Jefferies Group LLC reaffirmed their buy rating on shares of Live Nation Entertainment, Inc. (NYSE:LYV) in a research report released on Monday morning. Jefferies Group LLC currently has a $42.00 price objective on the stock. Jefferies Group also issued estimates for Live Nation Entertainment’s Q3 2017 earnings at $0.57 EPS, FY2017 earnings at $0.25 EPS, Q3 2018 earnings at $0.65 EPS, FY2018 earnings at $0.40 EPS, Q3 2019 earnings at $0.71 EPS, FY2019 earnings at $0.62 EPS, FY2020 earnings at $0.81 EPS and FY2021 earnings at $1.03 EPS.
A number of other research analysts have also recently commented on the company. Northcoast Research cut Live Nation Entertainment from a buy rating to a neutral rating in a research note on Monday, June 19th. They noted that the move was a valuation call. BidaskClub cut Live Nation Entertainment from a strong-buy rating to a buy rating in a research note on Thursday, June 22nd. William Blair initiated coverage on Live Nation Entertainment in a research note on Friday, July 21st. They set an outperform rating on the stock. 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 note on Tuesday, October 10th. Finally, J P Morgan Chase & Co reaffirmed a buy rating on shares of Live Nation Entertainment in a research note on Friday, August 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Buy and an average price target of $40.86.
Live Nation Entertainment (NYSE:LYV) traded up 0.81% during midday trading on Monday, reaching $43.45. The company’s stock had a trading volume of 372,389 shares. Live Nation Entertainment has a 12-month low of $26.41 and a 12-month high of $43.85. The company’s 50-day moving average is $42.15 and its 200 day moving average is $36.81. The firm has a market cap of $8.91 billion, a price-to-earnings ratio of 6207.14 and a beta of 1.03.
Live Nation Entertainment (NYSE:LYV) last released its earnings results on Wednesday, August 9th. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.10. The firm had revenue of $2.82 billion for the quarter, compared to analysts’ expectations of $2.37 billion. Live Nation Entertainment had a return on equity of 1.60% and a net margin of 0.25%. The company’s quarterly revenue was up 29.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.13 earnings per share. Equities analysts forecast that Live Nation Entertainment will post $0.20 earnings per share for the current year.
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In related news, Director Ariel Emanuel sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $41.56, for a total value of $415,600.00. Following the transaction, the director now owns 85,737 shares of the company’s stock, valued at $3,563,229.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Brian Capo sold 7,500 shares of the stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $40.50, for a total value of $303,750.00. Following the completion of the transaction, the insider now directly owns 13,354 shares in the company, valued at approximately $540,837. The disclosure for this sale can be found here. 4.77% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in LYV. William Blair Investment Management LLC bought a new position in Live Nation Entertainment in the second quarter worth approximately $109,693,000. Acadian Asset Management LLC grew its stake in 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 purchasing an additional 968,217 shares in the last quarter. Victory Capital Management Inc. grew its stake in 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 purchasing an additional 678,283 shares in the last quarter. Vanguard Group Inc. grew its stake in Live Nation Entertainment by 5.2% in the first quarter. Vanguard Group Inc. now owns 10,414,998 shares of the company’s stock worth $316,303,000 after purchasing an additional 517,577 shares in the last quarter. Finally, Stephens Investment Management Group LLC bought a new position in Live Nation Entertainment in the second quarter worth approximately $15,519,000. 65.65% 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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