Live Nation Entertainment (NYSE:LYV – Rating Received) Benzinga reports that its target price has been lowered from $110.00 to $95.00 by equity researchers at Morgan Stanley in a research report published on Tuesday. The brokerage currently has an “Equal Weight” rating on the stock. Morgan Stanley’s price target would suggest potential upside of 19.33% from the company’s current price.
LYV has been the subject of a number of other reports. Benchmark raised its price target for shares of Live Nation Entertainment to $140.00 in a research note on Monday, August 15. Rosenblatt Securities lowered its price target on Live Nation Entertainment to $101.00 from $138.00 and gave the stock a buy rating in a research report on Tuesday, October 18. Guggenheim lowered its price target on Live Nation Entertainment to $120.00 from $140.00 and gave the company a buy rating in a research report on Friday, October 7th. Citigroup has raised its target price on Live Nation Entertainment from $93.00 to $100.00 and gave the company a “neutral” rating in a research note on Monday, August 8th. Finally, StockNews.com upgraded shares of Live Nation Entertainment from a “hold” rating to a “buy” rating in a report on Wednesday, October 19th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $116.27.
Live Nation Entertainment stock performance
NYSE:LYV opened at $79.61 on Tuesday. The company has a debt to equity ratio of 146.87, a quick ratio of 0.99 and a current ratio of 0.99. The stock’s 50-day moving average is $83.86 and its 200-day moving average is $89.71. The company has a market cap of $18.31 billion, a P/E of -159.22 and a beta of 1.34. Live Nation Entertainment has a 52-week low of $73.35 and a 52-week high of $127.75.
Live Nation Entertainment (NYSE:LYV – Get Rating) last reported its earnings results on Thursday, August 4th. The company reported earnings per share of $0.66 for the quarter, beating analyst consensus estimates of $0.53 by $0.13. The company made $4.43 billion in revenue for the quarter, compared to analysts’ expectations of $3.92 billion. The company’s revenue for the quarter rose 669.9% year over year. In the same quarter last year, the company earned ($0.90) EPS. On average, sell-side analysts expect Live Nation Entertainment to report year-to-date earnings per share of 0.53.
Insider buys and sells at Live Nation Entertainment
In related news, on Tuesday, August 16, Director Jeffrey T. Hinson sold 500 shares of the company’s stock in a transaction. The shares sold at an average price of $99.42 for a total transaction of $49,710.00. Upon completion of the transaction, the Director now owns 60,531 shares of the Company, valued at $6,017,992.02. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. In other news, CEO Michael Rapino sold 78,000 shares of Live Nation Entertainment stock in a transaction that took place on Friday, September 23rd. The shares were sold at an average price of $74.41 for a total transaction of $5,803,980.00. Upon completion of the transaction, the Chief Executive Officer now directly owns 3,799,273 shares of the Company, valued at approximately $282,703,903.93. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC’s website. Also on Tuesday, August 16, Director Jeffrey T. Hinson sold 500 shares of the company’s shares in a transaction. The shares sold at an average price of $99.42 for a total transaction of $49,710.00. Upon completion of the transaction, the Director now owns 60,531 shares of the Company, valued at $6,017,992.02. The disclosure for this sale can be found here. Over the past ninety days, insiders sold 312,500 shares of the company’s shares, valued at $26,690,610. Company insiders own 4.01% of the company’s shares.
Institutional inflows and outflows
A number of institutional investors and hedge funds have recently added to or reduced their holdings in LYV. Goldman Sachs Group Inc. increased its stake in Live Nation Entertainment by 96.9% in the first quarter. Goldman Sachs Group Inc. now owns 3,698,063 shares of the company’s stock valued at $435,041,000 after purchasing an additional 1,819,841 shares last quarter. Voya Investment Management LLC increased its position in shares of Live Nation Entertainment by 1,508.8% during the second quarter. Voya Investment Management LLC now owns 1,408,651 shares of the company’s stock valued at $116,326,000 after purchasing an additional 1,321,093 shares last quarter. Select Equity Group LP increased its stake in Live Nation Entertainment by 18.8% during the first quarter. Select Equity Group LP now owns 7,396,714 shares of the Company’s shares valued at $870,149,000, having purchased an additional 1,172,495 shares during the period. Assenagon Asset Management SA increased its stake in Live Nation Entertainment by 254.5% in the second quarter. Assenagon Asset Management SA now owns 1,351,040 shares of the company, valued at $111,569,000, after acquiring an additional 969,976 shares last quarter. Finally, Victory Capital Management Inc. increased its stake in Live Nation Entertainment by 23.1% during the second quarter. Victory Capital Management Inc. now owns 3,385,044 shares of the company’s stock valued at $279,537,000 after purchasing an additional 635,049 shares last quarter. Hedge funds and other institutional investors own 71.08% of the company’s shares.
About Live Nation Entertainment
Live Nation Entertainment, Inc operates as a live entertainment company. It operates through the concerts, ticketing, and sponsorship and advertising segments. The Concerts segment promotes live music events in owned or operated venues as well as in rented third-party venues; operates and manages music venues; produces music festivals; creates related content; and provides artists with management and other services.
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