Live Nation Entertainment (NYSE:LYV) Reaches New 52-Week High After Analyst Upgrade

Shares of Live Nation Entertainment, Inc. (NYSE:LYV) reached a new 52-week high on Wednesday after Macquarie raised their price target on the stock from $125.00 to $130.00. Macquarie currently has an outperform rating on the stock. Live Nation Entertainment traded as high as $112.03 and last traded at $111.82, with a volume of 38737 shares. The stock had previously closed at $111.59.

Several other brokerages also recently commented on LYV. JPMorgan Chase & Co. upped their price objective on Live Nation Entertainment from $116.00 to $118.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Morgan Stanley reaffirmed an “overweight” rating and issued a $120.00 price objective on shares of Live Nation Entertainment in a research report on Wednesday, June 12th. Benchmark reaffirmed a “buy” rating and issued a $132.00 price objective on shares of Live Nation Entertainment in a research report on Tuesday, September 10th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $123.00 price objective on shares of Live Nation Entertainment in a research report on Thursday, August 15th. Finally, Oppenheimer upped their price objective on Live Nation Entertainment from $110.00 to $120.00 and gave the company an “outperform” rating in a research report on Friday, September 6th. One analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $119.85.

Insider Activity at Live Nation Entertainment

In related news, Director Jeffrey T. Hinson sold 1,500 shares of Live Nation Entertainment stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $94.11, for a total transaction of $141,165.00. Following the completion of the transaction, the director now directly owns 59,789 shares in the company, valued at approximately $5,626,742.79. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Live Nation Entertainment news, CAO Brian Capo sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $96.61, for a total value of $483,050.00. Following the sale, the chief accounting officer now directly owns 12,327 shares of the company’s stock, valued at approximately $1,190,911.47. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffrey T. Hinson sold 1,500 shares of Live Nation Entertainment stock in a transaction that occurred on Friday, August 16th. The stock was 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 directly owns 59,789 shares in the company, valued at $5,626,742.79. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 177,000 shares of company stock worth $17,238,181. 2.85% of the stock is owned by corporate insiders.

Institutional Trading of Live Nation Entertainment

A number of institutional investors have recently made changes to their positions in LYV. Vanguard Group Inc. lifted its position in Live Nation Entertainment by 0.6% during the first quarter. Vanguard Group Inc. now owns 18,068,765 shares of the company’s stock worth $1,911,133,000 after buying an additional 110,097 shares in the last quarter. Select Equity Group L.P. lifted its position in Live Nation Entertainment by 12.3% during the second quarter. Select Equity Group L.P. now owns 12,940,613 shares of the company’s stock worth $1,213,053,000 after buying an additional 1,415,173 shares in the last quarter. Canada Pension Plan Investment Board lifted its position in Live Nation Entertainment by 1.8% during the second quarter. Canada Pension Plan Investment Board now owns 8,722,620 shares of the company’s stock worth $817,658,000 after buying an additional 155,920 shares in the last quarter. William Blair Investment Management LLC lifted its position in Live Nation Entertainment by 12.0% during the first quarter. William Blair Investment Management LLC now owns 3,633,791 shares of the company’s stock worth $384,346,000 after buying an additional 388,980 shares in the last quarter. Finally, D1 Capital Partners L.P. lifted its position in Live Nation Entertainment by 44.6% during the second quarter. D1 Capital Partners L.P. now owns 3,543,532 shares of the company’s stock worth $332,171,000 after buying an additional 1,093,000 shares in the last quarter. 74.52% of the stock is owned by institutional investors and hedge funds.

Live Nation Entertainment Stock Performance

The stock has a market cap of $25.69 billion, a PE ratio of 106.30, a P/E/G ratio of 2.46 and a beta of 1.35. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 9.22. The stock has a 50-day moving average of $99.01 and a 200 day moving average of $96.61.

Live Nation Entertainment (NYSE:LYV) last released its earnings results on Tuesday, July 30th. The company reported $1.03 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.03). Live Nation Entertainment had a return on equity of 84.78% and a net margin of 2.20%. The company had revenue of $6.02 billion for the quarter, compared to analyst estimates of $6.02 billion. During the same period in the previous year, the firm earned $1.02 earnings per share. The company’s revenue for the quarter was up 7.0% compared to the same quarter last year. Equities analysts predict that Live Nation Entertainment, Inc. will post 1.21 EPS for the current fiscal year.

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.