investment Management Inc. increased its position in shares of Live Nation Entertainment by 24.6% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,457,085 shares of the company’s stock worth $50,780,000 after purchasing an additional 287,319 shares in the last quarter. Finally, Colonial Trust Advisors acquired a new stake in shares of Live Nation Entertainment during the second quarter worth about $587,000. Institutional investors and hedge funds own 68.06% of the company’s stock.
Live Nation Entertainment (LYV) traded up $0.08 during trading hours on Wednesday, reaching $42.65. The company’s stock had a trading volume of 927,000 shares, compared to its average volume of 762,800. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 1.39. Live Nation Entertainment has a 1-year low of $26.86 and a 1-year high of $46.99. The company has a market cap of $8,800.00, a P/E ratio of 2,133.57 and a beta of 1.06.
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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