Macquarie Reaffirms Buy Rating for Live Nation Entertainment (LYV)

Macquarie restated their buy rating on shares of Live Nation Entertainment (NYSE:LYV) in a research note released on Thursday morning. The brokerage currently has a $60.00 target price on the stock.

Several other research analysts have also issued reports on LYV. JPMorgan Chase & Co. increased their price target on shares of Live Nation Entertainment from $51.00 to $53.00 and gave the stock a buy rating in a research report on Friday, July 27th. Jefferies Financial Group raised their price objective on shares of Live Nation Entertainment from $52.00 to $60.00 and gave the stock a buy rating in a report on Friday, July 27th. ValuEngine lowered shares of Live Nation Entertainment from a strong-buy rating to a buy rating in a report on Saturday, July 28th. Finally, Stephens set a $60.00 price objective on shares of Live Nation Entertainment and gave the stock a buy rating in a report on Friday, July 27th. They noted that the move was a valuation call. One equities 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 given a strong buy rating to the stock. Live Nation Entertainment has an average rating of Buy and an average target price of $57.35.

NYSE:LYV traded up $0.50 during mid-day trading on Thursday, hitting $53.19. The company’s stock had a trading volume of 34,553 shares, compared to its average volume of 1,376,139. Live Nation Entertainment has a fifty-two week low of $35.94 and a fifty-two week high of $58.26. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.76. The firm has a market capitalization of $11.04 billion, a PE ratio of -110.81 and a beta of 0.99.

Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings results on Thursday, November 1st. The company reported $0.70 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.06. The business had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the company earned $0.53 EPS. The business’s revenue for the quarter was up 11.5% on a year-over-year basis. On average, research analysts expect that Live Nation Entertainment will post -0.03 EPS for the current year.

In other news, Director Robert Ted Enloe III sold 7,000 shares of the stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $54.07, for a total transaction of $378,490.00. Following the sale, the director now directly owns 17,508 shares of the company’s stock, valued at $946,657.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Elizabeth Kathleen Willard sold 40,000 shares of the stock in a transaction that occurred on Thursday, August 30th. The shares were sold at an average price of $49.37, for a total transaction of $1,974,800.00. Following the sale, the chief financial officer now directly owns 259,338 shares in the company, valued at $12,803,517.06. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 92,000 shares of company stock valued at $4,752,040. Company insiders own 5.19% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. grew its stake in shares of Live Nation Entertainment by 6.0% during the third quarter. BlackRock Inc. now owns 13,741,840 shares of the company’s stock valued at $748,517,000 after purchasing an additional 778,092 shares during the last quarter. Canada Pension Plan Investment Board grew its stake in shares of Live Nation Entertainment by 27.5% during the second quarter. Canada Pension Plan Investment Board now owns 9,709,300 shares of the company’s stock valued at $471,581,000 after purchasing an additional 2,096,500 shares during the last quarter. William Blair Investment Management LLC grew its stake in shares of Live Nation Entertainment by 2.6% during the third quarter. William Blair Investment Management LLC now owns 6,744,057 shares of the company’s stock valued at $367,349,000 after purchasing an additional 172,428 shares during the last quarter. Select Equity Group L.P. grew its stake in shares of Live Nation Entertainment by 50.6% during the third quarter. Select Equity Group L.P. now owns 6,720,593 shares of the company’s stock valued at $366,071,000 after purchasing an additional 2,258,400 shares during the last quarter. Finally, Findlay Park Partners LLP bought a new stake in shares of Live Nation Entertainment during the third quarter valued at approximately $176,436,000. 69.34% of the stock is currently owned by institutional investors and hedge funds.

Live Nation Entertainment Company Profile

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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