Live Nation Entertainment Inc. (LYV) Raised to Strong-Buy at Zacks Investment Research
Live Nation Entertainment Inc. (NYSE:LYV) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Wednesday. The brokerage currently has a $32.00 target price on the stock. Zacks Investment Research’s target price suggests a potential upside of 16.75% from the company’s current price.
According to Zacks, “Live Nation Entertainment, Inc. is the world’s premier live entertainment company, consisting of Live Nation, Ticketmaster and Front Line Management Group. The Company engages in producing, marketing, and selling live concerts for artists via its concert pipe. Live Nation owns and operates many venues, including House of Blues music venues and locations, such as The Fillmore in San Francisco, Nikon at Jones Beach Theatre in New York and London’s Wembley Arena. In addition, it also produces, promotes or hosts theatrical, specialized motor sports and other live entertainment events. The Company is driving major innovations in ticketing technology, marketing and service. It offers ticket sales, ticket resale services, and marketing and distribution through ticketmaster.com, an e-commerce site on the Internet. Live Nation Entertainment, Inc. was formerly known as Live Nation, Inc. and is based in Beverly Hills, California. “
Other analysts have also recently issued reports about the company. Jefferies Group restated a “buy” rating and issued a $31.00 target price on shares of Live Nation Entertainment in a report on Friday, July 29th. Albert Fried & Company reaffirmed a “buy” rating and issued a $34.00 price target on shares of Live Nation Entertainment in a research note on Tuesday, July 26th. Stephens began coverage on Live Nation Entertainment in a research note on Thursday, October 6th. They issued an “equal weight” rating and a $30.00 price target on the stock. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. began coverage on Live Nation Entertainment in a research note on Thursday, August 18th. They issued an “overweight” rating and a $34.00 price target on the stock. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $31.29.
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Live Nation Entertainment (NYSE:LYV) opened at 27.41 on Wednesday. The firm’s 50-day moving average is $26.94 and its 200 day moving average is $24.57. Live Nation Entertainment has a 1-year low of $18.77 and a 1-year high of $29.68. The company’s market cap is $5.54 billion.
Live Nation Entertainment (NYSE:LYV) last issued its earnings results on Thursday, July 28th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.05. The company earned $2.20 billion during the quarter, compared to analysts’ expectations of $1.88 billion. Live Nation Entertainment had a return on equity of 0.27% and a net margin of 0.05%. The firm’s quarterly revenue was up 23.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.06 EPS. Analysts predict that Live Nation Entertainment will post ($0.10) earnings per share for the current fiscal year.
A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Live Nation Entertainment by 1.5% in the second quarter. Vanguard Group Inc. now owns 9,664,523 shares of the company’s stock valued at $227,116,000 after buying an additional 146,414 shares during the last quarter. Principal Financial Group Inc. raised its position in Live Nation Entertainment by 0.6% in the second quarter. Principal Financial Group Inc. now owns 5,068,819 shares of the company’s stock valued at $119,117,000 after buying an additional 30,256 shares during the last quarter. Sentry Investments Corp. raised its position in Live Nation Entertainment by 299.7% in the second quarter. Sentry Investments Corp. now owns 4,444,900 shares of the company’s stock valued at $104,455,000 after buying an additional 3,332,900 shares during the last quarter. State Street Corp raised its position in Live Nation Entertainment by 2.0% in the first quarter. State Street Corp now owns 3,724,424 shares of the company’s stock valued at $83,091,000 after buying an additional 74,221 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in Live Nation Entertainment by 41.0% in the first quarter. Renaissance Technologies LLC now owns 2,725,166 shares of the company’s stock valued at $60,798,000 after buying an additional 792,000 shares during the last quarter. 64.04% of the stock is currently owned by hedge funds and other 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, and artist management. Its segments include Concerts, Ticketing, Artist Nation, Sponsorship & Advertising, Other and Corporate.
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