Live Nation Entertainment (NYSE:LYV) Reaches New 52-Week High on Analyst Upgrade

Live Nation Entertainment, Inc. (NYSE:LYV)’s share price hit a new 52-week high during trading on Wednesday after Macquarie raised their price target on the stock from $125.00 to $130.00. Macquarie currently has an outperform rating on the stock. Live Nation Entertainment traded as high as $112.03 and last traded at $111.82, with a volume of 38737 shares. The stock had previously closed at $111.59.

Several other equities analysts also recently weighed in on LYV. Morgan Stanley reaffirmed an “overweight” rating and set a $120.00 price target on shares of Live Nation Entertainment in a report on Wednesday, June 12th. Oppenheimer increased their price target on Live Nation Entertainment from $110.00 to $120.00 and gave the stock an “outperform” rating in a research note on Friday, September 6th. Deutsche Bank Aktiengesellschaft boosted their price objective on Live Nation Entertainment from $121.00 to $122.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Benchmark reiterated a “buy” rating and set a $132.00 target price on shares of Live Nation Entertainment in a research report on Tuesday, September 10th. Finally, JPMorgan Chase & Co. boosted their price target on Live Nation Entertainment from $116.00 to $118.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. One investment analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $119.85.

Insider Activity at Live Nation Entertainment

In other news, EVP Michael Rowles sold 35,000 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $97.64, for a total transaction of $3,417,400.00. Following the sale, the executive vice president now directly owns 167,447 shares in the company, valued at approximately $16,349,525.08. This 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 the SEC website. In other Live Nation Entertainment news, CEO Michael Rapino sold 98,849 shares of Live Nation Entertainment stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $97.50, for a total transaction of $9,637,777.50. Following the completion of the transaction, the chief executive officer now directly owns 3,702,115 shares of the company’s stock, valued at $360,956,212.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael Rowles sold 35,000 shares of the business’s stock in a transaction on Wednesday, September 11th. The shares were 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 in the company, valued at $16,349,525.08. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 177,000 shares of company stock valued at $17,238,181. 2.85% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Live Nation Entertainment

Large investors have recently made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. boosted its position in shares of Live Nation Entertainment by 119.5% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 371 shares of the company’s stock valued at $34,000 after buying an additional 202 shares during the period. Rise Advisors LLC boosted its holdings in Live Nation Entertainment by 90.3% during the 1st quarter. Rise Advisors LLC now owns 335 shares of the company’s stock valued at $35,000 after acquiring an additional 159 shares during the period. UMB Bank n.a. grew its position in Live Nation Entertainment by 67.4% in the 2nd quarter. UMB Bank n.a. now owns 437 shares of the company’s stock valued at $41,000 after acquiring an additional 176 shares during the last quarter. Family Firm Inc. purchased a new stake in Live Nation Entertainment in the second quarter worth $42,000. Finally, American National Bank & Trust bought a new stake in shares of Live Nation Entertainment during the third quarter worth $50,000. 74.52% of the stock is owned by hedge funds and other institutional investors.

Live Nation Entertainment Trading Up 0.1 %

The stock has a market capitalization of $25.89 billion, a P/E ratio of 107.32, a PEG ratio of 2.46 and a beta of 1.35. The stock’s fifty day moving average price is $99.73 and its 200 day moving average price is $96.83. The company has a debt-to-equity ratio of 9.22, a current ratio of 0.92 and a quick ratio of 0.92.

Live Nation Entertainment (NYSE:LYV) last issued its earnings results on Tuesday, July 30th. The company reported $1.03 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.03). The company had revenue of $6.02 billion for the quarter, compared to analysts’ expectations of $6.02 billion. Live Nation Entertainment had a return on equity of 84.78% and a net margin of 2.20%. The business’s revenue was up 7.0% compared to the same quarter last year. During the same period last year, the business posted $1.02 earnings per share. Research analysts forecast that Live Nation Entertainment, Inc. will post 1.21 earnings per share for the current year.

About Live Nation Entertainment

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.