Live Nation Entertainment (NYSE:LYV) Hits New 1-Year High Following Better-Than-Expected Earnings

Live Nation Entertainment, Inc. (NYSE:LYV)’s stock price reached a new 52-week high during mid-day trading on Tuesday following a stronger than expected earnings report. The company traded as high as $130.76 and last traded at $128.19, with a volume of 764598 shares traded. The stock had previously closed at $123.80.

The company reported $1.66 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.08. The company had revenue of $7.65 billion for the quarter, compared to the consensus estimate of $7.75 billion. Live Nation Entertainment had a return on equity of 84.78% and a net margin of 2.20%. Live Nation Entertainment’s revenue was down 6.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.78 earnings per share.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on LYV shares. Benchmark increased their price target on Live Nation Entertainment from $132.00 to $144.00 and gave the stock a “buy” rating in a research note on Tuesday. Evercore ISI lifted their target price on Live Nation Entertainment from $110.00 to $150.00 and gave the company an “outperform” rating in a research note on Tuesday. Guggenheim upped their price target on Live Nation Entertainment from $130.00 to $146.00 and gave the stock a “buy” rating in a research note on Tuesday. Macquarie boosted their target price on shares of Live Nation Entertainment from $125.00 to $130.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $123.00 target price on shares of Live Nation Entertainment in a research note on Thursday, August 15th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $134.77.

Insider Buying and Selling at Live Nation Entertainment

In other Live Nation Entertainment news, Director Jeffrey T. Hinson sold 1,500 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $94.11, for a total transaction of $141,165.00. Following the transaction, the director now owns 59,789 shares in the company, valued at $5,626,742.79. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Michael Rapino sold 98,849 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $97.50, for a total transaction of $9,637,777.50. Following the transaction, the chief executive officer now directly owns 3,702,115 shares of the company’s stock, valued at approximately $360,956,212.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jeffrey T. Hinson sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $94.11, for a total value of $141,165.00. Following the completion of the sale, the director now owns 59,789 shares of the company’s stock, valued at $5,626,742.79. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 177,000 shares of company stock worth $17,238,181 over the last ninety days. Company insiders own 2.72% of the company’s stock.

Institutional Investors Weigh In On Live Nation Entertainment

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Migdal Insurance & Financial Holdings Ltd. boosted its position in Live Nation Entertainment by 119.5% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 371 shares of the company’s stock valued at $34,000 after acquiring an additional 202 shares in the last quarter. Reston Wealth Management LLC bought a new position in Live Nation Entertainment in the third quarter worth about $41,000. Cromwell Holdings LLC lifted its position in shares of Live Nation Entertainment by 25.7% during the third quarter. Cromwell Holdings LLC now owns 431 shares of the company’s stock valued at $47,000 after buying an additional 88 shares during the last quarter. UMB Bank n.a. grew its position in shares of Live Nation Entertainment by 67.4% in the 2nd quarter. UMB Bank n.a. now owns 437 shares of the company’s stock worth $41,000 after buying an additional 176 shares during the last quarter. Finally, Family Firm Inc. bought a new position in shares of Live Nation Entertainment during the 2nd quarter worth approximately $42,000. 74.52% of the stock is owned by institutional investors.

Live Nation Entertainment Price Performance

The stock’s 50-day moving average is $110.72 and its 200 day moving average is $99.96. The company has a debt-to-equity ratio of 9.22, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market cap of $29.87 billion, a PE ratio of 122.33, a PEG ratio of 3.03 and a beta of 1.33.

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.