Live Nation Entertainment (NYSE:LYV) Trading Up 7% Following Analyst Upgrade

Live Nation Entertainment, Inc. (NYSE:LYV) was up 7% during trading on Friday after Rosenblatt Securities raised their price target on the stock from $119.00 to $122.00. Rosenblatt Securities currently has a buy rating on the stock. Live Nation Entertainment traded as high as $95.40 and last traded at $94.45. Approximately 1,447,648 shares were traded during mid-day trading, a decline of 35% from the average daily volume of 2,243,301 shares. The stock had previously closed at $88.27.

Several other research analysts have also recently weighed in on the company. Roth Mkm reiterated a “buy” rating and set a $120.00 price objective on shares of Live Nation Entertainment in a research report on Tuesday, April 23rd. Deutsche Bank Aktiengesellschaft started coverage on Live Nation Entertainment in a research report on Tuesday, April 30th. They set a “buy” rating and a $120.00 price objective on the stock. JPMorgan Chase & Co. raised their price target on Live Nation Entertainment from $124.00 to $126.00 and gave the stock an “overweight” rating in a research report on Friday, February 23rd. Oppenheimer raised their price target on Live Nation Entertainment from $105.00 to $115.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 21st. Finally, Morgan Stanley raised their price target on 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 investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $116.91.

Insider Activity at Live Nation Entertainment

In other news, Director Jeffrey T. Hinson sold 1,001 shares of Live Nation Entertainment stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $100.50, for a total transaction of $100,600.50. Following the sale, the director now directly owns 59,374 shares of the company’s stock, valued at $5,967,087. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.85% of the stock is currently owned by insiders.

Institutional Trading of Live Nation Entertainment

Several institutional investors have recently added to or reduced their stakes in LYV. Creative Financial Designs Inc. ADV lifted its stake in Live Nation Entertainment by 148.1% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 335 shares of the company’s stock valued at $31,000 after buying an additional 200 shares during the period. YHB Investment Advisors Inc. acquired a new position in Live Nation Entertainment in the first quarter valued at approximately $32,000. Raleigh Capital Management Inc. acquired a new position in Live Nation Entertainment in the third quarter valued at approximately $33,000. Rise Advisors LLC raised its position in shares of Live Nation Entertainment by 90.3% during the first quarter. Rise Advisors LLC now owns 335 shares of the company’s stock worth $35,000 after purchasing an additional 159 shares during the period. Finally, Cary Street Partners Investment Advisory LLC raised its position in shares of Live Nation Entertainment by 9,800.0% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 495 shares of the company’s stock worth $41,000 after purchasing an additional 490 shares during the period. 74.52% of the stock is currently owned by institutional investors.

Live Nation Entertainment Price Performance

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 business has a 50-day moving average price of $98.60 and a two-hundred day moving average price of $91.67. The company has a market capitalization of $21.85 billion, a price-to-earnings ratio of 90.15, a price-to-earnings-growth ratio of 1.79 and a beta of 1.34.

Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.53) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.32). The company had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.26 billion. Live Nation Entertainment had a net margin of 2.22% and a return on equity of 85.50%. The company’s quarterly revenue was up 21.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.25) earnings per share. As a group, research analysts anticipate that Live Nation Entertainment, Inc. will post 1.63 EPS for the current year.

About Live Nation Entertainment

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.