Live Nation Entertainment (NYSE:LYV) Hits New 12-Month High - Time to Buy?

Key Points

• Live Nation Entertainment (NYSE:LYV) shares hit a new 52-week high at $167.94, following several analyst upgrades, suggesting a bullish outlook with a consensus target price of $168.94.
• Despite the strong revenue growth of 16.3% year-over-year, the company reported earnings of $0.41 per share, falling short of the consensus estimate of $1.08.
• Institutional investors hold a significant stake in the company, with 74.52% of shares owned by institutional investors and hedge funds, indicating strong market confidence.

Live Nation Entertainment, Inc. (NYSE:LYV - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $167.94 and last traded at $166.38, with a volume of 74850 shares traded. The stock had previously closed at $165.47.

Analyst Upgrades and Downgrades

LYV has been the topic of several research reports. Sanford C. Bernstein initiated coverage on shares of Live Nation Entertainment in a research report on Wednesday, June 4th. They set an "outperform" rating and a $185.00 price target on the stock. Guggenheim reissued a "buy" rating and set a $170.00 price objective on shares of Live Nation Entertainment in a report on Wednesday, June 18th. Wolfe Research increased their target price on shares of Live Nation Entertainment from $160.00 to $168.00 and gave the company an "outperform" rating in a research report on Tuesday, June 10th. Benchmark raised their target price on shares of Live Nation Entertainment from $178.00 to $180.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Finally, Susquehanna set a $165.00 target price on shares of Live Nation Entertainment and gave the stock a "positive" rating in a research report on Tuesday, June 10th. Eighteen investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $168.94.

Live Nation Entertainment Stock Down 0.5%

The firm's 50 day moving average is $153.95 and its two-hundred day moving average is $142.02. The stock has a market cap of $38.61 billion, a price-to-earnings ratio of 71.13, a P/E/G ratio of 10.04 and a beta of 1.42. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 5.38.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.67). Live Nation Entertainment had a net margin of 3.88% and a return on equity of 105.85%. The firm had revenue of $7.01 billion during the quarter, compared to analyst estimates of $6.93 billion. During the same period in the previous year, the firm posted $1.03 EPS. The company's revenue for the quarter was up 16.3% compared to the same quarter last year. On average, sell-side analysts predict that Live Nation Entertainment, Inc. will post 2.38 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of LYV. Vanguard Group Inc. grew its holdings in shares of Live Nation Entertainment by 2.1% during the 2nd quarter. Vanguard Group Inc. now owns 20,306,413 shares of the company's stock worth $3,071,954,000 after purchasing an additional 423,541 shares during the period. Canada Pension Plan Investment Board boosted its stake in shares of Live Nation Entertainment by 4.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 9,029,939 shares of the company's stock valued at $1,179,129,000 after buying an additional 379,924 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Live Nation Entertainment by 4.0% during the 1st quarter. Principal Financial Group Inc. now owns 7,596,509 shares of the company's stock valued at $991,952,000 after buying an additional 294,310 shares during the last quarter. Independent Franchise Partners LLP boosted its stake in shares of Live Nation Entertainment by 21.4% during the 1st quarter. Independent Franchise Partners LLP now owns 5,698,560 shares of the company's stock valued at $744,118,000 after buying an additional 1,004,574 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Live Nation Entertainment by 3.8% during the 2nd quarter. Geode Capital Management LLC now owns 4,246,082 shares of the company's stock valued at $639,849,000 after acquiring an additional 156,471 shares in the last quarter. Institutional investors and hedge funds own 74.52% of the company's stock.

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.

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