Wells Fargo & Company Has Lowered Expectations for Live Nation Entertainment (NYSE:LYV) Stock Price

Key Points

• Wells Fargo trimmed its price target on Live Nation from $204 to $203 but maintained an overweight rating, with the new target implying a potential 35.70% upside from the prior close.
• The analyst consensus remains a Moderate Buy (21 Buys, 2 Holds, 1 Sell) with a consensus target price of $184.62.
• Live Nation's latest quarter showed an EPS miss (−$1.06 vs. −$1.00) but a revenue beat ($6.31B vs. $6.12B) as revenue rose 11.1%; the stock trades near $149.60 and has a negative P/E.

Live Nation Entertainment (NYSE:LYV - Get Free Report) had its price target cut by Wells Fargo & Company from $204.00 to $203.00 in a note issued to investors on Thursday,MarketScreener reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's target price points to a potential upside of 35.70% from the stock's previous close.

Several other research firms have also commented on LYV. Sanford C. Bernstein raised their target price on shares of Live Nation Entertainment from $185.00 to $200.00 and gave the stock an "outperform" rating in a report on Friday, February 20th. TD Cowen reiterated a "buy" rating on shares of Live Nation Entertainment in a research report on Monday, February 23rd. Zacks Research lowered Live Nation Entertainment from a "hold" rating to a "strong sell" rating in a research report on Friday, January 16th. Roth Mkm reissued a "buy" rating and set a $190.00 target price on shares of Live Nation Entertainment in a report on Friday, February 20th. Finally, Benchmark reaffirmed a "buy" rating on shares of Live Nation Entertainment in a research report on Thursday, February 19th. Twenty-one research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $184.62.

Live Nation Entertainment Stock Down 2.0%

LYV stock opened at $149.60 on Thursday. The firm's 50-day moving average is $153.28 and its two-hundred day moving average is $148.94. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 8.51. The company has a market capitalization of $35.13 billion, a price-to-earnings ratio of -626.01 and a beta of 1.11. Live Nation Entertainment has a 52 week low of $113.20 and a 52 week high of $175.25.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last posted its quarterly earnings data on Thursday, February 19th. The company reported ($1.06) EPS for the quarter, missing analysts' consensus estimates of ($1.00) by ($0.06). Live Nation Entertainment had a net margin of 1.79% and a return on equity of 48.11%. The company had revenue of $6.31 billion for the quarter, compared to analyst estimates of $6.12 billion. During the same quarter in the prior year, the business earned $0.58 EPS. Live Nation Entertainment's revenue was up 11.1% compared to the same quarter last year. On average, analysts forecast that Live Nation Entertainment will post 2.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jeffrey T. Hinson sold 944 shares of Live Nation Entertainment stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $165.87, for a total value of $156,581.28. Following the completion of the transaction, the director directly owned 48,030 shares in the company, valued at approximately $7,966,736.10. The trade was a 1.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.01% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Live Nation Entertainment

A number of institutional investors have recently added to or reduced their stakes in the company. Empowered Funds LLC grew its stake in shares of Live Nation Entertainment by 3.3% in the first quarter. Empowered Funds LLC now owns 17,376 shares of the company's stock worth $2,269,000 after acquiring an additional 547 shares during the period. Quadrant Capital Group LLC grew its holdings in shares of Live Nation Entertainment by 11.1% in the second quarter. Quadrant Capital Group LLC now owns 3,083 shares of the company's stock worth $466,000 after acquiring an additional 307 shares during the period. Northwestern Mutual Wealth Management Co. lifted its holdings in Live Nation Entertainment by 18.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,155 shares of the company's stock valued at $629,000 after acquiring an additional 640 shares during the period. Fisher Asset Management LLC purchased a new position in Live Nation Entertainment in the second quarter worth about $252,000. Finally, M&T Bank Corp grew its holdings in Live Nation Entertainment by 14.0% during the second quarter. M&T Bank Corp now owns 10,151 shares of the company's stock valued at $1,535,000 after purchasing an additional 1,250 shares during the period. Institutional investors own 74.52% of the company's stock.

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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