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

Live Nation Entertainment, Inc. (NYSE:LYV)’s share price 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 changing hands. The stock had previously closed at $129.00.

Several other research firms also recently weighed in on LYV. JPMorgan Chase & Co. boosted their target price on Live Nation Entertainment from $118.00 to $137.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Rosenblatt Securities restated a “buy” rating and set a $123.00 target price on shares of Live Nation Entertainment in a research report on Thursday, August 15th. TD Cowen upped their price target on shares of Live Nation Entertainment from $108.00 to $145.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Benchmark lifted their price objective on shares of Live Nation Entertainment from $132.00 to $144.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Finally, Bank of America upped their target price on shares of Live Nation Entertainment from $125.00 to $149.00 and gave the company a “buy” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $138.57.

Insider Buying and Selling at Live Nation Entertainment

In other Live Nation Entertainment news, Director Ping Fu sold 1,701 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $96.56, for a total transaction of $164,248.56. Following the sale, the director now directly owns 15,128 shares in the company, valued at approximately $1,460,759.68. The trade was a 10.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael Rowles sold 35,000 shares of the stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $97.64, for a total transaction of $3,417,400.00. Following the completion of the transaction, the executive vice president now owns 167,447 shares of the company’s stock, valued at $16,349,525.08. This represents a 17.29 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 170,500 shares of company stock valued at $16,613,966. 2.72% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Live Nation Entertainment

Several institutional investors have recently modified their holdings of LYV. Vanguard Group Inc. raised its holdings 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 purchasing an additional 110,097 shares during the last quarter. Select Equity Group L.P. raised its stake in shares of Live Nation Entertainment by 12.3% during the 2nd 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 during the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Live Nation Entertainment by 1.8% in the 2nd 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. Principal Financial Group Inc. grew its stake in Live Nation Entertainment by 1.2% in the 3rd quarter. Principal Financial Group Inc. now owns 7,196,551 shares of the company’s stock valued at $787,950,000 after acquiring an additional 87,032 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in 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 acquiring an additional 321,832 shares in the last quarter. Hedge funds and other institutional investors own 74.52% of the company’s stock.

Live Nation Entertainment Trading Up 2.5 %

The company has a market cap of $30.72 billion, a price-to-earnings ratio of 137.23, a PEG ratio of 3.49 and a beta of 1.33. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.01 and a quick ratio of 0.92. The business’s 50-day simple moving average is $112.78 and its 200-day simple moving average is $100.78.

Live Nation Entertainment (NYSE:LYV) last issued its quarterly earnings data on Monday, November 11th. The company reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.08. The firm had revenue of $7.65 billion during the quarter, compared to the consensus estimate of $7.75 billion. Live Nation Entertainment had a return on equity of 77.62% and a net margin of 2.11%. The company’s quarterly revenue was down 6.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.78 EPS. Research analysts predict that Live Nation Entertainment, Inc. will post 1.08 earnings per share for the current fiscal year.

About Live Nation Entertainment

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.