Live Nation Entertainment (NYSE:LYV) Hits New 1-Year High Following Better-Than-Expected Earnings

Live Nation Entertainment, Inc. (NYSE:LYV - Get Free Report)'s stock price hit a new 52-week high on Tuesday following a stronger than expected earnings report. The company traded as high as $130.76 and last traded at $128.19, with a volume of 764598 shares. The stock had previously closed at $123.80.

The company reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.08. The company had revenue of $7.65 billion for the quarter, compared to analyst estimates of $7.75 billion. Live Nation Entertainment had a return on equity of 84.78% and a net margin of 2.20%. The business's revenue was down 6.2% compared to the same quarter last year. During the same period last year, the company earned $1.78 earnings per share.

Analyst Ratings Changes

A number of equities analysts have weighed in on LYV shares. Bank of America initiated coverage on shares of Live Nation Entertainment in a research note on Wednesday, September 4th. They issued a "buy" rating and a $125.00 target price for the company. Macquarie boosted their price objective on shares of Live Nation Entertainment from $125.00 to $130.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 8th. JPMorgan Chase & Co. upped their price target on shares of Live Nation Entertainment from $118.00 to $137.00 and gave the stock an "overweight" rating in a research report on Thursday, October 24th. TD Cowen upped their price target on shares of Live Nation Entertainment from $108.00 to $145.00 and gave the company a "buy" rating in a research note on Tuesday. Finally, Roth Mkm increased their target price on shares of Live Nation Entertainment from $120.00 to $132.00 and gave the stock a "buy" rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $134.77.

Insider Activity

In other Live Nation Entertainment news, Director Jeffrey T. Hinson sold 1,500 shares of the business's stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $94.11, for a total transaction of $141,165.00. Following the completion of the sale, the director now directly owns 59,789 shares in the company, valued at $5,626,742.79. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Ping Fu sold 1,701 shares of the business's stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $96.56, for a total transaction of $164,248.56. Following the transaction, the director now owns 15,128 shares of the company's stock, valued at approximately $1,460,759.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Jeffrey T. Hinson sold 1,500 shares of the company's stock in a transaction on Friday, August 16th. The shares were sold at an average price of $94.11, for a total value of $141,165.00. Following the completion of the transaction, the director now directly owns 59,789 shares in the company, valued at $5,626,742.79. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 177,000 shares of company stock worth $17,238,181 over the last three months. 2.72% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Live Nation Entertainment

Hedge funds have recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Live Nation Entertainment by 19.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 184,309 shares of the company's stock valued at $19,494,000 after purchasing an additional 29,669 shares during the period. Frank Rimerman Advisors LLC purchased a new position in Live Nation Entertainment during the second quarter worth approximately $748,000. CANADA LIFE ASSURANCE Co increased its stake in Live Nation Entertainment by 22.6% during the first quarter. CANADA LIFE ASSURANCE Co now owns 102,709 shares of the company's stock worth $10,873,000 after acquiring an additional 18,931 shares during the last quarter. Select Equity Group L.P. grew its stake in shares of Live Nation Entertainment by 12.3% in the second quarter. Select Equity Group L.P. now owns 12,940,613 shares of the company's stock valued at $1,213,053,000 after buying an additional 1,415,173 shares in the last quarter. Finally, Davidson Kempner Capital Management LP acquired a new stake in shares of Live Nation Entertainment in the second quarter valued at $3,985,000. 74.52% of the stock is currently owned by hedge funds and other institutional investors.

Live Nation Entertainment Price Performance

The stock has a market capitalization of $29.87 billion, a price-to-earnings ratio of 121.93, a PEG ratio of 3.03 and a beta of 1.33. The company has a debt-to-equity ratio of 9.22, a quick ratio of 0.92 and a current ratio of 0.92. The company has a 50 day moving average of $110.04 and a 200 day moving average of $99.68.

About Live Nation Entertainment

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.