Live Nation Entertainment (NYSE:LYV) Reaches New 12-Month High Following Analyst Upgrade

Key Points

• Live Nation Entertainment shares hit a new 52-week high after Oppenheimer raised its price target from $165.00 to $180.00, maintaining an "outperform" rating.
• A total of 17 analysts rated Live Nation Entertainment as a buy, with a consensus rating of "Moderate Buy" and an average price target of $167.41.
• The company reported a revenue of $7.01 billion for the last quarter, exceeding estimates despite an earnings per share (EPS) miss.

Live Nation Entertainment, Inc. (NYSE:LYV - Get Free Report) shares reached a new 52-week high on Tuesday after Oppenheimer raised their price target on the stock from $165.00 to $180.00. Oppenheimer currently has an outperform rating on the stock. Live Nation Entertainment traded as high as $158.01 and last traded at $157.89, with a volume of 493197 shares traded. The stock had previously closed at $154.47.

Other equities analysts have also issued research reports about the stock. Wolfe Research increased their price objective 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. Susquehanna set a $165.00 price objective on shares of Live Nation Entertainment and gave the stock a "positive" rating in a research note on Tuesday, June 10th. Rosenblatt Securities dropped their price objective on shares of Live Nation Entertainment from $174.00 to $170.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Morgan Stanley set a $180.00 price objective on shares of Live Nation Entertainment in a research note on Thursday, July 24th. Finally, Sanford C. Bernstein began coverage on shares of Live Nation Entertainment in a research note on Wednesday, June 4th. They set an "outperform" rating and a $185.00 price objective for the company. One research analyst has rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat.com, Live Nation Entertainment has a consensus rating of "Moderate Buy" and an average price target of $167.41.

Insider Buying and Selling at Live Nation Entertainment

In related news, EVP John Hopmans sold 34,808 shares of Live Nation Entertainment stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $147.38, for a total value of $5,130,003.04. Following the completion of the sale, the executive vice president directly owned 189,456 shares in the company, valued at $27,922,025.28. The trade was a 15.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.72% of the stock is owned by insiders.

Institutional Trading of Live Nation Entertainment

A number of institutional investors have recently modified their holdings of LYV. Treasurer of the State of North Carolina increased its holdings in shares of Live Nation Entertainment by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 69,443 shares of the company's stock valued at $8,993,000 after acquiring an additional 440 shares in the last quarter. Rockefeller Capital Management L.P. acquired a new position in shares of Live Nation Entertainment during the fourth quarter valued at about $1,405,000. Townsquare Capital LLC increased its holdings in shares of Live Nation Entertainment by 6.2% during the fourth quarter. Townsquare Capital LLC now owns 4,630 shares of the company's stock valued at $600,000 after acquiring an additional 269 shares in the last quarter. Mariner LLC increased its holdings in shares of Live Nation Entertainment by 8.3% during the fourth quarter. Mariner LLC now owns 10,953 shares of the company's stock valued at $1,418,000 after acquiring an additional 844 shares in the last quarter. Finally, Canada Post Corp Registered Pension Plan acquired a new position in shares of Live Nation Entertainment during the fourth quarter valued at about $305,000. 74.52% of the stock is currently owned by institutional investors.

Live Nation Entertainment Stock Up 2.1%

The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 5.38. The company has a market capitalization of $36.99 billion, a PE ratio of 68.36, a price-to-earnings-growth ratio of 5.06 and a beta of 1.46. The business's 50-day simple moving average is $147.72 and its 200-day simple moving average is $140.12.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.41 EPS for the quarter, missing analysts' consensus estimates of $1.08 by ($0.67). The firm had revenue of $7.01 billion for the quarter, compared to analyst estimates of $6.93 billion. Live Nation Entertainment had a return on equity of 105.85% and a net margin of 3.88%. Live Nation Entertainment's revenue for the quarter was up 16.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.03 EPS. As a group, equities research analysts anticipate that Live Nation Entertainment, Inc. will post 2.38 EPS for the current fiscal year.

Live Nation Entertainment Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.