Live Nation Entertainment (NYSE:LYV) Hits New 1-Year High - Here's Why

Key Points

• Live Nation shares reached a new 52-week high, trading as high as $188.10 and closing around $186.98, up 0.6%. The stock’s 50-day and 200-day moving averages were $177.57 and $164.63, respectively.
• Analysts remain broadly optimistic, with 20 Buy ratings, two Holds and two Sells, producing a “Moderate Buy” consensus and an average price target of $197.19. Several firms recently raised their targets, including Guggenheim to $218 and Citizens JMP to $215.
• Live Nation exceeded quarterly expectations with earnings of $1.05 per share versus a $0.66 consensus and revenue of $7.67 billion, up 9.4% year over year. Institutional investors own 74.52% of the stock, with several major funds recently establishing or expanding positions.

Live Nation Entertainment, Inc. (NYSE:LYV - Get Free Report) shares hit a new 52-week high on Thursday . The company traded as high as $188.10 and last traded at $186.9830, with a volume of 113162 shares trading hands. The stock had previously closed at $185.33.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Oppenheimer set a $100.00 price target on Live Nation Entertainment in a research note on Tuesday, July 28th. Guggenheim increased their target price on Live Nation Entertainment from $197.00 to $218.00 and gave the company a "buy" rating in a report on Friday, July 31st. Citizens Jmp raised their target price on Live Nation Entertainment from $190.00 to $215.00 and gave the stock a "market outperform" rating in a research report on Wednesday, July 22nd. Morgan Stanley upped their price target on shares of Live Nation Entertainment from $185.00 to $200.00 and gave the company an "overweight" rating in a research report on Wednesday, June 10th. Finally, The Goldman Sachs Group increased their price objective on shares of Live Nation Entertainment from $192.00 to $202.00 and gave the stock a "buy" rating in a research note on Wednesday, July 8th. Twenty equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Live Nation Entertainment presently has an average rating of "Moderate Buy" and an average price target of $197.19.

Live Nation Entertainment Stock Up 0.6%

The company has a 50-day moving average of $177.57 and a two-hundred day moving average of $164.63. The company has a debt-to-equity ratio of 8.25, a current ratio of 0.85 and a quick ratio of 0.85. The company has a market capitalization of $43.94 billion, a PE ratio of -165.02 and a beta of 1.12.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.66 by $0.39. The firm had revenue of $7.67 billion for the quarter, compared to the consensus estimate of $7.56 billion. Live Nation Entertainment had a return on equity of 54.61% and a net margin of 0.34%.The business's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.41 earnings per share. Sell-side analysts anticipate that Live Nation Entertainment, Inc. will post 1.05 earnings per share for the current fiscal year.

Institutional Trading of Live Nation Entertainment

Hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank bought a new stake in Live Nation Entertainment during the 4th quarter valued at approximately $285,924,000. Sachem Head Capital Management LP bought a new position in Live Nation Entertainment in the 4th quarter worth approximately $173,380,000. Jericho Capital Asset Management L.P. boosted its stake in Live Nation Entertainment by 37.9% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,996,512 shares of the company's stock worth $569,503,000 after purchasing an additional 1,099,350 shares during the period. Findlay Park Partners LLP purchased a new stake in Live Nation Entertainment during the 2nd quarter valued at approximately $195,781,000. Finally, First Trust Advisors LP raised its position in shares of Live Nation Entertainment by 653.7% during the fourth quarter. First Trust Advisors LP now owns 1,191,347 shares of the company's stock valued at $169,767,000 after buying an additional 1,033,289 shares during the last quarter. 74.52% of the stock is owned by hedge funds and other institutional investors.

Live Nation Entertainment Company Profile

Live Nation Entertainment is a global live entertainment company that promotes, operates and sells tickets for live events. The company's core activities include concert promotion and production, venue operations and management, ticketing services through its Ticketmaster platform, artist management and development, and sponsorship and advertising services tied to live events. These integrated businesses are designed to connect artists, fans and commercial partners across the live event ecosystem.

The company in its current form was created following the 2010 merger of Live Nation and Ticketmaster, combining a promoter and venue operator with one of the industry's largest ticketing platforms.

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