Live Nation Entertainment (LYV) Upgraded by ValuEngine to Strong-Buy

ValuEngine upgraded shares of Live Nation Entertainment (NYSE:LYV) from a buy rating to a strong-buy rating in a report issued on Friday morning.

Several other brokerages have also recently commented on LYV. Goldman Sachs Group increased their price target on Live Nation Entertainment from $50.00 to $56.00 and gave the company a buy rating in a research report on Tuesday, July 24th. JPMorgan Chase & Co. increased their price target on Live Nation Entertainment from $51.00 to $53.00 and gave the company a buy rating in a research report on Friday, July 27th. Guggenheim reissued a buy rating and set a $55.00 price target on shares of Live Nation Entertainment in a research report on Friday, July 13th. Northcoast Research cut Live Nation Entertainment from a buy rating to a neutral rating in a research report on Tuesday, July 17th. Finally, BTIG Research raised Live Nation Entertainment from a neutral rating to a buy rating and set a $60.00 price target for the company in a research report on Tuesday, July 24th. One research analyst has rated the stock with a sell rating, one has given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of Buy and an average price target of $55.21.

NYSE LYV traded up $1.92 during trading hours on Friday, hitting $51.42. 1,308,702 shares of the company traded hands, compared to its average volume of 1,530,421. Live Nation Entertainment has a twelve month low of $35.94 and a twelve month high of $55.26. The company has a debt-to-equity ratio of 1.95, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a market capitalization of $11.39 billion, a PE ratio of -107.13 and a beta of 1.01.

Live Nation Entertainment (NYSE:LYV) last issued its quarterly earnings results on Thursday, July 26th. The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.19 by $0.05. Live Nation Entertainment had a negative return on equity of 2.49% and a negative net margin of 0.35%. The firm had revenue of $2.87 billion during the quarter, compared to analysts’ expectations of $2.85 billion. During the same period in the prior year, the firm posted $0.29 earnings per share. The business’s quarterly revenue was up 1.6% compared to the same quarter last year. As a group, research analysts forecast that Live Nation Entertainment will post 0.01 EPS for the current year.

In other news, President Joe Berchtold sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 9th. The stock was sold at an average price of $49.48, for a total value of $1,979,200.00. Following the completion of the sale, the president now directly owns 148,409 shares of the company’s stock, valued at $7,343,277.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robert Ted Enloe III sold 7,000 shares of the stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $54.07, for a total value of $378,490.00. Following 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. Over the last ninety days, insiders sold 247,000 shares of company stock valued at $12,186,490. Insiders own 5.19% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. NumerixS Investment Technologies Inc increased its stake in shares of Live Nation Entertainment by 130.8% in the 2nd quarter. NumerixS Investment Technologies Inc now owns 4,171 shares of the company’s stock valued at $203,000 after purchasing an additional 2,364 shares during the last quarter. Pinnacle Associates Ltd. bought a new position in shares of Live Nation Entertainment in the 2nd quarter valued at $205,000. Point72 Asia Hong Kong Ltd bought a new position in shares of Live Nation Entertainment in the 1st quarter valued at $194,000. Santa Monica Partners LP bought a new position in shares of Live Nation Entertainment in the 2nd quarter valued at $228,000. Finally, TLP Group LLC bought a new position in shares of Live Nation Entertainment in the 1st quarter valued at $201,000. Institutional investors own 69.81% 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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Analyst Recommendations for Live Nation Entertainment (NYSE:LYV)

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