Live Nation Entertainment (NYSE:LYV) Shares Up 7% Following Analyst Upgrade

Live Nation Entertainment, Inc. (NYSE:LYV)’s share price rose 7% during trading on Friday after Rosenblatt Securities raised their price target on the stock from $119.00 to $122.00. Rosenblatt Securities currently has a buy rating on the stock. Live Nation Entertainment traded as high as $95.40 and last traded at $94.45. Approximately 1,447,648 shares changed hands during trading, a decline of 35% from the average daily volume of 2,243,301 shares. The stock had previously closed at $88.27.

LYV has been the topic of a number of other research reports. Morgan Stanley boosted their price objective on Live Nation Entertainment from $110.00 to $120.00 and gave the stock an “overweight” rating in a research note on Friday, February 23rd. TD Cowen restated a “buy” rating and set a $108.00 price objective on shares of Live Nation Entertainment in a research report on Tuesday, April 16th. Oppenheimer boosted their target price on shares of Live Nation Entertainment from $105.00 to $115.00 and gave the stock an “outperform” rating in a report on Wednesday, February 21st. JPMorgan Chase & Co. lifted their price target on shares of Live Nation Entertainment from $124.00 to $126.00 and gave the stock an “overweight” rating in a research report on Friday, February 23rd. Finally, Roth Capital upgraded Live Nation Entertainment from a “neutral” rating to a “buy” rating in a research report on Thursday, January 11th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $116.91.

Insider Buying and Selling at Live Nation Entertainment

In other news, Director Jeffrey T. Hinson sold 1,001 shares of the business’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $100.50, for a total transaction of $100,600.50. Following the transaction, the director now directly owns 59,374 shares in the company, valued at approximately $5,967,087. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 2.85% of the company’s stock.

Institutional Trading of Live Nation Entertainment

Several large investors have recently added to or reduced their stakes in the business. Creative Financial Designs Inc. ADV increased its holdings in shares of Live Nation Entertainment by 148.1% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 335 shares of the company’s stock valued at $31,000 after acquiring an additional 200 shares during the last quarter. YHB Investment Advisors Inc. bought a new position in Live Nation Entertainment in the 1st quarter worth $32,000. Raleigh Capital Management Inc. bought a new position in Live Nation Entertainment in the 3rd quarter worth $33,000. Rise Advisors LLC grew its position in shares of Live Nation Entertainment by 90.3% in the first quarter. Rise Advisors LLC now owns 335 shares of the company’s stock valued at $35,000 after purchasing an additional 159 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC lifted its position in shares of Live Nation Entertainment by 9,800.0% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 495 shares of the company’s stock worth $41,000 after purchasing an additional 490 shares during the last quarter. 74.52% of the stock is owned by institutional investors.

Live Nation Entertainment Stock Performance

The stock has a market cap of $21.85 billion, a P/E ratio of 71.17, a P/E/G ratio of 1.81 and a beta of 1.34. The firm has a 50 day moving average of $98.61 and a two-hundred day moving average of $91.61. The company has a debt-to-equity ratio of 9.30, a quick ratio of 0.96 and a current ratio of 0.96.

Live Nation Entertainment (NYSE:LYV) last announced its earnings results on Thursday, May 2nd. The company reported ($0.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.32). The company had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.26 billion. Live Nation Entertainment had a return on equity of 118.42% and a net margin of 2.48%. The company’s revenue was up 21.5% compared to the same quarter last year. During the same period last year, the firm posted ($0.25) EPS. On average, research analysts predict that Live Nation Entertainment, Inc. will post 1.63 EPS for the current fiscal year.

About Live Nation Entertainment

Live Nation Entertainment, Inc operates as a live entertainment company worldwide. 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. This segment operates and manages music venues; produces music festivals; creates and streams associated content; and offers management and other services to artists.