Research Analysts Set Expectations for Live Nation Entertainment, Inc.’s Q3 2019 Earnings (LYV)
Live Nation Entertainment, Inc. (NYSE:LYV) – Macquarie boosted their Q3 2019 earnings per share (EPS) estimates for Live Nation Entertainment in a research note issued on Tuesday. Macquarie analyst A. Yong now anticipates that the company will earn $0.72 per share for the quarter, up from their prior forecast of $0.71. Macquarie has a “Buy” rating and a $52.00 price objective on the stock.
LYV has been the topic of a number of other reports. Zacks Investment Research lowered Live Nation Entertainment from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. Citigroup lowered Live Nation Entertainment from a “buy” rating to a “neutral” rating and set a $47.00 target price on the stock. in a research note on Friday, December 22nd. Jefferies Group upped their target price on Live Nation Entertainment from $42.00 to $46.00 and gave the stock a “buy” rating in a research note on Friday, November 3rd. Finally, JPMorgan Chase & Co. restated a “buy” rating on shares of Live Nation Entertainment in a research note on Wednesday, October 18th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Live Nation Entertainment presently has a consensus rating of “Buy” and an average target price of $44.57.
Live Nation Entertainment (NYSE:LYV) last announced its earnings results on Thursday, November 2nd. The company reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.02). The business had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $3.36 billion. Live Nation Entertainment had a return on equity of 3.33% and a net margin of 0.50%. Live Nation Entertainment’s revenue was up 12.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.49 earnings per share.
Several institutional investors have recently made changes to their positions in LYV. Canada Pension Plan Investment Board grew its position in Live Nation Entertainment by 8,038.5% during the 3rd quarter. Canada Pension Plan Investment Board now owns 5,786,500 shares of the company’s stock worth $252,002,000 after acquiring an additional 5,715,400 shares during the last quarter. Scout Investments Inc. bought a new position in Live Nation Entertainment during the 3rd quarter worth approximately $24,217,000. Vanguard Group Inc. grew its position in Live Nation Entertainment by 4.3% during the 2nd quarter. Vanguard Group Inc. now owns 10,866,455 shares of the company’s stock worth $378,695,000 after acquiring an additional 451,457 shares during the last quarter. Russell Investments Group Ltd. grew its position in Live Nation Entertainment by 346.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 468,705 shares of the company’s stock worth $20,412,000 after acquiring an additional 363,634 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. grew its position in Live Nation Entertainment by 24.5% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 1,813,800 shares of the company’s stock worth $78,991,000 after acquiring an additional 356,715 shares during the last quarter. Hedge funds and other institutional investors own 68.08% of the company’s stock.
In other news, CEO Michael Rapino sold 70,000 shares of the stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $45.46, for a total transaction of $3,182,200.00. Following the transaction, the chief executive officer now directly owns 395,277 shares in the company, valued at approximately $17,969,292.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael Rowles sold 46,511 shares of the stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $43.35, for a total value of $2,016,251.85. Following the transaction, the executive vice president now owns 192,054 shares in the company, valued at $8,325,540.90. The disclosure for this sale can be found here. Insiders have sold a total of 1,106,511 shares of company stock worth $49,467,752 over the last quarter. Corporate insiders own 4.77% of the company’s stock.
Live Nation Entertainment Company Profile
Live Nation Entertainment, Inc is a live entertainment company. The Company’s businesses consist of the promotion of live events, including ticketing, sponsorship and advertising. Its segments include Concerts, Sponsorship & Advertising, Ticketing and Artist Nation. The Concerts segment is engaged in promotion of live music events in its owned or operated venues and in rented third-party venues; operation and management of music venues; production of music festivals, and creation of associated content.
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