Investment analysts at Atlantic Securities assumed coverage on shares of Live Nation Entertainment (NYSE:LYV) in a note issued to investors on Tuesday, MarketBeat reports. The firm set an “overweight” rating and a $75.00 price target on the stock. Atlantic Securities’ target price would indicate a potential upside of 18.32% from the stock’s previous close.
Several other research firms have also recently issued reports on LYV. Zacks Investment Research cut Live Nation Entertainment from a “hold” rating to a “sell” rating in a research note on Thursday, May 9th. ValuEngine raised Live Nation Entertainment from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, May 8th. Berenberg Bank began coverage on Live Nation Entertainment in a research note on Tuesday, May 14th. They set a “buy” rating and a $73.00 target price on the stock. Stephens boosted their target price on Live Nation Entertainment to $70.00 and gave the company an “overweight” rating in a research note on Friday, March 29th. Finally, Citigroup cut Live Nation Entertainment from a “buy” rating to a “neutral” rating and boosted their target price for the company from $59.00 to $63.00 in a research note on Friday, March 15th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Live Nation Entertainment has an average rating of “Buy” and a consensus price target of $63.18.
Shares of LYV stock opened at $63.39 on Tuesday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 3.05. Live Nation Entertainment has a fifty-two week low of $46.02 and a fifty-two week high of $67.00.
Live Nation Entertainment (NYSE:LYV) last posted its earnings results on Thursday, May 2nd. The company reported ($0.31) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.34) by $0.03. Live Nation Entertainment had a return on equity of 1.77% and a net margin of 0.22%. The firm had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.59 billion. During the same period in the previous year, the firm earned ($0.24) earnings per share. The business’s revenue was up 16.6% compared to the same quarter last year. Equities research analysts anticipate that Live Nation Entertainment will post 0.27 EPS for the current year.
In related news, Director Robert Ted Enloe III sold 5,447 shares of the company’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $62.45, for a total value of $340,165.15. Following the sale, the director now directly owns 67,886 shares of the company’s stock, valued at $4,239,480.70. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Ariel Emanuel sold 7,790 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $64.25, for a total value of $500,507.50. Following the completion of the sale, the director now directly owns 71,394 shares in the company, valued at $4,587,064.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,237 shares of company stock worth $1,359,873. 4.82% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of LYV. State Board of Administration of Florida Retirement System grew its stake in Live Nation Entertainment by 9.4% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 176,443 shares of the company’s stock worth $8,690,000 after purchasing an additional 15,106 shares during the period. Dupont Capital Management Corp purchased a new stake in Live Nation Entertainment in the fourth quarter worth $582,000. Creative Planning grew its stake in Live Nation Entertainment by 6.4% in the fourth quarter. Creative Planning now owns 11,535 shares of the company’s stock worth $568,000 after purchasing an additional 692 shares during the period. Redpoint Investment Management Pty Ltd purchased a new stake in Live Nation Entertainment in the fourth quarter worth $872,000. Finally, CIBC Private Wealth Group LLC grew its stake in Live Nation Entertainment by 21.5% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,289,808 shares of the company’s stock worth $63,523,000 after purchasing an additional 228,554 shares during the period. 70.69% of the stock is currently owned by institutional investors.
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 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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