Rosenblatt Securities Cuts Live Nation Entertainment (NYSE:LYV) Price Target to $170.00

Live Nation Entertainment (NYSE:LYV) had its price target cut by Rosenblatt Securities from $174.00 to $170.00 in a report published on Friday,Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts also recently issued reports on LYV. Roth Mkm increased their price objective on Live Nation Entertainment from $152.00 to $174.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Morgan Stanley raised their target price on shares of Live Nation Entertainment from $150.00 to $170.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. JPMorgan Chase & Co. upped their price target on shares of Live Nation Entertainment from $150.00 to $170.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Benchmark restated a “buy” rating and set a $178.00 price objective on shares of Live Nation Entertainment in a research report on Tuesday, April 1st. Finally, Macquarie upped their target price on Live Nation Entertainment from $146.00 to $165.00 and gave the company an “outperform” rating in a research report on Thursday, March 6th. Two research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, Live Nation Entertainment has an average rating of “Moderate Buy” and an average target price of $159.13.

Live Nation Entertainment Stock Performance

Shares of LYV stock opened at $134.11 on Friday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 6.10. Live Nation Entertainment has a 1-year low of $86.81 and a 1-year high of $157.75. The stock’s fifty day simple moving average is $128.41 and its 200-day simple moving average is $132.50. The company has a market capitalization of $31.39 billion, a price-to-earnings ratio of 49.31, a P/E/G ratio of 1.81 and a beta of 1.47.

Live Nation Entertainment (NYSE:LYV) last released its earnings results on Thursday, May 1st. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.29). Live Nation Entertainment had a return on equity of 139.09% and a net margin of 3.90%. The firm had revenue of $3.38 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same period in the prior year, the firm earned $0.60 EPS. The firm’s revenue was down 11.0% on a year-over-year basis. On average, sell-side analysts predict that Live Nation Entertainment will post 2.38 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Brian Capo sold 5,066 shares of the firm’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $123.24, for a total value of $624,333.84. Following the transaction, the chief accounting officer now owns 10,549 shares of the company’s stock, valued at approximately $1,300,058.76. This trade represents a 32.44 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jeffrey T. Hinson sold 500 shares of the stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $122.95, for a total value of $61,475.00. Following the completion of the sale, the director now owns 52,624 shares of the company’s stock, valued at approximately $6,470,120.80. This represents a 0.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 68,702 shares of company stock valued at $10,497,143 over the last quarter. Company insiders own 2.72% of the company’s stock.

Institutional Investors Weigh In On Live Nation Entertainment

A number of large investors have recently modified their holdings of the stock. Smartleaf Asset Management LLC boosted its holdings in Live Nation Entertainment by 17.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 493 shares of the company’s stock worth $65,000 after acquiring an additional 75 shares during the period. SOA Wealth Advisors LLC. grew its holdings in Live Nation Entertainment by 19.0% during the 4th quarter. SOA Wealth Advisors LLC. now owns 500 shares of the company’s stock valued at $65,000 after purchasing an additional 80 shares in the last quarter. Western Pacific Wealth Management LP increased its stake in Live Nation Entertainment by 10.4% during the 4th quarter. Western Pacific Wealth Management LP now owns 867 shares of the company’s stock worth $112,000 after buying an additional 82 shares during the period. UMB Bank n.a. lifted its holdings in Live Nation Entertainment by 21.2% in the 4th quarter. UMB Bank n.a. now owns 532 shares of the company’s stock worth $69,000 after buying an additional 93 shares in the last quarter. Finally, Gilbert & Cook Inc. boosted its position in Live Nation Entertainment by 1.7% in the 4th quarter. Gilbert & Cook Inc. now owns 5,463 shares of the company’s stock valued at $707,000 after buying an additional 93 shares during the last quarter. 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.