Live Nation Entertainment (NYSE:LYV) Announces Quarterly Earnings Results, Misses Estimates By $0.67 EPS

Key Points

• Live Nation Entertainment reported a Q2 EPS of $0.41, missing analysts' estimates of $1.08 by $0.67, despite achieving a revenue of $7.01 billion, which surpassed expectations.
• Following the earnings report, shares of Live Nation's stock increased by 2.2%, trading at $151.52 with a market cap of $35.12 billion.
• Brokerages have shown optimism, with Wolfe Research and Morgan Stanley setting price targets as high as $180.00, while the consensus rating remains a Moderate Buy.

Live Nation Entertainment (NYSE:LYV - Get Free Report) issued its quarterly earnings data on Thursday. The company reported $0.41 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.67), Zacks reports. The company had revenue of $7.01 billion during the quarter, compared to the consensus estimate of $6.93 billion. Live Nation Entertainment had a net margin of 3.88% and a return on equity of 108.31%. Live Nation Entertainment's revenue for the quarter was up 16.3% on a year-over-year basis. During the same period in the previous year, the company earned $1.03 EPS.

Live Nation Entertainment Stock Up 3.4%

Shares of LYV traded up $4.97 during trading hours on Friday, reaching $153.24. 3,917,188 shares of the stock traded hands, compared to its average volume of 1,975,276. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 7.43. The stock has a fifty day simple moving average of $147.40 and a 200 day simple moving average of $140.02. Live Nation Entertainment has a 52 week low of $90.69 and a 52 week high of $157.75. The company has a market cap of $35.52 billion, a price-to-earnings ratio of 66.34, a PEG ratio of 5.06 and a beta of 1.46.

Insider Transactions at Live Nation Entertainment

In related news, EVP John Hopmans sold 34,808 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $147.38, for a total transaction of $5,130,003.04. Following the completion of the sale, the executive vice president owned 189,456 shares in the company, valued at approximately $27,922,025.28. This trade represents a 15.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 3.01% of the company's stock.

Institutional Trading of Live Nation Entertainment

A hedge fund recently raised its stake in Live Nation Entertainment stock. Empowered Funds LLC raised its holdings in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 3.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,376 shares of the company's stock after purchasing an additional 547 shares during the period. Empowered Funds LLC's holdings in Live Nation Entertainment were worth $2,269,000 at the end of the most recent reporting period. 74.52% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on LYV. Sanford C. Bernstein initiated coverage on shares of Live Nation Entertainment in a research note on Wednesday, June 4th. They issued an "outperform" rating and a $185.00 price objective for the company. Rosenblatt Securities decreased their price target on shares of Live Nation Entertainment from $174.00 to $170.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Susquehanna set a $165.00 price target on shares of Live Nation Entertainment and gave the company a "positive" rating in a research report on Tuesday, June 10th. Roth Mkm decreased their price target on shares of Live Nation Entertainment from $174.00 to $164.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Finally, Morgan Stanley set a $180.00 price objective on shares of Live Nation Entertainment in a research report on Thursday, July 24th. One analyst has rated the stock with a hold rating and seventeen have given a buy rating to the company's stock. According to MarketBeat, Live Nation Entertainment has an average rating of "Moderate Buy" and a consensus target price of $165.94.

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.