Live Nation Entertainment, Inc. (NYSE:LYV) Expected to Post Quarterly Sales of $2.34 Billion
Wall Street brokerages expect Live Nation Entertainment, Inc. (NYSE:LYV) to report sales of $2.34 billion for the current quarter, Zacks reports. Nine analysts have provided estimates for Live Nation Entertainment’s earnings. The lowest sales estimate is $2.30 billion and the highest is $2.44 billion. Live Nation Entertainment posted sales of $2.18 billion during the same quarter last year, which would indicate a positive year over year growth rate of 7.3%. The business is scheduled to issue its next earnings report on Thursday, July 27th.
On average, analysts expect that Live Nation Entertainment will report full year sales of $2.34 billion for the current fiscal year, with estimates ranging from $8.85 billion to $9.29 billion. For the next financial year, analysts anticipate that the business will report sales of $9.60 billion per share, with estimates ranging from $9.13 billion to $9.89 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that cover Live Nation Entertainment.
Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings data on Thursday, May 4th. The company reported ($0.22) EPS for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.11. The company had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.27 billion. Live Nation Entertainment had a negative net margin of 0.03% and a negative return on equity of 0.16%. Live Nation Entertainment’s revenue was up 17.0% compared to the same quarter last year.
Several equities research analysts recently weighed in on LYV shares. Zacks Investment Research cut shares of Live Nation Entertainment from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 11th. Macquarie reaffirmed an “outperform” rating and set a $38.00 price objective on shares of Live Nation Entertainment in a research report on Sunday, May 14th. Jefferies Group LLC reaffirmed a “buy” rating and set a $36.00 price objective on shares of Live Nation Entertainment in a research report on Monday, June 5th. ValuEngine raised shares of Live Nation Entertainment from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Guggenheim started coverage on shares of Live Nation Entertainment in a research report on Wednesday, May 24th. They set a “buy” rating and a $40.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Live Nation Entertainment currently has an average rating of “Buy” and an average target price of $37.00.
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In other news, Director Robert Ted Enloe III sold 6,337 shares of the stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $35.82, for a total value of $226,991.34. Following the completion of the transaction, the director now owns 23,450 shares of the company’s stock, valued at $839,979. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Elizabeth Kathleen Willard sold 20,000 shares of the stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $34.86, for a total transaction of $697,200.00. Following the completion of the transaction, the chief financial officer now directly owns 286,216 shares of the company’s stock, valued at approximately $9,977,489.76. The disclosure for this sale can be found here. Insiders sold 36,337 shares of company stock valued at $1,264,291 in the last three months. Company insiders own 4.77% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Highbridge Capital Management LLC boosted its position in Live Nation Entertainment by 198.9% in the fourth quarter. Highbridge Capital Management LLC now owns 10,582 shares of the company’s stock worth $282,000 after buying an additional 21,282 shares during the period. Credit Agricole S A bought a new position in Live Nation Entertainment during the fourth quarter worth approximately $115,000. World Asset Management Inc boosted its position in Live Nation Entertainment by 9.7% in the first quarter. World Asset Management Inc now owns 8,844 shares of the company’s stock worth $269,000 after buying an additional 783 shares during the period. Karp Capital Management Corp bought a new position in Live Nation Entertainment during the first quarter worth approximately $686,000. Finally, Cornerstone Capital Management Holdings LLC. boosted its position in Live Nation Entertainment by 175.6% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 590,730 shares of the company’s stock worth $17,938,000 after buying an additional 376,400 shares during the period. 63.52% of the stock is owned by hedge funds and other institutional investors.
Live Nation Entertainment (LYV) traded up 2.031% during trading on Wednesday, hitting $36.425. 563,320 shares of the stock were exchanged. Live Nation Entertainment has a 52 week low of $24.90 and a 52 week high of $36.48. The stock’s market capitalization is $7.45 billion. The firm has a 50-day moving average of $35.09 and a 200-day moving average of $31.40.
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. 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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