Live Nation Entertainment (LYV) Downgraded by Citigroup to “Neutral”

Live Nation Entertainment (NYSE:LYV) was downgraded by analysts at Citigroup from a “buy” rating to a “neutral” rating in a research note issued to investors on Friday, The Fly reports. The analysts noted that the move was a valuation call.

LYV has been the topic of several other research reports. Zacks Investment Research upgraded shares of Live Nation Entertainment from a “hold” rating to a “strong-buy” rating and set a $63.00 target price on the stock in a report on Thursday, February 14th. Macquarie reiterated a “buy” rating and issued a $60.00 target price on shares of Live Nation Entertainment in a report on Thursday, November 22nd. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $57.91.

Shares of LYV opened at $63.56 on Friday. The firm has a market capitalization of $13.33 billion, a P/E ratio of -706.22 and a beta of 1.14. Live Nation Entertainment has a one year low of $35.94 and a one year high of $63.89. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.04.

In other Live Nation Entertainment news, CEO Michael Rapino sold 85,000 shares of the firm’s stock in a transaction on Friday, December 21st. The shares were sold at an average price of $49.40, for a total value of $4,199,000.00. Following the sale, the chief executive officer now directly owns 1,052,030 shares in the company, valued at approximately $51,970,282. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 255,000 shares of company stock worth $12,736,400 over the last 90 days. Company insiders own 5.19% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. grew its position in Live Nation Entertainment by 3.9% in the 4th quarter. BlackRock Inc. now owns 14,273,694 shares of the company’s stock worth $702,980,000 after purchasing an additional 531,854 shares during the last quarter. Canada Pension Plan Investment Board grew its position in Live Nation Entertainment by 15.6% in the 4th quarter. Canada Pension Plan Investment Board now owns 10,823,188 shares of the company’s stock worth $532,997,000 after purchasing an additional 1,456,888 shares during the last quarter. William Blair Investment Management LLC grew its position in Live Nation Entertainment by 2.6% in the 3rd quarter. William Blair Investment Management LLC now owns 6,744,057 shares of the company’s stock worth $367,349,000 after purchasing an additional 172,428 shares during the last quarter. Select Equity Group L.P. grew its position in Live Nation Entertainment by 50.6% in the 3rd quarter. Select Equity Group L.P. now owns 6,720,593 shares of the company’s stock worth $366,071,000 after purchasing an additional 2,258,400 shares during the last quarter. Finally, Findlay Park Partners LLP grew its position in Live Nation Entertainment by 56.8% in the 4th quarter. Findlay Park Partners LLP now owns 5,077,885 shares of the company’s stock worth $250,086,000 after purchasing an additional 1,838,753 shares during the last quarter. Institutional investors own 68.95% of the company’s stock.

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.

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