Equities analysts predict that Live Nation Entertainment, Inc. (NYSE:LYV) will report sales of $2.37 billion for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Live Nation Entertainment’s earnings, with the lowest sales estimate coming in at $2.28 billion and the highest estimate coming in at $2.53 billion. Live Nation Entertainment posted sales of $2.55 billion in the same quarter last year, which suggests a negative year over year growth rate of 7.1%. The firm is expected to report its next earnings results on Tuesday, February 26th.
According to Zacks, analysts expect that Live Nation Entertainment will report full-year sales of $10.55 billion for the current fiscal year, with estimates ranging from $10.47 billion to $10.71 billion. For the next year, analysts forecast that the business will post sales of $11.33 billion, with estimates ranging from $11.18 billion to $11.51 billion. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Live Nation Entertainment.
Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings data on Thursday, November 1st. The company reported $0.70 EPS for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.06. The company had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the prior year, the business earned $0.53 EPS. Live Nation Entertainment’s revenue was up 11.5% compared to the same quarter last year.
A number of research analysts recently commented on the stock. ValuEngine upgraded shares of Live Nation Entertainment from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 12th. JPMorgan Chase & Co. raised their price objective on shares of Live Nation Entertainment from $53.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, November 2nd. Finally, Macquarie reiterated a “buy” rating and set a $60.00 price objective on shares of Live Nation Entertainment in a research note on Thursday, November 22nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Live Nation Entertainment currently has a consensus rating of “Buy” and an average price target of $57.35.
In other Live Nation Entertainment news, EVP Michael Rowles sold 25,000 shares of Live Nation Entertainment stock in a transaction that occurred on Friday, November 9th. The shares were sold at an average price of $56.47, for a total value of $1,411,750.00. Following the transaction, the executive vice president now owns 191,237 shares in the company, valued at $10,799,153.39. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Robert Ted Enloe III sold 7,000 shares of Live Nation Entertainment stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $54.07, for a total transaction of $378,490.00. Following the completion of the transaction, the director now owns 17,508 shares in the company, valued at approximately $946,657.56. The disclosure for this sale can be found here. Insiders own 5.19% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the business. Marshall Wace North America L.P. grew its position in Live Nation Entertainment by 16.7% in the third quarter. Marshall Wace North America L.P. now owns 200,245 shares of the company’s stock worth $10,907,000 after buying an additional 28,682 shares during the last quarter. Clearbridge Investments LLC grew its position in Live Nation Entertainment by 2.0% in the third quarter. Clearbridge Investments LLC now owns 3,095,226 shares of the company’s stock worth $168,597,000 after buying an additional 60,304 shares during the last quarter. Legal & General Group Plc grew its position in Live Nation Entertainment by 7.9% in the third quarter. Legal & General Group Plc now owns 300,305 shares of the company’s stock worth $16,358,000 after buying an additional 21,969 shares during the last quarter. TIAA CREF Investment Management LLC grew its position in Live Nation Entertainment by 12.8% in the third quarter. TIAA CREF Investment Management LLC now owns 432,974 shares of the company’s stock worth $23,584,000 after buying an additional 49,251 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its stake in Live Nation Entertainment by 5.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 32,765 shares of the company’s stock worth $1,785,000 after purchasing an additional 1,831 shares during the period. Hedge funds and other institutional investors own 68.81% of the company’s stock.
NYSE LYV opened at $55.11 on Friday. Live Nation Entertainment has a 12 month low of $35.94 and a 12 month high of $58.26. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.76. The company has a market cap of $11.39 billion, a P/E ratio of -114.81 and a beta of 1.04.
About Live Nation Entertainment
Live Nation Entertainment, Inc operates as a live entertainment company. It operates through Concerts, Sponsorship & Advertising, and Ticketing segments. The Concerts segment promotes live music events in its owned and/or operated venues, and in rented third-party venues; operates and manages music venues; and produces music festivals and creates associated content.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Live Nation Entertainment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Live Nation Entertainment and related companies with MarketBeat.com's FREE daily email newsletter.