Live Nation Entertainment (NYSE:LYV) Releases Quarterly Earnings Results

Key Points

• Live Nation exceeded quarterly expectations: The company reported adjusted earnings of $1.05 per share, beating the $0.66 consensus estimate, while revenue reached $7.67 billion versus expectations of $7.56 billion.
• Shares remained near their 12-month high: LYV traded at $183.29, compared with a 12-month range of $125.34 to $188.00. Analysts maintain a “Moderate Buy” consensus, with an average price target of $191.67.
• Insiders sold shares while institutional ownership remained high: Two executive vice presidents sold a combined roughly 157,000 shares, and insiders own 2.89% of the company versus 74.52% held by hedge funds and other institutional investors.

Live Nation Entertainment (NYSE:LYV - Get Free Report) released its quarterly earnings results on Thursday. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.39, FiscalAI reports. Live Nation Entertainment had a return on equity of 45.92% and a net margin of 0.15%.The firm had revenue of $7.67 billion for the quarter, compared to analysts' expectations of $7.56 billion.

Live Nation Entertainment Price Performance

Shares of LYV stock traded down $1.14 during trading hours on Thursday, hitting $183.29. 4,111,625 shares of the company's stock were exchanged, compared to its average volume of 2,756,422. Live Nation Entertainment has a 12-month low of $125.34 and a 12-month high of $188.00. The company has a market capitalization of $43.17 billion, a PE ratio of -103.55 and a beta of 1.11. The business's 50 day simple moving average is $174.49 and its 200-day simple moving average is $161.94. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 13.93.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on LYV shares. Wall Street Zen raised shares of Live Nation Entertainment from a "sell" rating to a "hold" rating in a research note on Saturday, April 11th. Citizens Jmp boosted their price target on shares of Live Nation Entertainment from $190.00 to $215.00 and gave the stock a "market outperform" rating in a research note on Wednesday, July 22nd. Susquehanna downgraded shares of Live Nation Entertainment from a "positive" rating to a "neutral" rating and lifted their price objective for the stock from $181.00 to $186.00 in a report on Tuesday, July 21st. Zacks Research lowered shares of Live Nation Entertainment from a "hold" rating to a "strong sell" rating in a research report on Friday, July 17th. Finally, Oppenheimer set a $100.00 target price on Live Nation Entertainment in a research note on Tuesday. Twenty equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $191.67.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Live Nation Entertainment

A number of large investors have recently bought and sold shares of the stock. Axxcess Wealth Management LLC boosted its stake in shares of Live Nation Entertainment by 4.9% during the fourth quarter. Axxcess Wealth Management LLC now owns 1,602 shares of the company's stock valued at $228,000 after purchasing an additional 75 shares during the period. Vident Advisory LLC increased its stake in shares of Live Nation Entertainment by 2.1% in the second quarter. Vident Advisory LLC now owns 3,622 shares of the company's stock worth $548,000 after buying an additional 75 shares during the period. Prairie Wealth Advisors Inc. raised its holdings in Live Nation Entertainment by 5.0% during the 3rd quarter. Prairie Wealth Advisors Inc. now owns 1,665 shares of the company's stock valued at $272,000 after buying an additional 80 shares during the last quarter. Sumitomo Life Insurance Co. boosted its position in Live Nation Entertainment by 1.2% during the 4th quarter. Sumitomo Life Insurance Co. now owns 6,821 shares of the company's stock valued at $972,000 after buying an additional 82 shares during the period. Finally, NewEdge Advisors LLC grew its holdings in Live Nation Entertainment by 4.5% in the 3rd quarter. NewEdge Advisors LLC now owns 2,307 shares of the company's stock worth $377,000 after acquiring an additional 99 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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