Bank of America Forecasts Strong Price Appreciation for Live Nation Entertainment (NYSE:LYV) Stock

Live Nation Entertainment (NYSE:LYV) had its target price increased by investment analysts at Bank of America from $125.00 to $149.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price objective indicates a potential upside of 15.50% from the company’s previous close.

Several other brokerages also recently issued reports on LYV. StockNews.com downgraded shares of Live Nation Entertainment from a “hold” rating to a “sell” rating in a research report on Tuesday. TD Cowen lifted their target price on Live Nation Entertainment from $108.00 to $145.00 and gave the company a “buy” rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft increased their price objective on Live Nation Entertainment from $122.00 to $130.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Oppenheimer lifted their price objective on Live Nation Entertainment from $120.00 to $155.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, Benchmark boosted their target price on shares of Live Nation Entertainment from $132.00 to $144.00 and gave the company a “buy” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, one has given a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, Live Nation Entertainment has a consensus rating of “Moderate Buy” and an average price target of $138.57.

Live Nation Entertainment Stock Performance

Live Nation Entertainment stock opened at $129.00 on Thursday. Live Nation Entertainment has a 12-month low of $81.38 and a 12-month high of $130.83. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 6.10. The stock has a 50-day simple moving average of $112.78 and a 200 day simple moving average of $100.62. The stock has a market capitalization of $29.97 billion, a price-to-earnings ratio of 137.23, a P/E/G ratio of 3.27 and a beta of 1.33.

Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings results on Monday, November 11th. The company reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.08. Live Nation Entertainment had a net margin of 2.11% and a return on equity of 77.62%. The company had revenue of $7.65 billion during the quarter, compared to analysts’ expectations of $7.75 billion. During the same quarter in the prior year, the company earned $1.78 earnings per share. The business’s quarterly revenue was down 6.2% compared to the same quarter last year. On average, research analysts anticipate that Live Nation Entertainment will post 1.11 earnings per share for the current fiscal year.

Insider Transactions at Live Nation Entertainment

In other news, EVP Michael Rowles sold 35,000 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $97.64, for a total value of $3,417,400.00. Following the completion of the sale, the executive vice president now owns 167,447 shares in the company, valued at approximately $16,349,525.08. This trade represents a 17.29 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Brian Capo sold 5,000 shares of the company’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $96.61, for a total value of $483,050.00. Following the completion of the transaction, the chief accounting officer now directly owns 12,327 shares in the company, valued at $1,190,911.47. This trade represents a 28.86 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 175,500 shares of company stock valued at $17,097,016. 2.72% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in LYV. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Live Nation Entertainment by 19.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 184,309 shares of the company’s stock worth $19,494,000 after purchasing an additional 29,669 shares during the period. Frank Rimerman Advisors LLC purchased a new stake in shares of Live Nation Entertainment in the second quarter valued at approximately $748,000. CANADA LIFE ASSURANCE Co increased its holdings in shares of Live Nation Entertainment by 22.6% in the first quarter. CANADA LIFE ASSURANCE Co now owns 102,709 shares of the company’s stock valued at $10,873,000 after purchasing an additional 18,931 shares during the last quarter. Select Equity Group L.P. lifted its position in Live Nation Entertainment by 12.3% during the second 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 in the last quarter. Finally, Davidson Kempner Capital Management LP acquired a new position in Live Nation Entertainment during the second quarter worth $3,985,000. 74.52% of the stock is currently owned by hedge funds and other institutional investors.

Live Nation Entertainment Company Profile

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.