Macquarie restated their buy rating on shares of Live Nation Entertainment, Inc. (NYSE:LYV) in a research note released on Sunday, November 5th. The brokerage currently has a $48.00 price objective on the stock.
“We model 4Q/’18 AOI of US$83m/ US$834m in line with guidance for 4Q as a % of ’17 AOI to be lower than in ‘16: #1 Concerts flywheel on fire, with global demand at all-time high: Live added 7m fans in 3Q and expects to add 85m in ’17. An evolved supply-demand chain allows Live to more easily book/monetize artists globally; with only 30% global mkt share, the runway for organic growth is long. Furthermore, the hospitality opportunity is large and high-margin; we model ‘17/’18 concerts AOI of US$171m/US$197m. #2 Getting more of music’s ~US$3bn sponsorship/ad pie: With an audience of 80m+ and a growing supply of fan data, Live is attracting more high-end national sponsors vs local/regional. Mgmt anticipates double-digit growth in the years ahead and has identified festival sponsorship and concert-related third-party content as relatively untapped segments.”,” the firm’s analyst wrote.
Several other analysts also recently weighed in on the stock. Zacks Investment Research downgraded shares of Live Nation Entertainment from a buy rating to a hold rating in a report on Thursday, October 26th. Stephens reaffirmed an overweight rating and set a $44.00 price target (up previously from $36.00) on shares of Live Nation Entertainment in a research report on Thursday, August 10th. J P Morgan Chase & Co reissued a buy rating on shares of Live Nation Entertainment in a research note on Friday, August 11th. Jefferies Group LLC restated a buy rating and set a $42.00 price objective on shares of Live Nation Entertainment in a research report on Monday, October 16th. Finally, William Blair started coverage on shares of Live Nation Entertainment in a research report on Friday, July 21st. They issued 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 company. The company has a consensus rating of Buy and a consensus price target of $42.86.
Shares of Live Nation Entertainment (NYSE:LYV) opened at $45.34 on Friday. Live Nation Entertainment has a 1-year low of $26.41 and a 1-year high of $46.33. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market cap of $9,380.00, a price-to-earnings ratio of 2,308.00 and a beta of 1.06.
Live Nation Entertainment (NYSE:LYV) last posted its earnings results on Thursday, November 2nd. The company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.55 by ($0.02). The firm had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $3.36 billion. Live Nation Entertainment had a return on equity of 3.33% and a net margin of 0.50%. The company’s revenue was up 12.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.49 earnings per share. equities research analysts anticipate that Live Nation Entertainment will post 0.18 EPS for the current year.
In other Live Nation Entertainment news, insider Brian Capo sold 7,500 shares of the stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $40.50, for a total value of $303,750.00. Following the completion of the transaction, the insider now directly owns 13,354 shares in the company, valued at $540,837. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael Rowles sold 46,511 shares of the firm’s stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $43.35, for a total value of $2,016,251.85. Following the transaction, 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. In the last 90 days, insiders sold 524,011 shares of company stock worth $23,506,002. 4.77% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of the business. Assetmark Inc. acquired a new stake in Live Nation Entertainment in the third quarter valued at approximately $134,000. Massey Quick Simon & CO. LLC bought a new stake in shares of Live Nation Entertainment during the 3rd quarter valued at $167,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Live Nation Entertainment by 9.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,321 shares of the company’s stock valued at $185,000 after purchasing an additional 445 shares during the period. Chevy Chase Trust Holdings Inc. bought a new stake in shares of Live Nation Entertainment during the 3rd quarter valued at $209,000. Finally, NJ State Employees Deferred Compensation Plan bought a new stake in shares of Live Nation Entertainment during the 2nd quarter valued at $210,000. Institutional investors and hedge funds own 68.32% of the company’s stock.
Live Nation Entertainment Company Profile
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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