Live Nation Entertainment (NYSE:LYV) Price Target Raised to $212.00

Key Points

• Citigroup raised Live Nation’s price target to $212 from $181 and maintained a “buy” rating, implying 17.23% upside from the prior close.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average target price of $197.19 from 24 analysts.
• Live Nation reported quarterly EPS of $1.05 versus the $0.66 estimate and revenue of $7.67 billion, up 9.4% year over year; shares rose 3.9% to $180.84.

Live Nation Entertainment (NYSE:LYV - Get Free Report) had its price target boosted by investment analysts at Citigroup from $181.00 to $212.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Citigroup's price target indicates a potential upside of 17.23% from the stock's previous close.

LYV has been the subject of several other research reports. Wall Street Zen upgraded shares of Live Nation Entertainment from a "sell" rating to a "hold" rating in a report on Saturday, April 11th. TD Cowen reissued a "buy" rating on shares of Live Nation Entertainment in a report on Monday. Sanford C. Bernstein boosted their price objective on shares of Live Nation Entertainment from $200.00 to $215.00 and gave the stock an "outperform" rating in a research note on Friday. JPMorgan Chase & Co. upped their target price on Live Nation Entertainment from $180.00 to $205.00 and gave the stock an "overweight" rating in a report on Tuesday, July 21st. Finally, Morgan Stanley increased their target price on Live Nation Entertainment from $185.00 to $200.00 and gave the company an "overweight" rating in a research report on Wednesday, June 10th. Twenty analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $197.19.

Live Nation Entertainment Stock Up 3.9%

Shares of Live Nation Entertainment stock traded up $6.71 during trading on Monday, hitting $180.84. 1,381,747 shares of the stock traded hands, compared to its average volume of 2,764,355. The firm has a market cap of $42.60 billion, a P/E ratio of -159.38 and a beta of 1.11. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 8.25. Live Nation Entertainment has a 52-week low of $125.34 and a 52-week high of $188.00. The stock's fifty day simple moving average is $175.01 and its 200 day simple moving average is $162.38.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported $1.05 earnings per share for the quarter, topping analysts' consensus estimates of $0.66 by $0.39. Live Nation Entertainment had a net margin of 0.34% and a return on equity of 54.61%. The company had revenue of $7.67 billion during the quarter, compared to analyst estimates of $7.56 billion. During the same period in the prior year, the firm earned $0.41 earnings per share. The firm's revenue for the quarter was up 9.4% compared to the same quarter last year. On average, equities analysts predict that Live Nation Entertainment will post 0.94 earnings per share for the current fiscal year.

Insider Buying and Selling at Live Nation Entertainment

In other news, EVP Michael Rowles sold 63,776 shares of the firm's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $164.24, for a total value of $10,474,570.24. Following the completion of the sale, the executive vice president directly owned 204,716 shares in the company, valued at approximately $33,622,555.84. This trade represents a 23.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP John Hopmans sold 93,078 shares of the stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $166.07, for a total transaction of $15,457,463.46. Following the sale, the executive vice president directly owned 188,751 shares in the company, valued at approximately $31,345,878.57. This represents a 33.03% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.89% of the stock is owned by insiders.

Institutional Investors Weigh In On Live Nation Entertainment

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Leonteq Securities AG acquired a new stake in Live Nation Entertainment in the fourth quarter worth about $25,000. Nvest Wealth Strategies Inc. bought a new stake in shares of Live Nation Entertainment during the fourth quarter worth approximately $26,000. Burkett Financial Services LLC acquired a new stake in Live Nation Entertainment during the 2nd quarter worth $26,000. Elyxium Wealth LLC acquired a new position in shares of Live Nation Entertainment in the 4th quarter valued at $30,000. Finally, DV Equities LLC bought a new stake in Live Nation Entertainment in the fourth quarter valued at about $31,000. 74.52% of the stock is owned by institutional investors and hedge funds.

About Live Nation Entertainment

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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