Investors Buy Live Nation Entertainment, Inc. (LYV) on Weakness
Traders bought shares of Live Nation Entertainment, Inc. (NYSE:LYV) on weakness during trading hours on Tuesday. $33.99 million flowed into the stock on the tick-up and $9.98 million flowed out of the stock on the tick-down, for a money net flow of $24.01 million into the stock. Of all equities tracked, Live Nation Entertainment had the 19th highest net in-flow for the day. Live Nation Entertainment traded down ($0.25) for the day and closed at $42.59
Several research analysts have recently weighed in on LYV shares. ValuEngine raised Live Nation Entertainment from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Jefferies Group LLC reaffirmed a “buy” rating and set a $36.00 price objective on shares of Live Nation Entertainment in a research report on Monday, June 5th. Northcoast Research cut Live Nation Entertainment from a “buy” rating to a “neutral” rating in a research report on Monday, June 19th. They noted that the move was a valuation call. BidaskClub cut Live Nation Entertainment from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 22nd. Finally, William Blair started coverage on Live Nation Entertainment in a research report on Friday, July 21st. They set an “outperform” rating for the company. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $39.71.
The company’s 50-day moving average is $39.56 and its 200 day moving average is $34.74. The company has a market capitalization of $8.81 billion, a PE ratio of 6141.43 and a beta of 1.01.
Live Nation Entertainment (NYSE:LYV) last issued its earnings results on Wednesday, August 9th. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.10. The business had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.37 billion. Live Nation Entertainment had a return on equity of 1.60% and a net margin of 0.25%. The firm’s revenue was up 29.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.13 EPS. Equities analysts predict that Live Nation Entertainment, Inc. will post $0.22 EPS for the current fiscal year.
In other Live Nation Entertainment news, Director Ariel Emanuel sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $41.56, for a total transaction of $415,600.00. Following the completion of the sale, the director now directly owns 85,737 shares of the company’s stock, valued at approximately $3,563,229.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Brian Capo sold 7,500 shares of the business’s stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $40.50, for a total value of $303,750.00. Following the sale, the insider now directly owns 13,354 shares of the company’s stock, valued at $540,837. The disclosure for this sale can be found here. Insiders own 4.77% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of LYV. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Live Nation Entertainment by 9.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,321 shares of the company’s stock worth $185,000 after purchasing an additional 445 shares in the last quarter. NJ State Employees Deferred Compensation Plan purchased a new position in shares of Live Nation Entertainment in the 2nd quarter worth approximately $210,000. PICTET BANK & TRUST Ltd purchased a new position in shares of Live Nation Entertainment in the 1st quarter worth approximately $225,000. Oppenheimer Asset Management Inc. purchased a new position in shares of Live Nation Entertainment in the 1st quarter worth approximately $233,000. Finally, KBC Group NV purchased a new position in shares of Live Nation Entertainment in the 1st quarter worth approximately $238,000. 65.62% of the stock is owned by hedge funds and other institutional investors.
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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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