Live Nation Entertainment (NYSE:LYV) Reaches New 12-Month High – Here’s Why

Live Nation Entertainment, Inc. (NYSE:LYV) reached a new 52-week high on Monday . The stock traded as high as $141.24 and last traded at $141.24, with a volume of 1477 shares traded. The stock had previously closed at $140.29.

Wall Street Analysts Forecast Growth

LYV has been the topic of several recent analyst reports. Bank of America increased their price objective on shares of Live Nation Entertainment from $125.00 to $149.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Macquarie upped their target price on Live Nation Entertainment from $130.00 to $146.00 and gave the stock an “outperform” rating in a research report on Friday, November 15th. StockNews.com upgraded Live Nation Entertainment from a “sell” rating to a “hold” rating in a report on Wednesday, November 20th. The Goldman Sachs Group increased their price objective on shares of Live Nation Entertainment from $132.00 to $148.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, Roth Mkm boosted their target price on shares of Live Nation Entertainment from $120.00 to $132.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Two research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $141.53.

Live Nation Entertainment Trading Down 1.2 %

The firm’s 50 day simple moving average is $117.52 and its two-hundred day simple moving average is $102.58. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 6.10. The stock has a market cap of $32.27 billion, a P/E ratio of 147.73, a price-to-earnings-growth ratio of 3.80 and a beta of 1.33.

Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings data on Monday, November 11th. The company reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.08. The firm had revenue of $7.65 billion for the quarter, compared to analyst estimates of $7.75 billion. Live Nation Entertainment had a net margin of 2.11% and a return on equity of 77.62%. Live Nation Entertainment’s quarterly revenue was down 6.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.78 earnings per share. As a group, equities research analysts predict that Live Nation Entertainment, Inc. will post 1.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Michael Rowles sold 35,000 shares of the stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $97.64, for a total value of $3,417,400.00. Following the completion of the transaction, the executive vice president now directly owns 167,447 shares of the company’s stock, valued at $16,349,525.08. This represents a 17.29 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael Rapino sold 98,849 shares of Live Nation Entertainment stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $97.50, for a total transaction of $9,637,777.50. Following the sale, the chief executive officer now owns 3,702,115 shares in the company, valued at approximately $360,956,212.50. This represents a 2.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 168,799 shares of company stock worth $16,449,718 in the last three months. 2.72% of the stock is owned by insiders.

Hedge Funds Weigh In On Live Nation Entertainment

Several large investors have recently bought and sold shares of the stock. Tidal Investments LLC increased its position in shares of Live Nation Entertainment by 10.7% during the 3rd quarter. Tidal Investments LLC now owns 24,668 shares of the company’s stock valued at $2,701,000 after purchasing an additional 2,386 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Live Nation Entertainment during the third quarter valued at approximately $499,000. World Investment Advisors LLC acquired a new stake in Live Nation Entertainment during the 3rd quarter worth about $38,000. Pine Valley Investments Ltd Liability Co grew its stake in Live Nation Entertainment by 2.3% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 45,037 shares of the company’s stock valued at $4,931,000 after acquiring an additional 1,016 shares in the last quarter. Finally, SOA Wealth Advisors LLC. purchased a new stake in shares of Live Nation Entertainment in the third quarter worth approximately $46,000. Institutional investors and hedge funds own 74.52% of the company’s stock.

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.