Live Nation Entertainment Inc. (LYV) Upgraded to “Strong-Buy” at Zacks Investment Research
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 target price 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. “
LYV has been the topic of several other research reports. Stephens started coverage on Live Nation Entertainment in a research report on Thursday, October 6th. They set an equal weight rating and a $30.00 target price on the stock. They noted that the move was a valuation call. Jefferies Group reiterated a buy rating and set a $31.00 target price on shares of Live Nation Entertainment in a research report on Friday, July 29th. JPMorgan Chase & Co. started coverage on Live Nation Entertainment in a research report on Thursday, August 18th. They set an overweight rating and a $34.00 target price on the stock. Finally, Albert Fried & Company reiterated a buy rating and set a $34.00 target price 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 issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $31.38.
Shares of Live Nation Entertainment (NYSE:LYV) opened at 27.44 on Wednesday. The company has a 50 day moving average price of $26.95 and a 200 day moving average price of $24.59. Live Nation Entertainment has a 12-month low of $18.77 and a 12-month high of $29.68. The firm’s market cap is $5.54 billion.
Live Nation Entertainment (NYSE:LYV) last released its earnings results on Thursday, July 28th. The company reported $0.13 earnings per share (EPS) for the quarter, topping 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 company had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $1.88 billion. During the same quarter in the previous year, the firm posted $0.06 EPS. The firm’s quarterly revenue was up 23.4% on a year-over-year basis. On average, analysts forecast that Live Nation Entertainment will post ($0.10) earnings per share for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in the company. Sentry Investments Corp. increased its stake in Live Nation Entertainment by 299.7% in the second quarter. Sentry Investments Corp. now owns 4,444,900 shares of the company’s stock worth $104,455,000 after buying an additional 3,332,900 shares during the last quarter. Lord Abbett & CO. LLC purchased a new stake in Live Nation Entertainment during the second quarter worth approximately $22,202,000. Renaissance Technologies LLC increased its stake in Live Nation Entertainment by 41.0% in the first quarter. Renaissance Technologies LLC now owns 2,725,166 shares of the company’s stock worth $60,798,000 after buying an additional 792,000 shares during the last quarter. Victory Capital Management Inc. increased its stake in Live Nation Entertainment by 337.4% in the second quarter. Victory Capital Management Inc. now owns 782,566 shares of the company’s stock worth $18,389,000 after buying an additional 603,664 shares during the last quarter. Finally, Boston Partners increased its stake in Live Nation Entertainment by 66.7% in the second quarter. Boston Partners now owns 1,475,100 shares of the company’s stock worth $34,664,000 after buying an additional 590,099 shares during the last quarter. Institutional investors and hedge funds own 64.04% of the company’s stock.
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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