Live Nation Entertainment, Inc. (NYSE:LYV) Stock Rating Reaffirmed by Macquarie

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.

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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.

Analyst Recommendations for Live Nation Entertainment (NYSE:LYV)

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