Live Nation Entertainment (NYSE:LYV) Reaches New 12-Month High Following Analyst Upgrade

Shares of Live Nation Entertainment, Inc. (NYSE:LYV) hit a new 52-week high during mid-day trading on Monday after Macquarie raised their price target on the stock from $130.00 to $146.00. Macquarie currently has an outperform rating on the stock. Live Nation Entertainment traded as high as $132.17 and last traded at $131.75, with a volume of 398944 shares traded. The stock had previously closed at $129.00.

Other equities research analysts have also recently issued reports about the company. Oppenheimer boosted their price objective on Live Nation Entertainment from $120.00 to $155.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 12th. Evercore ISI boosted their price objective on Live Nation Entertainment from $110.00 to $150.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 12th. Roth Mkm boosted their price objective on Live Nation Entertainment from $120.00 to $132.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Rosenblatt Securities reissued a “buy” rating and set a $123.00 price objective on shares of Live Nation Entertainment in a research note on Thursday, August 15th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Live Nation Entertainment from $122.00 to $130.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $138.57.

Insider Activity at Live Nation Entertainment

In other Live Nation Entertainment news, Director Jeffrey T. Hinson sold 5,640 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $95.18, for a total transaction of $536,815.20. Following the completion of the sale, the director now owns 53,949 shares in the company, valued at $5,134,865.82. This represents a 9.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael Rowles sold 35,000 shares of the company’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $97.64, for a total value of $3,417,400.00. Following the sale, the executive vice president now owns 167,447 shares of the company’s stock, valued at approximately $16,349,525.08. This represents a 17.29 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 168,799 shares of company stock worth $16,449,718. Company insiders own 2.72% of the company’s stock.

Institutional Trading of Live Nation Entertainment

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Toronto Dominion Bank lifted its holdings in shares of Live Nation Entertainment by 22.8% during the 3rd quarter. Toronto Dominion Bank now owns 52,995 shares of the company’s stock valued at $5,802,000 after purchasing an additional 9,840 shares during the last quarter. Coldstream Capital Management Inc. purchased a new stake in shares of Live Nation Entertainment during the 3rd quarter valued at $262,000. Geode Capital Management LLC lifted its holdings in shares of Live Nation Entertainment by 9.4% during the 3rd quarter. Geode Capital Management LLC now owns 3,763,557 shares of the company’s stock valued at $410,664,000 after purchasing an additional 321,832 shares during the last quarter. Prestige Wealth Management Group LLC lifted its holdings in shares of Live Nation Entertainment by 24.2% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 2,653 shares of the company’s stock valued at $290,000 after purchasing an additional 517 shares during the last quarter. Finally, Resources Management Corp CT ADV lifted its holdings in shares of Live Nation Entertainment by 11.1% during the 3rd quarter. Resources Management Corp CT ADV now owns 3,498 shares of the company’s stock valued at $383,000 after purchasing an additional 350 shares during the last quarter. Hedge funds and other institutional investors own 74.52% of the company’s stock.

Live Nation Entertainment Stock Performance

The company has a debt-to-equity ratio of 6.10, a quick ratio of 0.92 and a current ratio of 1.01. The firm has a fifty day moving average price of $113.54 and a 200 day moving average price of $101.09. The stock has a market cap of $30.81 billion, a PE ratio of 141.06, a price-to-earnings-growth ratio of 3.49 and a beta of 1.33.

Live Nation Entertainment (NYSE:LYV) last released its earnings results on Monday, November 11th. The company reported $1.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.08. Live Nation Entertainment had a return on equity of 77.62% and a net margin of 2.11%. The firm had revenue of $7.65 billion for the quarter, compared to the consensus estimate of $7.75 billion. During the same period in the prior year, the firm earned $1.78 EPS. The firm’s revenue was down 6.2% on a year-over-year basis. Research analysts forecast that Live Nation Entertainment, Inc. will post 1.08 earnings per share 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.