Live Nation Entertainment, Inc. (LYV) Posts Earnings Results
Live Nation Entertainment, Inc. (NYSE:LYV) announced its earnings results on Thursday. The company reported $0.53 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.55 by ($0.02), Briefing.com reports. Live Nation Entertainment had a net margin of 0.50% and a return on equity of 3.47%. The business had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $3.36 billion. During the same period in the prior year, the business posted $0.49 EPS. Live Nation Entertainment’s revenue for the quarter was up 12.3% on a year-over-year basis.
Shares of Live Nation Entertainment (NYSE:LYV) traded down $2.86 during mid-day trading on Friday, reaching $40.92. 3,164,696 shares of the company traded hands, compared to its average volume of 1,440,612. The company has a market cap of $8.46 billion, a PE ratio of 2,046.00 and a beta of 1.07.
In other news, insider Brian Capo sold 7,500 shares of Live Nation Entertainment stock in a transaction on Friday, September 8th. The shares were sold at an average price of $40.50, for a total transaction of $303,750.00. Following the transaction, the insider now owns 13,354 shares in the company, valued at approximately $540,837. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ariel Emanuel sold 10,000 shares of Live Nation Entertainment stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $41.56, for a total transaction of $415,600.00. Following the transaction, the director now owns 85,737 shares in the company, valued at approximately $3,563,229.72. The disclosure for this sale can be found here. Company insiders own 4.77% of the company’s stock.
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A number of equities analysts have weighed in on the stock. Stephens reaffirmed an “overweight” rating and set a $44.00 target price (up previously from $36.00) on shares of Live Nation Entertainment in a research note on Thursday, August 10th. BidaskClub raised shares of Live Nation Entertainment from a “buy” rating to a “strong-buy” rating in a research note on Sunday, July 16th. Zacks Investment Research cut shares of Live Nation Entertainment from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Jefferies Group LLC increased their price target on shares of Live Nation Entertainment from $42.00 to $46.00 and gave the company a “buy” rating in a report on Friday. Finally, J P Morgan Chase & Co reiterated a “buy” rating on shares of Live Nation Entertainment in a report on Friday, August 11th. Four analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $41.43.
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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