Live Nation Entertainment (NYSE:LYV) Shares Gap Down to $99.77

Live Nation Entertainment, Inc. (NYSE:LYV) gapped down before the market opened on Tuesday . The stock had previously closed at $99.77, but opened at $90.99. Live Nation Entertainment shares last traded at $93.34, with a volume of 2,949,844 shares changing hands.

Analyst Ratings Changes

LYV has been the topic of a number of recent analyst reports. Rosenblatt Securities reduced their price objective on shares of Live Nation Entertainment from $124.00 to $119.00 and set a “buy” rating on the stock in a research report on Thursday, April 11th. Roth Mkm raised shares of Live Nation Entertainment from a “neutral” rating to a “buy” rating and raised their target price for the stock from $92.00 to $114.00 in a research report on Friday, January 12th. Oppenheimer raised their target price on shares of Live Nation Entertainment from $105.00 to $115.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 21st. JPMorgan Chase & Co. raised their target price on shares of Live Nation Entertainment from $124.00 to $126.00 and gave the stock an “overweight” rating in a research report on Friday, February 23rd. Finally, Morgan Stanley raised their target price on shares of Live Nation Entertainment from $110.00 to $120.00 and gave the stock an “overweight” rating in a research report on Friday, February 23rd. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Live Nation Entertainment presently has a consensus rating of “Moderate Buy” and a consensus price target of $115.90.

Live Nation Entertainment Trading Down 6.8 %

The stock has a market capitalization of $21.47 billion, a P/E ratio of 69.45 and a beta of 1.30. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 9.30. The stock’s 50 day moving average price is $98.82 and its 200-day moving average price is $91.29.

Live Nation Entertainment (NYSE:LYV) last announced its earnings results on Thursday, February 22nd. The company reported ($1.22) earnings per share for the quarter, missing the consensus estimate of ($1.13) by ($0.09). The firm had revenue of $5.84 billion during the quarter, compared to analyst estimates of $4.72 billion. Live Nation Entertainment had a net margin of 2.48% and a return on equity of 118.42%. As a group, equities research analysts expect that Live Nation Entertainment, Inc. will post 1.63 earnings per share for the current year.

Insider Buying and Selling at Live Nation Entertainment

In other news, Director Jeffrey T. Hinson sold 1,001 shares of Live Nation Entertainment stock in a transaction on Friday, March 8th. The shares were sold at an average price of $100.50, for a total transaction of $100,600.50. Following the completion of the sale, the director now directly owns 59,374 shares in the company, valued at $5,967,087. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 2.85% of the stock is owned by insiders.

Institutional Investors Weigh In On Live Nation Entertainment

Several institutional investors and hedge funds have recently made changes to their positions in LYV. Norges Bank purchased a new position in shares of Live Nation Entertainment during the fourth quarter worth $248,139,000. Goldman Sachs Group Inc. raised its holdings in shares of Live Nation Entertainment by 96.9% during the first quarter. Goldman Sachs Group Inc. now owns 3,698,063 shares of the company’s stock worth $435,041,000 after purchasing an additional 1,819,841 shares during the last quarter. Cantillon Capital Management LLC raised its holdings in shares of Live Nation Entertainment by 146.6% during the fourth quarter. Cantillon Capital Management LLC now owns 2,746,801 shares of the company’s stock worth $257,101,000 after purchasing an additional 1,632,749 shares during the last quarter. Findlay Park Partners LLP raised its holdings in shares of Live Nation Entertainment by 55.1% during the third quarter. Findlay Park Partners LLP now owns 3,059,485 shares of the company’s stock worth $254,060,000 after purchasing an additional 1,087,264 shares during the last quarter. Finally, Select Equity Group L.P. raised its holdings in shares of Live Nation Entertainment by 8.1% during the first quarter. Select Equity Group L.P. now owns 11,512,128 shares of the company’s stock worth $805,849,000 after purchasing an additional 862,050 shares during the last quarter. 74.52% 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 worldwide. It operates through Concerts, Ticketing, and Sponsorship & Advertising segments. The Concerts segment promotes live music events in its owned or operated venues, and in rented third-party venues. This segment operates and manages music venues; produces music festivals; creates and streams associated content; and offers management and other services to artists.