Live Nation Entertainment, Inc. (NYSE:LYV) Now Covered by Analysts at William Blair
Equities researchers at William Blair initiated coverage on shares of Live Nation Entertainment, Inc. (NYSE:LYV) in a research note issued to investors on Friday, MarketBeat.com reports. The brokerage set an “outperform” rating on the stock.
LYV has been the subject of a number of other research reports. Jefferies Group LLC reiterated a “buy” rating on shares of Live Nation Entertainment in a research report on Friday, May 5th. Zacks Investment Research lowered Live Nation Entertainment from a “buy” rating to a “hold” rating in a research report on Tuesday, May 2nd. BidaskClub upgraded Live Nation Entertainment from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 16th. Citigroup Inc. reiterated a “buy” rating and issued a $39.00 price target (up previously from $32.00) on shares of Live Nation Entertainment in a research report on Friday, May 19th. Finally, Northcoast Research lowered Live Nation Entertainment from a “buy” rating to a “neutral” rating in a research report on Monday, June 19th. They noted that the move was a valuation call. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Live Nation Entertainment presently has an average rating of “Buy” and an average price target of $37.00.
Live Nation Entertainment (NYSE:LYV) traded up 0.77% on Friday, reaching $36.66. 1,494,084 shares of the company’s stock were exchanged. The firm’s 50 day moving average is $35.21 and its 200 day moving average is $31.47. The stock’s market capitalization is $7.50 billion. Live Nation Entertainment has a 1-year low of $25.21 and a 1-year high of $36.75.
Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings results on Thursday, May 4th. The company reported ($0.22) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.33) by $0.11. Live Nation Entertainment had a negative return on equity of 0.16% and a negative net margin of 0.03%. The business had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.27 billion. The company’s revenue for the quarter was up 17.0% compared to the same quarter last year. Analysts expect that Live Nation Entertainment will post $0.14 EPS for the current year.
In other Live Nation Entertainment news, Director Robert Ted Enloe III sold 6,337 shares of the firm’s stock in a transaction dated 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 directly owns 23,450 shares in the company, valued at approximately $839,979. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Elizabeth Kathleen Willard sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $34.86, for a total value of $697,200.00. Following the sale, the chief financial officer now owns 286,216 shares of the company’s stock, valued at $9,977,489.76. The disclosure for this sale can be found here. Insiders have sold a total of 36,337 shares of company stock valued at $1,264,291 over the last 90 days. Corporate insiders own 4.77% of the company’s stock.
A number of large investors have recently made changes to their positions in LYV. Credit Agricole S A acquired a new stake in shares of Live Nation Entertainment during the fourth quarter worth approximately $115,000. PICTET BANK & TRUST Ltd acquired a new stake in shares of Live Nation Entertainment during the first quarter worth approximately $225,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Live Nation Entertainment during the first quarter worth approximately $233,000. KBC Group NV acquired a new stake in shares of Live Nation Entertainment during the first quarter worth approximately $238,000. Finally, World Asset Management Inc raised its stake in shares of 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 last quarter. Hedge funds and other institutional investors own 63.52% of the company’s stock.
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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