Live Nation Entertainment (LYV) Earns “Buy” Rating from Macquarie
Live Nation Entertainment (NYSE:LYV)‘s stock had its “buy” rating reiterated by analysts at Macquarie in a research note issued on Wednesday. They currently have a $52.00 price target on the stock. Macquarie’s price objective suggests a potential upside of 20.40% from the stock’s current price. Macquarie also issued estimates for Live Nation Entertainment’s Q3 2019 earnings at $0.72 EPS.
LYV has been the topic of several other reports. Zacks Investment Research cut shares of Live Nation Entertainment from a “buy” rating to a “hold” rating in a report on Thursday, October 26th. Citigroup cut shares of Live Nation Entertainment from a “buy” rating to a “neutral” rating and set a $47.00 price target on the stock. in a report on Friday, December 22nd. JPMorgan Chase & Co. restated a “buy” rating on shares of Live Nation Entertainment in a report on Wednesday, October 18th. Finally, Jefferies Group restated a “buy” rating and set a $42.00 price target on shares of Live Nation Entertainment in a report on Monday, October 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $44.57.
Live Nation Entertainment (NYSE:LYV) opened at $43.19 on Wednesday. The company has a debt-to-equity ratio of 1.39, a quick ratio of 1.11 and a current ratio of 1.11. Live Nation Entertainment has a fifty-two week low of $27.17 and a fifty-two week high of $46.99. The company has a market cap of $8,930.00, a price-to-earnings ratio of 2,160.58 and a beta of 1.06.
In related news, CEO Michael Rapino sold 210,000 shares of the company’s stock in a transaction on Friday, December 8th. The shares were sold at an average price of $43.21, for a total value of $9,074,100.00. Following the completion of the sale, the chief executive officer now directly owns 115,277 shares in the company, valued at $4,981,119.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael Rowles sold 46,511 shares of the company’s stock in a transaction on Monday, November 6th. The stock was sold at an average price of $43.35, for a total transaction of $2,016,251.85. Following the completion of the sale, the executive vice president now owns 192,054 shares of the company’s stock, valued at $8,325,540.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,106,511 shares of company stock worth $49,467,752. 4.77% of the stock is currently owned by corporate insiders.
Large investors have recently modified their holdings of the stock. Assetmark Inc. bought a new stake in Live Nation Entertainment in the third quarter worth $134,000. Massey Quick Simon & CO. LLC bought a new stake in Live Nation Entertainment in the third quarter worth $167,000. Chevy Chase Trust Holdings Inc. bought a new stake in Live Nation Entertainment in the third quarter worth $209,000. Neuberger Berman Group LLC boosted its holdings in Live Nation Entertainment by 0.8% in the second quarter. Neuberger Berman Group LLC now owns 7,830 shares of the company’s stock worth $273,000 after purchasing an additional 63 shares in the last quarter. Finally, IHT Wealth Management LLC boosted its holdings in Live Nation Entertainment by 58.5% in the second quarter. IHT Wealth Management LLC now owns 2,574 shares of the company’s stock worth $280,000 after purchasing an additional 950 shares in the last quarter. Hedge funds and other institutional investors own 68.08% of the company’s stock.
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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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