Live Nation Entertainment (NYSE:LYV) Releases Quarterly Earnings Results, Beats Expectations By $0.39 EPS

Live Nation Entertainment (NYSE:LYV) announced its quarterly earnings results on Thursday. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.39, FiscalAI reports. The company had revenue of $7.67 billion for the quarter, compared to the consensus estimate of $7.56 billion. Live Nation Entertainment had a return on equity of 45.92% and a net margin of 0.15%.

Live Nation Entertainment Stock Down 0.6%

Shares of NYSE:LYV traded down $1.14 during trading on Thursday, hitting $183.29. The stock had a trading volume of 4,111,625 shares, compared to its average volume of 2,756,422. The company has a market capitalization of $43.17 billion, a PE ratio of -103.55 and a beta of 1.11. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 13.93. The firm’s fifty day moving average is $174.49 and its 200 day moving average is $161.94. Live Nation Entertainment has a 12 month low of $125.34 and a 12 month high of $188.00.

Insider Activity at Live Nation Entertainment

In related 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 value of $15,457,463.46. Following the sale, the executive vice president directly owned 188,751 shares of the company’s stock, valued at $31,345,878.57. This represents a 33.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael Rowles sold 63,776 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $164.24, for a total value of $10,474,570.24. Following the completion of the transaction, the executive vice president owned 204,716 shares of the company’s stock, valued at approximately $33,622,555.84. This trade represents a 23.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 2.89% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Empowered Funds LLC grew its holdings in shares of Live Nation Entertainment by 3.3% during the first quarter. Empowered Funds LLC now owns 17,376 shares of the company’s stock valued at $2,269,000 after buying an additional 547 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in Live Nation Entertainment by 15.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 798 shares of the company’s stock valued at $121,000 after acquiring an additional 109 shares in the last quarter. Cerity Partners LLC boosted its stake in Live Nation Entertainment by 6.0% during the 2nd quarter. Cerity Partners LLC now owns 27,496 shares of the company’s stock valued at $4,160,000 after purchasing an additional 1,550 shares during the last quarter. Daiwa Securities Group Inc. increased its holdings in shares of Live Nation Entertainment by 15.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 26,340 shares of the company’s stock worth $3,983,000 after purchasing an additional 3,604 shares in the last quarter. Finally, NewEdge Advisors LLC raised its stake in shares of Live Nation Entertainment by 344.3% in the second quarter. NewEdge Advisors LLC now owns 2,208 shares of the company’s stock worth $334,000 after purchasing an additional 1,711 shares during the last quarter. 74.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Oppenheimer set a $100.00 price objective on Live Nation Entertainment in a research report on Tuesday. Deutsche Bank Aktiengesellschaft upped their target price on Live Nation Entertainment from $180.00 to $185.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Wall Street Zen upgraded shares of Live Nation Entertainment from a “sell” rating to a “hold” rating in a report on Saturday, April 11th. Rothschild & Co Redburn boosted their price objective on shares of Live Nation Entertainment from $193.00 to $195.00 in a research report on Wednesday, May 6th. Finally, Wells Fargo & Company upped their price objective on shares of Live Nation Entertainment from $199.00 to $222.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Twenty equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $191.67.

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.