FY2017 Earnings Estimate for Live Nation Entertainment, Inc. Issued By Jefferies Group (LYV)
Live Nation Entertainment, Inc. (NYSE:LYV) – Equities researchers at Jefferies Group upped their FY2017 earnings estimates for Live Nation Entertainment in a research report issued on Tuesday. Jefferies Group analyst J. Janedis now expects that the company will post earnings per share of $0.25 for the year, up from their prior estimate of $0.22. Jefferies Group currently has a “Buy” rating and a $40.00 price objective on the stock. Jefferies Group also issued estimates for Live Nation Entertainment’s FY2018 earnings at $0.45 EPS and FY2019 earnings at $0.67 EPS.
Live Nation Entertainment (NYSE:LYV) last announced its earnings results on Thursday, May 4th. The company reported ($0.22) EPS for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.11. The business had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Live Nation Entertainment had a negative net margin of 0.03% and a negative return on equity of 0.16%. The firm’s revenue was up 17.0% compared to the same quarter last year.
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Other equities analysts have also recently issued reports about the company. ValuEngine upgraded Live Nation Entertainment from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Guggenheim assumed coverage on Live Nation Entertainment in a research note on Wednesday, May 24th. They set a “buy” rating and a $40.00 target price for the company. Citigroup Inc. reiterated a “buy” rating and set a $39.00 target price (up from $32.00) on shares of Live Nation Entertainment in a research note on Friday, May 19th. Zacks Investment Research upgraded Live Nation Entertainment from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a research note on Wednesday, April 26th. Finally, Macquarie increased their target price on Live Nation Entertainment from $34.00 to $37.00 and gave the company a “buy” rating in a research note on Monday, April 24th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $37.00.
Live Nation Entertainment (NYSE:LYV) opened at 34.66 on Wednesday. The firm’s market capitalization is $7.09 billion. The stock has a 50 day moving average of $34.50 and a 200-day moving average of $30.34. Live Nation Entertainment has a one year low of $22.20 and a one year high of $36.44.
In related news, CFO Elizabeth Kathleen Willard sold 20,000 shares of the firm’s stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of $34.86, for a total transaction of $697,200.00. Following the transaction, the chief financial officer now directly owns 286,216 shares in the company, valued at $9,977,489.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James S. Kahan sold 10,000 shares of the firm’s stock in a transaction on Monday, May 8th. The stock was sold at an average price of $34.01, for a total value of $340,100.00. Following the transaction, the director now owns 82,605 shares in the company, valued at $2,809,396.05. The disclosure for this sale can be found here. Insiders have sold 36,337 shares of company stock worth $1,264,291 over the last 90 days. 4.77% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Live Nation Entertainment by 5.2% in the first quarter. Vanguard Group Inc. now owns 10,414,998 shares of the company’s stock valued at $316,303,000 after buying an additional 517,577 shares during the period. Sentry Investments Corp. boosted its stake in Live Nation Entertainment by 10.0% in the first quarter. Sentry Investments Corp. now owns 5,690,700 shares of the company’s stock worth $172,827,000 after buying an additional 519,400 shares during the last quarter. State Street Corp boosted its stake in Live Nation Entertainment by 2.9% in the first quarter. State Street Corp now owns 3,401,554 shares of the company’s stock worth $103,306,000 after buying an additional 95,550 shares during the last quarter. Jennison Associates LLC boosted its stake in Live Nation Entertainment by 4.5% in the first quarter. Jennison Associates LLC now owns 1,878,837 shares of the company’s stock worth $57,060,000 after buying an additional 81,699 shares during the last quarter. Finally, Gabelli Funds LLC boosted its stake in Live Nation Entertainment by 1.8% in the first quarter. Gabelli Funds LLC now owns 1,469,800 shares of the company’s stock worth $44,638,000 after buying an additional 26,000 shares during the last quarter. Hedge funds and other institutional investors own 63.52% of the company’s stock.
Live Nation Entertainment Company Profile
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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