Zacks Investment Research Downgrades Live Nation Entertainment (NYSE:LYV) to Hold

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Zacks Investment Research lowered shares of Live Nation Entertainment (NYSE:LYV) from a buy rating to a hold rating in a research report released on Friday morning, Zacks.com reports.

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. “

LYV has been the topic of a number of other research reports. Citigroup cut shares of Live Nation Entertainment from a neutral rating to a sell rating and set a $63.00 target price on the stock. in a research note on Friday, June 28th. Atlantic Securities initiated coverage on shares of Live Nation Entertainment in a research note on Tuesday, June 11th. They set an overweight rating and a $75.00 target price on the stock. ValuEngine upgraded shares of Live Nation Entertainment from a buy rating to a strong-buy rating in a research note on Wednesday, May 8th. Finally, Berenberg Bank initiated coverage on shares of Live Nation Entertainment in a research note on Tuesday, May 14th. They set a buy rating and a $73.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $68.57.

Shares of LYV stock opened at $68.50 on Friday. Live Nation Entertainment has a 1 year low of $46.02 and a 1 year high of $73.71. The company’s fifty day simple moving average is $69.28. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.93 and a current ratio of 0.93. The company has a market cap of $15.07 billion, a P/E ratio of -761.11 and a beta of 1.11.

Live Nation Entertainment (NYSE:LYV) last released its earnings results on Thursday, July 25th. The company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. Live Nation Entertainment had a net margin of 0.55% and a return on equity of 4.49%. The company had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.18 billion. During the same quarter in the previous year, the company earned $0.24 EPS. Live Nation Entertainment’s revenue for the quarter was up 10.1% on a year-over-year basis. As a group, sell-side analysts expect that Live Nation Entertainment will post 0.28 earnings per share for the current fiscal year.

In other Live Nation Entertainment news, Director Mark S. Shapiro sold 8,000 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $64.90, for a total value of $519,200.00. Following the sale, the director now owns 36,765 shares in the company, valued at approximately $2,386,048.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Robert Ted Enloe III sold 5,447 shares of the business’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $62.45, for a total transaction of $340,165.15. Following the completion of the sale, the director now owns 67,886 shares in the company, valued at approximately $4,239,480.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 81,287 shares of company stock worth $5,142,783. Corporate insiders own 4.82% of the company’s stock.

A number of hedge funds have recently made changes to their positions in LYV. Parallel Advisors LLC increased its holdings in shares of Live Nation Entertainment by 81.0% in the 1st quarter. Parallel Advisors LLC now owns 543 shares of the company’s stock worth $35,000 after buying an additional 243 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new stake in shares of Live Nation Entertainment in the 2nd quarter worth about $37,000. CWM LLC increased its holdings in shares of Live Nation Entertainment by 59.5% in the 1st quarter. CWM LLC now owns 622 shares of the company’s stock worth $40,000 after buying an additional 232 shares during the last quarter. Icon Wealth Partners LLC bought a new stake in shares of Live Nation Entertainment in the 1st quarter worth about $40,000. Finally, Hilton Capital Management LLC bought a new stake in shares of Live Nation Entertainment in the 1st quarter worth about $69,000. Institutional investors and hedge funds own 69.57% of the company’s stock.

About Live Nation Entertainment

Live Nation Entertainment, Inc operates as a live entertainment company. It operates through Concerts, Sponsorship & Advertising, and Ticketing segments. The Concerts segment promotes live music events in its owned or operated venues, and in rented third-party venues; operates and manages music venues; and produces music festivals and creates associated content.

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