Live Nation Entertainment (NYSE:LYV) Sets New 12-Month High – Still a Buy?

Live Nation Entertainment, Inc. (NYSE:LYV)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $176.30 and last traded at $175.5530, with a volume of 2850542 shares. The stock had previously closed at $171.47.

Analysts Set New Price Targets

LYV has been the subject of several analyst reports. Rothschild & Co Redburn raised their price target on shares of Live Nation Entertainment from $193.00 to $195.00 in a research report on Wednesday, May 6th. Morgan Stanley increased their target price on Live Nation Entertainment from $185.00 to $200.00 and gave the company an “overweight” rating in a research note on Wednesday, June 10th. The Goldman Sachs Group boosted their price target on Live Nation Entertainment from $190.00 to $192.00 in a research note on Wednesday, May 6th. Wall Street Zen raised Live Nation Entertainment from a “sell” rating to a “hold” rating in a report on Saturday, April 11th. Finally, Citizens Jmp assumed coverage on Live Nation Entertainment in a report on Monday, March 30th. They issued a “market outperform” rating and a $190.00 price objective for the company. Twenty analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Live Nation Entertainment currently has a consensus rating of “Moderate Buy” and an average target price of $188.50.

Live Nation Entertainment Stock Up 2.4%

The company has a market cap of $41.35 billion, a P/E ratio of -99.18 and a beta of 1.12. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 13.93. The company has a fifty day moving average of $164.35 and a 200 day moving average of $155.13.

Live Nation Entertainment (NYSE:LYV) last posted its earnings results on Tuesday, May 5th. The company reported ($1.85) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.35) by ($1.50). The firm had revenue of $3.79 billion during the quarter, compared to the consensus estimate of $3.57 billion. Live Nation Entertainment had a net margin of 0.15% and a return on equity of 45.92%. The firm’s revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.32) EPS. On average, research analysts anticipate that Live Nation Entertainment, Inc. will post 1.09 earnings per share for the current fiscal year.

Insider Activity at Live Nation Entertainment

In related news, EVP John Hopmans sold 93,078 shares of the firm’s stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $166.07, for a total value of $15,457,463.46. Following the transaction, the executive vice president owned 188,751 shares of the company’s stock, valued at approximately $31,345,878.57. This trade represents a 33.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Michael Rowles sold 63,776 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $164.24, for a total transaction of $10,474,570.24. Following the sale, the executive vice president directly owned 204,716 shares of the company’s stock, valued at approximately $33,622,555.84. This represents a 23.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.89% of the stock is owned by corporate insiders.

Institutional Trading of Live Nation Entertainment

Hedge funds have recently bought and sold shares of the stock. Leonteq Securities AG purchased a new position in shares of Live Nation Entertainment in the fourth quarter worth $25,000. Nvest Wealth Strategies Inc. bought a new stake in Live Nation Entertainment in the 4th quarter valued at $26,000. Ameriflex Group Inc. boosted its holdings in shares of Live Nation Entertainment by 102.4% during the 3rd quarter. Ameriflex Group Inc. now owns 166 shares of the company’s stock valued at $27,000 after purchasing an additional 84 shares during the last quarter. Elyxium Wealth LLC purchased a new position in shares of Live Nation Entertainment during the fourth quarter valued at about $30,000. Finally, DV Equities LLC bought a new stake in shares of Live Nation Entertainment in the fourth quarter worth about $31,000. Institutional investors own 74.52% of the company’s stock.

Live Nation Entertainment Company Profile

Live Nation Entertainment is a global live entertainment company that promotes, operates and sells tickets for live events. The company’s core activities include concert promotion and production, venue operations and management, ticketing services through its Ticketmaster platform, artist management and development, and sponsorship and advertising services tied to live events. These integrated businesses are designed to connect artists, fans and commercial partners across the live event ecosystem.

The company in its current form was created following the 2010 merger of Live Nation and Ticketmaster, combining a promoter and venue operator with one of the industry’s largest ticketing platforms.