Live Nation Entertainment, Inc. (NYSE:LYV) – Investment analysts at Macquarie boosted their Q3 2019 EPS estimates for shares of Live Nation Entertainment in a research note issued to investors on Tuesday. Macquarie analyst A. Yong now expects that the company will earn $0.72 per share for the quarter, up from their previous estimate of $0.71. Macquarie has a “Buy” rating and a $52.00 price target on the stock.
Several other analysts have also recently commented on LYV. Zacks Investment Research raised Live Nation Entertainment from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a report on Tuesday, October 10th. Jefferies Group reissued a “buy” rating and issued a $42.00 price target on shares of Live Nation Entertainment in a report on Monday, October 16th. JPMorgan Chase & Co. reissued a “buy” rating on shares of Live Nation Entertainment in a report on Wednesday, October 18th. Finally, Citigroup cut Live Nation Entertainment from a “buy” rating to a “neutral” rating and set a $47.00 price target for the company. in a report on Friday, December 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $44.57.
Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings results on Thursday, November 2nd. The company reported $0.53 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.02). The business had revenue of $3.56 billion during the quarter, compared to analyst estimates of $3.36 billion. Live Nation Entertainment had a net margin of 0.50% and a return on equity of 3.33%. The firm’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.49 earnings per share.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Live Nation Entertainment by 4.3% in the 2nd quarter. Vanguard Group Inc. now owns 10,866,455 shares of the company’s stock valued at $378,695,000 after purchasing an additional 451,457 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in Live Nation Entertainment by 8,038.5% in the 3rd quarter. Canada Pension Plan Investment Board now owns 5,786,500 shares of the company’s stock valued at $252,002,000 after purchasing an additional 5,715,400 shares in the last quarter. State Street Corp increased its stake in Live Nation Entertainment by 2.8% in the 2nd quarter. State Street Corp now owns 3,497,318 shares of the company’s stock valued at $121,878,000 after purchasing an additional 95,764 shares in the last quarter. Acadian Asset Management LLC increased its stake in Live Nation Entertainment by 5.1% in the 4th quarter. Acadian Asset Management LLC now owns 2,364,397 shares of the company’s stock valued at $100,651,000 after purchasing an additional 114,171 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. increased its stake in Live Nation Entertainment by 24.5% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 1,813,800 shares of the company’s stock valued at $78,991,000 after purchasing an additional 356,715 shares in the last quarter. 68.08% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP Michael Rowles sold 46,511 shares of the firm’s stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $43.35, for a total value of $2,016,251.85. Following the completion of the transaction, the executive vice president now directly owns 192,054 shares of the company’s stock, valued at approximately $8,325,540.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Rapino sold 70,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $45.46, for a total value of $3,182,200.00. Following the completion of the transaction, the chief executive officer now directly owns 395,277 shares of the company’s stock, valued at $17,969,292.42. The disclosure for this sale can be found here. Insiders sold a total of 1,106,511 shares of company stock valued at $49,467,752 over the last ninety days. 4.77% of the stock is currently owned by company insiders.
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. Its segments include Concerts, Sponsorship & Advertising, Ticketing and Artist Nation. The Concerts segment is engaged in promotion of live music events in its owned or operated venues and in rented third-party venues; operation and management of music venues; production of music festivals, and creation of associated content.
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