Live Nation Entertainment, Inc. (LYV) Forecasted to Earn Q2 2017 Earnings of $0.26 Per Share
Live Nation Entertainment, Inc. (NYSE:LYV) – Investment analysts at Jefferies Group lowered their Q2 2017 earnings per share estimates for shares of 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 $0.26 for the quarter, down from their previous estimate of $0.28. Jefferies Group currently has a “Buy” rating and a $40.00 price target on the stock. Jefferies Group also issued estimates for Live Nation Entertainment’s Q4 2017 earnings at ($0.42) EPS, Q2 2018 earnings at $0.32 EPS and Q4 2018 earnings at ($0.36) EPS.
LYV has been the subject of several other reports. Zacks Investment Research lowered shares of Live Nation Entertainment from a “buy” rating to a “hold” rating in a research note on Tuesday, May 2nd. Citigroup Inc. reiterated a “buy” rating and issued a $39.00 price target (up from $32.00) on shares of Live Nation Entertainment in a research note on Friday, May 19th. BidaskClub lowered shares of Live Nation Entertainment from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 22nd. Northcoast Research lowered shares of 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. Finally, Goldman Sachs Group, Inc. (The) assumed coverage on shares of Live Nation Entertainment in a research note on Monday, April 3rd. They issued a “buy” rating and a $35.00 price target for the company. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Live Nation Entertainment currently has a consensus rating of “Buy” and an average price target of $37.00.
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Shares of Live Nation Entertainment (NYSE LYV) opened at 34.80 on Thursday. Live Nation Entertainment has a 1-year low of $22.20 and a 1-year high of $36.44. The company’s market capitalization is $7.11 billion. The firm has a 50-day moving average of $34.50 and a 200 day moving average of $30.34.
Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings results on Thursday, May 4th. The company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.11. Live Nation Entertainment had a negative net margin of 0.03% and a negative return on equity of 0.16%. The firm had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.27 billion. The firm’s revenue for the quarter was up 17.0% on a year-over-year basis.
In other news, CFO Elizabeth Kathleen Willard sold 20,000 shares of Live Nation Entertainment stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $34.86, for a total value of $697,200.00. Following the completion of the sale, 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 this hyperlink. Also, Director Robert Ted Enloe III sold 6,337 shares of Live Nation Entertainment stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $35.82, for a total transaction of $226,991.34. Following the completion of the sale, the director now owns 23,450 shares of the company’s stock, valued at $839,979. The disclosure for this sale can be found here. Insiders sold 36,337 shares of company stock valued at $1,264,291 over the last quarter. Company insiders own 4.77% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Epoch Investment Partners Inc. bought a new stake in shares of Live Nation Entertainment during the first quarter worth approximately $44,071,000. Norges Bank acquired a new position in Live Nation Entertainment during the fourth quarter worth about $35,629,000. Harbor Spring Capital LLC acquired a new position in Live Nation Entertainment during the first quarter worth about $38,791,000. Sentry Investments Corp. increased its position 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. Finally, Vanguard Group Inc. increased its position 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 buying an additional 517,577 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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