Live Nation Entertainment (NYSE:LYV) was downgraded by equities research analysts at Citigroup from a “buy” rating to a “neutral” rating in a report released on Saturday.
Several other analysts also recently commented on LYV. Jefferies Group reaffirmed a “buy” rating and set a $42.00 price objective on shares of Live Nation Entertainment in a research note on Tuesday, September 12th. Zacks Investment Research upgraded Live Nation Entertainment from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a research report on Tuesday, October 10th. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Live Nation Entertainment in a research report on Wednesday, October 18th. Finally, Macquarie reiterated a “buy” rating and set a $48.00 target price on shares of Live Nation Entertainment in a research report on Sunday, November 5th. Five 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 company’s stock. Live Nation Entertainment has an average rating of “Buy” and an average price target of $44.00.
Shares of Live Nation Entertainment (NYSE LYV) opened at $42.57 on Friday. 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 capitalization of $8,811.74, a P/E ratio of 2,129.56 and a beta of 1.05. Live Nation Entertainment has a one year low of $26.44 and a one year high of $46.99.
In related news, COO Joe Berchtold sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $46.55, for a total value of $931,000.00. Following the sale, the chief operating officer now owns 77,918 shares in the company, valued at approximately $3,627,082.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Michael Rowles sold 46,511 shares of the company’s stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $43.35, for a total value of $2,016,251.85. Following the completion of the sale, the executive vice president now owns 192,054 shares in the company, valued at approximately $8,325,540.90. The disclosure for this sale can be found here. Insiders have sold a total of 1,106,511 shares of company stock worth $49,467,752 in the last quarter. 4.77% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. IHT Wealth Management LLC grew its holdings in shares of Live Nation Entertainment by 58.5% in the 2nd quarter. IHT Wealth Management LLC now owns 2,574 shares of the company’s stock worth $280,000 after acquiring an additional 950 shares during the period. Assetmark Inc. acquired a new stake in shares of Live Nation Entertainment in the 3rd quarter worth approximately $134,000. Massey Quick Simon & CO. LLC acquired a new stake in shares of Live Nation Entertainment in the 3rd quarter worth approximately $167,000. Chevy Chase Trust Holdings Inc. acquired a new stake in shares of Live Nation Entertainment in the 3rd quarter worth approximately $209,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Live Nation Entertainment by 9.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,321 shares of the company’s stock worth $185,000 after acquiring an additional 445 shares during the period. Institutional investors and hedge funds 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.
