Live Nation Entertainment (NYSE:LYV) PT Lowered to $119.00 at Wolfe Research

Live Nation Entertainment (NYSE:LYVGet Rating) had its target price dropped by research analysts at Wolfe Research from $145.00 to $119.00 in a research report issued to clients and investors on Thursday, The Fly reports. Wolfe Research’s target price suggests a potential upside of 25.91% from the stock’s previous close.

Other equities analysts also recently issued reports about the company. StockNews.com assumed coverage on Live Nation Entertainment in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Rosenblatt Securities assumed coverage on Live Nation Entertainment in a research report on Monday, April 25th. They set a “buy” rating and a $138.00 target price on the stock. Zacks Investment Research upgraded Live Nation Entertainment from a “hold” rating to a “strong-buy” rating and set a $144.00 target price on the stock in a research report on Friday, February 25th. TheStreet downgraded Live Nation Entertainment from a “c” rating to a “d+” rating in a research report on Thursday, March 17th. Finally, Morgan Stanley increased their target price on Live Nation Entertainment from $105.00 to $115.00 and gave the stock an “equal weight” rating in a research report on Friday, February 25th. Three equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $126.60.

Shares of NYSE:LYV opened at $94.51 on Thursday. Live Nation Entertainment has a 52-week low of $74.23 and a 52-week high of $127.75. The stock’s fifty day simple moving average is $102.35 and its 200-day simple moving average is $109.27. The company has a market capitalization of $21.55 billion, a P/E ratio of -45.88 and a beta of 1.29.

Live Nation Entertainment (NYSE:LYVGet Rating) last issued its quarterly earnings data on Thursday, May 5th. The company reported ($0.39) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.98) by $0.59. The company had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.88 billion. During the same quarter in the prior year, the company earned ($1.44) earnings per share. The firm’s revenue was up 520.4% compared to the same quarter last year. Sell-side analysts forecast that Live Nation Entertainment will post 0.83 EPS for the current year.

In other Live Nation Entertainment news, CEO Michael Rapino sold 78,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 4th. The stock was sold at an average price of $96.63, for a total transaction of $7,537,140.00. Following the completion of the sale, the chief executive officer now owns 3,292,520 shares in the company, valued at approximately $318,156,207.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director James S. Kahan acquired 2,600 shares of the stock in a transaction on Tuesday, March 8th. The shares were acquired at an average price of $100.10 per share, with a total value of $260,260.00. The disclosure for this purchase can be found here. In the last quarter, insiders sold 1,171,900 shares of company stock valued at $128,340,129. Insiders own 4.01% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in LYV. Select Equity Group L.P. lifted its holdings in Live Nation Entertainment by 132.6% during the 4th quarter. Select Equity Group L.P. now owns 6,224,219 shares of the company’s stock worth $744,977,000 after buying an additional 3,547,743 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Live Nation Entertainment by 96.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,698,063 shares of the company’s stock worth $435,041,000 after purchasing an additional 1,819,841 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Live Nation Entertainment by 208.0% in the 4th quarter. Victory Capital Management Inc. now owns 2,643,888 shares of the company’s stock worth $316,447,000 after purchasing an additional 1,785,500 shares during the last quarter. Wellington Management Group LLP bought a new stake in shares of Live Nation Entertainment in the 3rd quarter worth approximately $83,966,000. Finally, Norges Bank bought a new stake in shares of Live Nation Entertainment in the 4th quarter worth approximately $108,086,000. 73.10% of the stock is currently owned by institutional investors.

Live Nation Entertainment Company Profile (Get Rating)

Live Nation Entertainment, Inc operates as a live entertainment company. It operates through Concerts, Ticketing, and Sponsorship & Advertising 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; produces music festivals; creates associated content; and offers management and other services to artists.

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