Live Nation Entertainment (NYSE:LYV) was downgraded by equities research analysts at Citigroup from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Friday, The Fly reports.
Several other brokerages have also recently commented on LYV. Macquarie reiterated a “buy” rating and set a $48.00 price target on shares of Live Nation Entertainment in a research report on Sunday, November 5th. Zacks Investment Research upgraded shares of Live Nation Entertainment from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a research report on Tuesday, October 24th. Jefferies Group reiterated a “buy” rating and set a $42.00 price target on shares of Live Nation Entertainment in a research report on Monday, October 16th. Finally, J P Morgan Chase & Co reiterated a “buy” rating on shares of Live Nation Entertainment in a research report on Wednesday, October 18th. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $42.86.
Shares of Live Nation Entertainment (NYSE:LYV) opened at $43.10 on Friday. Live Nation Entertainment has a 1 year low of $26.44 and a 1 year high of $46.99. The company has a debt-to-equity ratio of 1.39, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market cap of $8,968.91, a P/E ratio of 2,168.50 and a beta of 1.05.
In related news, CEO Michael Rapino sold 70,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $45.46, for a total transaction of $3,182,200.00. Following the completion of the transaction, the chief executive officer now owns 395,277 shares in the company, valued at $17,969,292.42. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Joe Berchtold sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $43.08, for a total transaction of $861,600.00. Following the transaction, the chief operating officer now owns 97,918 shares of the company’s stock, valued at approximately $4,218,307.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,106,511 shares of company stock valued at $49,467,752. Corporate insiders own 4.77% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Assetmark Inc. acquired a new position in Live Nation Entertainment during the third quarter valued at approximately $134,000. Massey Quick Simon & CO. LLC acquired a new position in Live Nation Entertainment during the third quarter valued at approximately $167,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Live Nation Entertainment by 9.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,321 shares of the company’s stock valued at $185,000 after purchasing an additional 445 shares during the period. Chevy Chase Trust Holdings Inc. acquired a new position in Live Nation Entertainment during the third quarter valued at approximately $209,000. Finally, Neuberger Berman Group LLC grew its holdings in Live Nation Entertainment by 0.8% during the second quarter. Neuberger Berman Group LLC now owns 7,830 shares of the company’s stock valued at $273,000 after purchasing an additional 63 shares during the period. Hedge funds and other institutional investors own 68.06% of the company’s stock.
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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.
