Zacks Investment Research upgraded shares of Live Nation Entertainment Inc. (NYSE:LYV) from a hold rating to a strong-buy rating in a report issued on Wednesday morning. Zacks Investment Research currently has $32.00 price target on the stock.
According to Zacks, “Live Nation Entertainment, Inc. is the world’s premier live entertainment company, consisting of Live Nation, Ticketmaster and Front Line Management Group. The Company engages in producing, marketing, and selling live concerts for artists via its concert pipe. Live Nation owns and operates many venues, including House of Blues music venues and locations, such as The Fillmore in San Francisco, Nikon at Jones Beach Theatre in New York and London’s Wembley Arena. In addition, it also produces, promotes or hosts theatrical, specialized motor sports and other live entertainment events. The Company is driving major innovations in ticketing technology, marketing and service. It offers ticket sales, ticket resale services, and marketing and distribution through ticketmaster.com, an e-commerce site on the Internet. Live Nation Entertainment, Inc. was formerly known as Live Nation, Inc. and is based in Beverly Hills, California. “
Several other equities analysts have also issued reports on the company. Stephens began coverage on Live Nation Entertainment in a research report on Thursday, October 6th. They issued an equal weight rating and a $30.00 price objective for the company. They noted that the move was a valuation call. JPMorgan Chase & Co. began coverage on Live Nation Entertainment in a research report on Thursday, August 18th. They issued an overweight rating and a $34.00 price objective for the company. Jefferies Group reiterated a buy rating and issued a $31.00 price objective on shares of Live Nation Entertainment in a research report on Friday, July 29th. Finally, Albert Fried & Company reiterated a buy rating and issued a $34.00 price objective on shares of Live Nation Entertainment in a research report on Tuesday, July 26th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $31.38.
Live Nation Entertainment (NYSE:LYV) opened at 26.92 on Wednesday. Live Nation Entertainment has a 52-week low of $18.77 and a 52-week high of $29.68. The company’s market cap is $5.44 billion. The stock has a 50 day moving average of $27.01 and a 200-day moving average of $24.70.
Live Nation Entertainment (NYSE:LYV) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.05. Live Nation Entertainment had a return on equity of 0.27% and a net margin of 0.05%. The business earned $2.20 billion during the quarter, compared to analyst estimates of $1.88 billion. During the same period in the previous year, the firm earned $0.06 EPS. Live Nation Entertainment’s quarterly revenue was up 23.4% compared to the same quarter last year. On average, analysts forecast that Live Nation Entertainment will post ($0.10) EPS for the current year.
Several large investors have recently added to or reduced their stakes in LYV. Fuller & Thaler Asset Management Inc. bought a new stake in Live Nation Entertainment during the second quarter valued at approximately $115,000. Creative Planning increased its stake in Live Nation Entertainment by 6.1% in the third quarter. Creative Planning now owns 4,334 shares of the company’s stock valued at $119,000 after buying an additional 249 shares during the last quarter. Seven Eight Capital LLC increased its stake in Live Nation Entertainment by 30.8% in the first quarter. Seven Eight Capital LLC now owns 6,800 shares of the company’s stock valued at $152,000 after buying an additional 1,600 shares during the last quarter. Neuberger Berman Group LLC bought a new stake in Live Nation Entertainment during the second quarter valued at approximately $204,000. Finally, LS Investment Advisors LLC increased its stake in Live Nation Entertainment by 66.0% in the second quarter. LS Investment Advisors LLC now owns 8,984 shares of the company’s stock valued at $211,000 after buying an additional 3,571 shares during the last quarter. 64.01% of the stock is owned by institutional investors.
About Live Nation Entertainment
Live Nation Entertainment, Inc is a live entertainment company. The Company’s businesses consist of the promotion of live events, including ticketing, sponsorship and advertising, and artist management. Its segments include Concerts, Ticketing, Artist Nation, Sponsorship & Advertising, Other and Corporate.
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