Live Nation Entertainment, Inc. (LYV) Given “Buy” Rating at J P Morgan Chase & Co
Live Nation Entertainment, Inc. (NYSE:LYV)‘s stock had its “buy” rating reiterated by analysts at J P Morgan Chase & Co in a research report issued to clients and investors on Wednesday.
A number of other equities research analysts have also recently weighed in on LYV. BidaskClub cut Live Nation Entertainment from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 22nd. Jefferies Group LLC upped their price objective on Live Nation Entertainment from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, June 27th. William Blair began coverage on Live Nation Entertainment in a research note on Friday, July 21st. They issued an “outperform” rating for the company. Stephens reiterated an “overweight” rating and issued a $44.00 price target (up from $36.00) on shares of Live Nation Entertainment in a research note on Thursday, August 10th. Finally, Zacks Investment Research cut Live Nation Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $40.86.
Shares of Live Nation Entertainment (LYV) traded up 3.3243% during trading on Wednesday, hitting $42.7866. The stock had a trading volume of 1,938,610 shares. The stock has a 50-day moving average price of $41.88 and a 200 day moving average price of $36.56. Live Nation Entertainment has a 12 month low of $26.41 and a 12 month high of $43.86. The company has a market cap of $8.77 billion, a P/E ratio of 6112.3711 and a beta of 1.03.
Live Nation Entertainment (NYSE:LYV) last issued its quarterly earnings data on Wednesday, August 9th. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.10. The firm had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Live Nation Entertainment had a return on equity of 1.60% and a net margin of 0.25%. The firm’s quarterly revenue was up 29.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.13 EPS. Equities analysts expect that Live Nation Entertainment will post $0.22 EPS for the current fiscal year.
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In other news, Director Ariel Emanuel sold 10,000 shares of the stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $41.56, for a total value of $415,600.00. Following the transaction, the director now directly owns 85,737 shares of the company’s stock, valued at $3,563,229.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Brian Capo sold 7,500 shares of the stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $40.50, for a total value of $303,750.00. Following the completion of the transaction, the insider now directly owns 13,354 shares in the company, valued at $540,837. The disclosure for this sale can be found here. 4.77% of the stock is currently owned by corporate insiders.
Institutional investors have recently bought and sold shares of the stock. Jennison Associates grew its holdings in Live Nation Entertainment by 11.0% during the third quarter. Jennison Associates now owns 2,316,739 shares of the company’s stock worth $55,694,000 after acquiring an additional 228,739 shares during the period. Chicago Equity Partners LLC acquired a new stake in Live Nation Entertainment during the second quarter worth about $3,674,000. Nordea Investment Management AB acquired a new stake in Live Nation Entertainment during the second quarter worth about $10,243,000. Renaissance Technologies LLC grew its holdings in Live Nation Entertainment by 7.5% during the fourth quarter. Renaissance Technologies LLC now owns 3,074,261 shares of the company’s stock worth $81,775,000 after acquiring an additional 215,395 shares during the period. Finally, BNP Paribas Arbitrage SA grew its holdings in Live Nation Entertainment by 82.4% during the second quarter. BNP Paribas Arbitrage SA now owns 53,630 shares of the company’s stock worth $1,869,000 after acquiring an additional 24,226 shares during the period. 65.65% of the stock is currently owned by hedge funds and other institutional investors.
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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