Live Nation Entertainment (NYSE:LYV) Shares Down 3.6% - Here's What Happened

Key Points

• Live Nation Entertainment shares dropped 3.6% to $157.53, with trading volume declining by 90% compared to its average.
• Analysts have varied ratings on LYV, with Wolfe Research raising its target price to $168.00 while Rothschild Redb downgraded it to a "hold" rating.
• The company reported a quarterly revenue of $7.01 billion, exceeding analysts' expectations, but missed earnings per share estimates, posting $0.41 instead of the forecasted $1.08.

Live Nation Entertainment, Inc. (NYSE:LYV - Get Free Report) shares fell 3.6% on Wednesday . The company traded as low as $157.78 and last traded at $157.53. 241,722 shares were traded during mid-day trading, a decline of 90% from the average session volume of 2,462,495 shares. The stock had previously closed at $163.40.

Analyst Ratings Changes

A number of research firms recently weighed in on LYV. Wolfe Research upped their target price on shares of Live Nation Entertainment from $160.00 to $168.00 and gave the stock an "outperform" rating in a report on Tuesday, June 10th. Rothschild Redb lowered shares of Live Nation Entertainment from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 16th. Citigroup upped their price objective on shares of Live Nation Entertainment from $165.00 to $195.00 and gave the stock a "buy" rating in a research report on Tuesday, September 9th. Oppenheimer upped their price objective on shares of Live Nation Entertainment from $165.00 to $180.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 12th. Finally, Rothschild & Co Redburn downgraded shares of Live Nation Entertainment from a "buy" rating to a "neutral" rating and upped their price objective for the stock from $144.00 to $170.00 in a research report on Tuesday, September 16th. Eighteen equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $171.21.

Live Nation Entertainment Stock Down 1.4%

The stock has a market capitalization of $37.76 billion, a P/E ratio of 69.71, a P/E/G ratio of 11.09 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. The stock's 50-day moving average price is $161.33 and its two-hundred day moving average price is $145.95.

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

Institutional Trading of Live Nation Entertainment

Several institutional investors and hedge funds have recently bought and sold shares of the company. Corient Private Wealth LLC lifted its stake in Live Nation Entertainment by 15.5% in the 2nd quarter. Corient Private Wealth LLC now owns 25,947 shares of the company's stock worth $3,925,000 after purchasing an additional 3,475 shares in the last quarter. Valeo Financial Advisors LLC purchased a new stake in Live Nation Entertainment in the 2nd quarter worth approximately $220,000. Osaic Holdings Inc. lifted its stake in Live Nation Entertainment by 44.0% in the 2nd quarter. Osaic Holdings Inc. now owns 23,966 shares of the company's stock worth $3,407,000 after purchasing an additional 7,322 shares in the last quarter. Hershey Financial Advisers LLC purchased a new stake in Live Nation Entertainment in the 2nd quarter worth approximately $998,000. Finally, Caxton Associates LLP raised its position in shares of Live Nation Entertainment by 193.3% during the 2nd quarter. Caxton Associates LLP now owns 10,365 shares of the company's stock valued at $1,568,000 after buying an additional 6,831 shares in the last quarter. 74.52% of the stock is currently owned by hedge funds and other institutional investors.

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.

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