Live Nation Entertainment, Inc. (NYSE:LYV) – Equities researchers at William Blair upped their Q3 2017 EPS estimates for shares of Live Nation Entertainment in a note issued to investors on Thursday. William Blair analyst R. Sundby now expects that the company will post earnings per share of $0.68 for the quarter, up from their prior forecast of $0.60. William Blair currently has a “Outperform” rating on the stock.
LYV has been the subject of several other reports. Zacks Investment Research raised shares of Live Nation Entertainment from a “hold” rating to a “strong-buy” rating and set a $40.00 price objective for the company in a research report on Tuesday, May 9th. BidaskClub lowered shares of Live Nation Entertainment from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 22nd. Jefferies Group LLC reaffirmed a “buy” rating and issued a $33.00 price objective on shares of Live Nation Entertainment in a research report on Monday, April 24th. Macquarie reaffirmed an “outperform” rating and issued a $38.00 price objective on shares of Live Nation Entertainment in a research report on Sunday, May 14th. Finally, Northcoast Research lowered shares of Live Nation Entertainment from a “buy” rating to a “neutral” rating in a research report on Monday, June 19th. They noted that the move was a valuation call. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $38.75.
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Shares of Live Nation Entertainment (NYSE LYV) opened at 38.34 on Friday. Live Nation Entertainment has a 1-year low of $25.56 and a 1-year high of $42.20. The firm’s 50-day moving average is $36.13 and its 200-day moving average is $32.55. The company has a market capitalization of $7.86 billion, a price-to-earnings ratio of 5477.14 and a beta of 1.00.
Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings data on Wednesday, August 9th. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.10. The business had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.37 billion. Live Nation Entertainment had a net margin of 0.25% and a return on equity of 1.60%. Live Nation Entertainment’s revenue was up 29.3% compared to the same quarter last year. During the same period last year, the business earned $0.13 EPS.
In other 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 owns 286,216 shares of the company’s stock, valued at approximately $9,977,489.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 directly owns 23,450 shares in the company, valued at approximately $839,979. The disclosure for this sale can be found here. 4.77% of the stock is currently owned by corporate insiders.
Large investors have recently modified their holdings of the company. William Blair Investment Management LLC purchased a new stake in shares of Live Nation Entertainment during the second quarter worth approximately $109,693,000. Epoch Investment Partners Inc. purchased a new stake in shares of Live Nation Entertainment during the first quarter worth approximately $44,071,000. Harbor Spring Capital LLC purchased a new stake in shares of Live Nation Entertainment during the first quarter worth approximately $38,791,000. Acadian Asset Management LLC boosted 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 worth $37,868,000 after buying an additional 968,217 shares during the last quarter. Finally, Victory Capital Management Inc. boosted 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 worth $52,851,000 after buying an additional 678,283 shares during the last quarter. 64.45% of the stock is currently owned by institutional investors and hedge funds.
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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