Live Nation Entertainment (NYSE:LYV) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Thursday. The brokerage currently has a $63.00 target price on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 14.23% from the stock’s previous close.
According to Zacks, “Live Nation Entertainment, Inc. is the world’s premier live entertainment company, consisting of Live Nation, Ticketmaster and Front Line Management Group. The Company engages in producing, marketing, and selling live concerts for artists via its concert pipe. Live Nation owns and operates many venues, including House of Blues music venues and locations, such as The Fillmore in San Francisco, Nikon at Jones Beach Theatre in New York and London’s Wembley Arena. In addition, it also produces, promotes or hosts theatrical, specialized motor sports and other live entertainment events. The Company is driving major innovations in ticketing technology, marketing and service. It offers ticket sales, ticket resale services, and marketing and distribution through ticketmaster.com, an e-commerce site on the Internet. Live Nation Entertainment, Inc. was formerly known as Live Nation, Inc. and is based in Beverly Hills, California. “
A number of other analysts also recently commented on the company. Macquarie reiterated a “buy” rating and issued a $60.00 price objective on shares of Live Nation Entertainment in a research report on Thursday, November 22nd. JPMorgan Chase & Co. raised their target price on Live Nation Entertainment from $53.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, November 2nd. One research analyst has rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $57.91.
Shares of LYV stock opened at $55.15 on Thursday. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.76. Live Nation Entertainment has a 12 month low of $35.94 and a 12 month high of $58.26. The company has a market capitalization of $11.58 billion, a price-to-earnings ratio of -114.90 and a beta of 1.14.
In related news, CEO Michael Rapino sold 85,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 19th. The stock was sold at an average price of $52.51, for a total transaction of $4,463,350.00. Following the completion of the transaction, the chief executive officer now owns 1,052,030 shares in the company, valued at approximately $55,242,095.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 255,000 shares of company stock valued at $12,736,400 in the last 90 days. 5.19% of the stock is owned by corporate insiders.
Several institutional investors have recently bought and sold shares of LYV. Oregon Public Employees Retirement Fund lifted its position in shares of Live Nation Entertainment by 6,602.8% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,565,158 shares of the company’s stock worth $72,000 after buying an additional 3,511,969 shares during the period. Findlay Park Partners LLP acquired a new stake in Live Nation Entertainment during the 3rd quarter valued at $176,436,000. Select Equity Group L.P. increased its holdings in Live Nation Entertainment by 50.6% during the 3rd quarter. Select Equity Group L.P. now owns 6,720,593 shares of the company’s stock valued at $366,071,000 after purchasing an additional 2,258,400 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in Live Nation Entertainment by 15.6% during the 4th quarter. Canada Pension Plan Investment Board now owns 10,823,188 shares of the company’s stock valued at $532,997,000 after purchasing an additional 1,456,888 shares in the last quarter. Finally, BlackRock Inc. increased its holdings in Live Nation Entertainment by 6.0% during the 3rd quarter. BlackRock Inc. now owns 13,741,840 shares of the company’s stock valued at $748,517,000 after purchasing an additional 778,092 shares in the last quarter. Institutional investors and hedge funds own 70.46% of the company’s stock.
About Live Nation Entertainment
Live Nation Entertainment, Inc operates as a live entertainment company. It operates through Concerts, Sponsorship & Advertising, and Ticketing segments. The Concerts segment promotes live music events in its owned and/or operated venues, and in rented third-party venues; operates and manages music venues; and produces music festivals and creates associated content.
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