Brokerages Expect Live Nation Entertainment, Inc. (LYV) Will Post Quarterly Sales of $3.37 Billion
Wall Street analysts expect Live Nation Entertainment, Inc. (NYSE:LYV) to announce $3.37 billion in sales for the current quarter, according to Zacks. Ten analysts have issued estimates for Live Nation Entertainment’s earnings, with estimates ranging from $3.30 billion to $3.46 billion. Live Nation Entertainment reported sales of $3.17 billion during the same quarter last year, which would suggest a positive year over year growth rate of 6.3%. The firm is expected to report its next quarterly earnings report on Monday, November 6th.
According to Zacks, analysts expect that Live Nation Entertainment will report full year sales of $3.37 billion for the current financial year, with estimates ranging from $8.95 billion to $9.48 billion. For the next financial year, analysts anticipate that the firm will post sales of $9.81 billion per share, with estimates ranging from $9.53 billion to $10.13 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for Live Nation Entertainment.
Live Nation Entertainment (NYSE:LYV) last released its earnings results on Wednesday, August 9th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.10. Live Nation Entertainment had a net margin of 0.25% and a return on equity of 1.60%. The company had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.37 billion. During the same quarter in the prior year, the firm earned $0.13 EPS. The company’s revenue was up 29.3% compared to the same quarter last year.
Several analysts recently issued reports on the stock. Jefferies Group LLC reissued a “buy” rating on shares of Live Nation Entertainment in a research report on Friday, May 5th. Stephens reissued an “overweight” rating and issued a $44.00 price target (up previously from $36.00) on shares of Live Nation Entertainment in a research report on Thursday, August 10th. Zacks Investment Research downgraded shares of Live Nation Entertainment from a “buy” rating to a “hold” rating in a research report on Tuesday, May 2nd. BidaskClub raised shares of Live Nation Entertainment from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 16th. Finally, Citigroup Inc. reissued 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. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $39.43.
In other Live Nation Entertainment news, CFO Elizabeth Kathleen Willard sold 20,000 shares of Live Nation Entertainment stock in a transaction on Tuesday, June 6th. The shares were 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 of the company’s stock, valued at approximately $9,977,489.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert Ted Enloe III sold 6,337 shares of Live Nation Entertainment stock in a transaction 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 transaction, the director now directly owns 23,450 shares in the company, valued at $839,979. The disclosure for this sale can be found here. 4.77% of the stock is owned by insiders.
Institutional investors have recently bought and sold shares of the company. IHT Wealth Management LLC increased its position in Live Nation Entertainment by 58.5% in the second quarter. IHT Wealth Management LLC now owns 2,574 shares of the company’s stock worth $280,000 after buying an additional 950 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Live Nation Entertainment by 9.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,321 shares of the company’s stock worth $185,000 after buying an additional 445 shares in the last quarter. NJ State Employees Deferred Compensation Plan purchased a new position in Live Nation Entertainment during the second quarter worth about $210,000. PICTET BANK & TRUST Ltd purchased a new position in Live Nation Entertainment during the first quarter worth about $225,000. Finally, Montag A & Associates Inc. purchased a new position in Live Nation Entertainment during the second quarter worth about $261,000. 65.62% of the stock is currently owned by hedge funds and other institutional investors.
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Shares of Live Nation Entertainment (NYSE LYV) opened at 39.28 on Friday. Live Nation Entertainment has a 52-week low of $25.56 and a 52-week high of $42.20. The stock has a market cap of $8.05 billion, a P/E ratio of 5611.43 and a beta of 1.00. The firm has a 50-day moving average of $37.37 and a 200-day moving average of $33.33.
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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