Live Nation Entertainment (NYSE:LYV) Sets New 12-Month High – Here’s What Happened

Live Nation Entertainment, Inc. (NYSE:LYV) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $184.86 and last traded at $183.2360, with a volume of 4980929 shares trading hands. The stock had previously closed at $182.56.

Analyst Ratings Changes

LYV has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft raised their price target on shares of Live Nation Entertainment from $180.00 to $185.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Rothschild & Co Redburn raised their target price on shares of Live Nation Entertainment from $193.00 to $195.00 in a research report on Wednesday, May 6th. JPMorgan Chase & Co. lifted their price target on shares of Live Nation Entertainment from $178.00 to $180.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Guggenheim increased their price objective on Live Nation Entertainment from $192.00 to $197.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Finally, Wolfe Research raised their price objective on Live Nation Entertainment from $205.00 to $206.00 and gave the stock an “outperform” rating in a report on Monday, April 13th. Twenty analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $188.50.

Live Nation Entertainment Trading Up 0.4%

The company has a debt-to-equity ratio of 13.93, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market capitalization of $43.16 billion, a P/E ratio of -103.52 and a beta of 1.12. The company’s fifty day simple moving average is $165.99 and its 200-day simple moving average is $156.30.

Live Nation Entertainment (NYSE:LYV) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($1.85) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($1.50). Live Nation Entertainment had a return on equity of 45.92% and a net margin of 0.15%.The business had revenue of $3.79 billion during the quarter, compared to analysts’ expectations of $3.57 billion. During the same period in the previous year, the company posted ($0.32) EPS. Live Nation Entertainment’s revenue for the quarter was up 12.1% on a year-over-year basis. Research analysts predict that Live Nation Entertainment, Inc. will post 1.09 earnings per share for the current year.

Insiders Place Their Bets

In other Live Nation Entertainment news, EVP John Hopmans sold 93,078 shares of the company’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $166.07, for a total transaction of $15,457,463.46. Following the completion of the sale, the executive vice president owned 188,751 shares in the company, valued at $31,345,878.57. This represents a 33.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael Rowles sold 63,776 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $164.24, for a total value of $10,474,570.24. Following the sale, the executive vice president directly owned 204,716 shares in the company, valued at $33,622,555.84. This trade represents a 23.75% decrease in their position. The SEC filing for this sale provides additional information. 2.89% of the stock is owned by corporate insiders.

Institutional Trading of Live Nation Entertainment

Institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. grew its position in shares of Live Nation Entertainment by 3.4% in the 1st quarter. Principal Financial Group Inc. now owns 11,095,305 shares of the company’s stock worth $1,692,151,000 after buying an additional 367,624 shares during the last quarter. Independent Franchise Partners LLP boosted its stake in Live Nation Entertainment by 3.5% in the fourth quarter. Independent Franchise Partners LLP now owns 5,733,718 shares of the company’s stock valued at $817,055,000 after acquiring an additional 193,104 shares in the last quarter. Capital World Investors grew its holdings in Live Nation Entertainment by 4.8% in the third quarter. Capital World Investors now owns 5,145,834 shares of the company’s stock worth $840,829,000 after purchasing an additional 237,342 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Live Nation Entertainment by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 4,301,900 shares of the company’s stock worth $610,707,000 after purchasing an additional 20,165 shares in the last quarter. Finally, Jericho Capital Asset Management L.P. lifted its holdings in shares of Live Nation Entertainment by 37.9% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,996,512 shares of the company’s stock valued at $569,503,000 after purchasing an additional 1,099,350 shares during the last quarter. 74.52% of the stock is currently owned by institutional investors.

Live Nation Entertainment Company Profile

Live Nation Entertainment is a global live entertainment company that promotes, operates and sells tickets for live events. The company’s core activities include concert promotion and production, venue operations and management, ticketing services through its Ticketmaster platform, artist management and development, and sponsorship and advertising services tied to live events. These integrated businesses are designed to connect artists, fans and commercial partners across the live event ecosystem.

The company in its current form was created following the 2010 merger of Live Nation and Ticketmaster, combining a promoter and venue operator with one of the industry’s largest ticketing platforms.