Live Nation Entertainment Inc. (LYV) Rating Increased to Strong-Buy at Zacks Investment Research
Live Nation Entertainment Inc. (NYSE:LYV) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Wednesday. The firm presently has a $32.00 target price on the stock. Zacks Investment Research’s price objective indicates a potential upside of 17.56% from the stock’s previous close.
According to Zacks, “Live Nation Entertainment, Inc. is the world’s premier live entertainment company, consisting of Live Nation, Ticketmaster and Front Line Management Group. The Company engages in producing, marketing, and selling live concerts for artists via its concert pipe. Live Nation owns and operates many venues, including House of Blues music venues and locations, such as The Fillmore in San Francisco, Nikon at Jones Beach Theatre in New York and London’s Wembley Arena. In addition, it also produces, promotes or hosts theatrical, specialized motor sports and other live entertainment events. The Company is driving major innovations in ticketing technology, marketing and service. It offers ticket sales, ticket resale services, and marketing and distribution through ticketmaster.com, an e-commerce site on the Internet. Live Nation Entertainment, Inc. was formerly known as Live Nation, Inc. and is based in Beverly Hills, California. “
Other equities research analysts have also recently issued reports about the company. Jefferies Group reissued a “buy” rating and issued a $31.00 price objective on shares of Live Nation Entertainment in a research report on Friday, July 29th. Albert Fried & Company reissued a “buy” rating and issued a $34.00 price objective on shares of Live Nation Entertainment in a research report on Tuesday, July 26th. Stephens initiated coverage on Live Nation Entertainment in a research report on Thursday, October 6th. They issued an “equal weight” rating and a $30.00 price objective for the company. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. initiated coverage on Live Nation Entertainment in a research report on Thursday, August 18th. They issued an “overweight” rating and a $34.00 price objective for the company. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $31.38.
Live Nation Entertainment (NYSE:LYV) opened at 27.22 on Wednesday. The company’s market cap is $5.50 billion. Live Nation Entertainment has a 52-week low of $18.77 and a 52-week high of $29.68. The stock’s 50 day moving average is $26.96 and its 200 day moving average is $24.61.
Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.05. Live Nation Entertainment had a return on equity of 0.27% and a net margin of 0.05%. The company earned $2.20 billion during the quarter, compared to analysts’ expectations of $1.88 billion. During the same period in the prior year, the business earned $0.06 earnings per share. Live Nation Entertainment’s revenue for the quarter was up 23.4% compared to the same quarter last year. On average, analysts predict that Live Nation Entertainment will post ($0.10) earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sentry Investments Corp. raised its position in Live Nation Entertainment by 299.7% in the second quarter. Sentry Investments Corp. now owns 4,444,900 shares of the company’s stock valued at $104,455,000 after buying an additional 3,332,900 shares in the last quarter. Lord Abbett & CO. LLC bought a new position in Live Nation Entertainment during the second quarter valued at about $22,202,000. Renaissance Technologies LLC raised its position in Live Nation Entertainment by 41.0% in the first quarter. Renaissance Technologies LLC now owns 2,725,166 shares of the company’s stock valued at $60,798,000 after buying an additional 792,000 shares in the last quarter. Victory Capital Management Inc. raised its position in Live Nation Entertainment by 337.4% in the second quarter. Victory Capital Management Inc. now owns 782,566 shares of the company’s stock valued at $18,389,000 after buying an additional 603,664 shares in the last quarter. Finally, Boston Partners raised its position in Live Nation Entertainment by 66.7% in the second quarter. Boston Partners now owns 1,475,100 shares of the company’s stock valued at $34,664,000 after buying an additional 590,099 shares in the last quarter. Hedge funds and other institutional investors own 64.04% of the company’s stock.
About Live Nation Entertainment
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, and artist management. Its segments include Concerts, Ticketing, Artist Nation, Sponsorship & Advertising, Other and Corporate.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Live Nation Entertainment Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Live Nation Entertainment Inc. and related companies with MarketBeat.com's FREE daily email newsletter.