Berenberg Bank began coverage on shares of Live Nation Entertainment (NYSE:LYV) in a research report released on Tuesday morning, Benzinga reports. The brokerage issued a buy rating and a $73.00 price objective on the stock.
LYV has been the subject of several other reports. Zacks Investment Research raised Live Nation Entertainment from a hold rating to a strong-buy rating and set a $63.00 price objective for the company in a research note on Thursday, February 14th. ValuEngine lowered Live Nation Entertainment from a strong-buy rating to a buy rating in a research note on Monday, April 1st. Stephens raised their price target on Live Nation Entertainment to $70.00 and gave the stock an overweight rating in a research note on Friday, March 29th. Finally, Citigroup lowered Live Nation Entertainment from a buy rating to a neutral rating and raised their price target for the stock from $59.00 to $63.00 in a research note on Friday, March 15th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Live Nation Entertainment presently has an average rating of Buy and an average target price of $62.00.
Shares of NYSE:LYV traded down $0.43 during trading on Tuesday, hitting $63.95. The company had a trading volume of 17,669 shares, compared to its average volume of 1,379,366. The firm has a market capitalization of $13.53 billion, a price-to-earnings ratio of -709.72 and a beta of 1.14. Live Nation Entertainment has a one year low of $42.61 and a one year high of $67.00. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.94 and a quick ratio of 0.94.
In related news, Director Ariel Emanuel sold 7,790 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $64.25, for a total transaction of $500,507.50. Following the completion of the sale, the director now directly owns 71,394 shares of the company’s stock, valued at approximately $4,587,064.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.19% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cleararc Capital Inc. purchased a new position in Live Nation Entertainment during the 1st quarter worth $226,000. EMS Capital LP increased its holdings in Live Nation Entertainment by 20.3% during the 1st quarter. EMS Capital LP now owns 729,167 shares of the company’s stock worth $46,331,000 after purchasing an additional 122,930 shares during the period. Kore Private Wealth LLC purchased a new position in Live Nation Entertainment during the 1st quarter worth $278,000. RMB Capital Management LLC increased its holdings in Live Nation Entertainment by 16.7% during the 1st quarter. RMB Capital Management LLC now owns 5,450 shares of the company’s stock worth $346,000 after purchasing an additional 781 shares during the period. Finally, Zebra Capital Management LLC purchased a new position in Live Nation Entertainment during the 1st quarter worth $330,000. Institutional investors own 69.97% of the company’s stock.
About Live Nation Entertainment
Live Nation Entertainment, Inc operates as a live entertainment company. It operates through Concerts, Sponsorship & Advertising, and Ticketing segments. The Concerts segment promotes live music events in its owned or operated venues, and in rented third-party venues; operates and manages music venues; and produces music festivals and creates associated content.
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