Live Nation Entertainment, Inc. (NYSE:LYV) – Equities researchers at Macquarie lifted their Q3 2019 earnings estimates for Live Nation Entertainment in a research report issued to clients and investors on Tuesday. Macquarie analyst A. Yong now forecasts that the company will earn $0.72 per share for the quarter, up from their previous forecast of $0.71. Macquarie currently has a “Buy” rating and a $52.00 target price on the stock.
Several other equities analysts have also recently issued reports on LYV. Jefferies Group upped their target price on shares of Live Nation Entertainment from $42.00 to $46.00 and gave the company a “buy” rating in a research note on Friday, November 3rd. Citigroup cut shares of Live Nation Entertainment from a “buy” rating to a “neutral” rating in a research note on Saturday, December 30th. Zacks Investment Research cut shares of Live Nation Entertainment from a “hold” rating to a “sell” rating in a research note on Thursday, January 11th. Finally, JPMorgan Chase & Co. restated a “buy” rating on shares of Live Nation Entertainment in a research note on Wednesday, October 18th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $44.57.
Live Nation Entertainment (NYSE:LYV) last posted its earnings results on Thursday, November 2nd. The company reported $0.53 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.55 by ($0.02). The company had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $3.36 billion. Live Nation Entertainment had a net margin of 0.50% and a return on equity of 3.33%. Live Nation Entertainment’s revenue was up 12.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.49 EPS.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Assetmark Inc. purchased a new stake in shares of Live Nation Entertainment during the 3rd quarter valued at about $134,000. Massey Quick Simon & CO. LLC purchased a new stake in shares of Live Nation Entertainment during the 3rd quarter valued at about $167,000. Chevy Chase Trust Holdings Inc. purchased a new stake in shares of Live Nation Entertainment during the 3rd quarter valued at about $209,000. Neuberger Berman Group LLC increased its position in shares of Live Nation Entertainment by 0.8% during the 2nd quarter. Neuberger Berman Group LLC now owns 7,830 shares of the company’s stock valued at $273,000 after purchasing an additional 63 shares during the last quarter. Finally, IHT Wealth Management LLC increased its position in shares of Live Nation Entertainment by 58.5% during the 2nd quarter. IHT Wealth Management LLC now owns 2,574 shares of the company’s stock valued at $280,000 after purchasing an additional 950 shares during the last quarter. 68.08% of the stock is owned by hedge funds and other institutional investors.
In other news, EVP Michael Rowles sold 46,511 shares of the company’s stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $43.35, for a total transaction of $2,016,251.85. Following the completion of the sale, the executive vice president now owns 192,054 shares of the company’s stock, valued at approximately $8,325,540.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Joe Berchtold sold 20,000 shares of the company’s stock in a transaction dated Wednesday, November 8th. The shares were sold at an average price of $45.43, for a total transaction of $908,600.00. Following the sale, the chief operating officer now directly owns 117,918 shares of the company’s stock, valued at approximately $5,357,014.74. The disclosure for this sale can be found here. Insiders have sold a total of 1,106,511 shares of company stock valued at $49,467,752 in the last ninety days. Insiders own 4.77% 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. Its segments include Concerts, Sponsorship & Advertising, Ticketing and Artist Nation. The Concerts segment is engaged in promotion of live music events in its owned or operated venues and in rented third-party venues; operation and management of music venues; production of music festivals, and creation of associated content.
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