Live Nation Entertainment (NYSE:LYV) Reaches New 1-Year High Following Strong Earnings

Shares of Live Nation Entertainment, Inc. (NYSE:LYV) reached a new 52-week high on Tuesday following a stronger than expected earnings report. The company traded as high as $130.76 and last traded at $128.19, with a volume of 764598 shares traded. The stock had previously closed at $123.80.

The company reported $1.66 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.08. The company had revenue of $7.65 billion during the quarter, compared to analyst estimates of $7.75 billion. Live Nation Entertainment had a return on equity of 84.78% and a net margin of 2.20%. The firm’s quarterly revenue was down 6.2% compared to the same quarter last year. During the same period last year, the company posted $1.78 earnings per share.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on LYV. Oppenheimer raised their price target on Live Nation Entertainment from $110.00 to $120.00 and gave the company an “outperform” rating in a report on Friday, September 6th. Bank of America began coverage on Live Nation Entertainment in a report on Wednesday, September 4th. They set a “buy” rating and a $125.00 target price on the stock. Evercore ISI raised their target price on Live Nation Entertainment from $110.00 to $150.00 and gave the stock an “outperform” rating in a report on Tuesday. Rosenblatt Securities restated a “buy” rating and set a $123.00 target price on shares of Live Nation Entertainment in a report on Thursday, August 15th. Finally, Roth Mkm raised their target price on Live Nation Entertainment from $120.00 to $132.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $127.83.

Insider Activity

In related news, EVP Michael Rowles sold 35,000 shares of Live Nation Entertainment stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $97.64, for a total value of $3,417,400.00. Following the sale, the executive vice president now owns 167,447 shares of the company’s stock, valued at approximately $16,349,525.08. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Live Nation Entertainment news, EVP Michael Rowles sold 35,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $97.64, for a total transaction of $3,417,400.00. Following the transaction, the executive vice president now owns 167,447 shares of the company’s stock, valued at $16,349,525.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jeffrey T. Hinson sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $94.11, for a total value of $141,165.00. Following the transaction, the director now directly owns 59,789 shares in the company, valued at $5,626,742.79. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 177,000 shares of company stock worth $17,238,181 in the last 90 days. Corporate insiders own 2.72% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in LYV. Migdal Insurance & Financial Holdings Ltd. boosted its stake in shares of Live Nation Entertainment by 119.5% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 371 shares of the company’s stock worth $34,000 after acquiring an additional 202 shares during the period. Reston Wealth Management LLC bought a new position in shares of Live Nation Entertainment during the 3rd quarter worth approximately $41,000. Cromwell Holdings LLC boosted its stake in shares of Live Nation Entertainment by 25.7% during the 3rd quarter. Cromwell Holdings LLC now owns 431 shares of the company’s stock worth $47,000 after acquiring an additional 88 shares during the period. UMB Bank n.a. boosted its stake in shares of Live Nation Entertainment by 67.4% during the 2nd quarter. UMB Bank n.a. now owns 437 shares of the company’s stock worth $41,000 after acquiring an additional 176 shares during the period. Finally, Family Firm Inc. bought a new position in shares of Live Nation Entertainment during the 2nd quarter worth approximately $42,000. Institutional investors and hedge funds own 74.52% of the company’s stock.

Live Nation Entertainment Price Performance

The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 9.22. The company has a 50 day moving average price of $110.04 and a 200 day moving average price of $99.68. The company has a market capitalization of $29.86 billion, a P/E ratio of 124.25, a P/E/G ratio of 3.03 and a beta of 1.33.

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.