Citigroup Raises Live Nation Entertainment (NYSE:LYV) Price Target to $163.00

Live Nation Entertainment (NYSE:LYV) had its price target upped by Citigroup from $130.00 to $163.00 in a report released on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

LYV has been the topic of several other reports. Bank of America boosted their price objective on shares of Live Nation Entertainment from $125.00 to $149.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Rosenblatt Securities restated a “buy” rating and issued a $123.00 price objective on shares of Live Nation Entertainment in a research note on Thursday, August 15th. Roth Mkm lifted their target price on Live Nation Entertainment from $120.00 to $132.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Benchmark increased their price target on Live Nation Entertainment from $132.00 to $144.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Finally, Oppenheimer lifted their price objective on shares of Live Nation Entertainment from $120.00 to $155.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 12th. Two analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, Live Nation Entertainment has a consensus rating of “Moderate Buy” and an average price target of $141.53.

Live Nation Entertainment Price Performance

NYSE:LYV opened at $140.26 on Wednesday. The stock’s 50-day simple moving average is $116.74 and its 200 day simple moving average is $102.18. Live Nation Entertainment has a 52-week low of $81.38 and a 52-week high of $140.29. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market cap of $32.59 billion, a P/E ratio of 149.21, a P/E/G ratio of 3.59 and a beta of 1.33.

Live Nation Entertainment (NYSE:LYV) last announced its quarterly earnings data on Monday, November 11th. The company reported $1.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.08. The company had revenue of $7.65 billion for the quarter, compared to analysts’ expectations of $7.75 billion. Live Nation Entertainment had a return on equity of 77.62% and a net margin of 2.11%. The business’s revenue was down 6.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.78 EPS. As a group, sell-side analysts forecast that Live Nation Entertainment will post 1.08 EPS for the current fiscal year.

Insider Activity

In related news, CEO Michael Rapino sold 98,849 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $97.50, for a total value of $9,637,777.50. Following the transaction, the chief executive officer now owns 3,702,115 shares in the company, valued at approximately $360,956,212.50. This trade represents a 2.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael Rowles sold 35,000 shares of the company’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $97.64, for a total transaction of $3,417,400.00. Following the sale, 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 168,799 shares of company stock worth $16,449,718. Corporate insiders own 2.72% of the company’s stock.

Hedge Funds Weigh In On Live Nation Entertainment

Hedge funds and other institutional investors have recently made changes to their positions in the company. Select Equity Group L.P. increased its stake in 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 acquiring an additional 1,415,173 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in shares of Live Nation Entertainment by 1.8% in the 2nd quarter. Canada Pension Plan Investment Board now owns 8,722,620 shares of the company’s stock valued at $817,658,000 after purchasing an additional 155,920 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Live Nation Entertainment by 1.2% during the 3rd quarter. Principal Financial Group Inc. now owns 7,196,551 shares of the company’s stock worth $787,950,000 after buying an additional 87,032 shares during the last quarter. Geode Capital Management LLC boosted its stake in Live Nation Entertainment by 9.4% in the third quarter. Geode Capital Management LLC now owns 3,763,557 shares of the company’s stock valued at $410,664,000 after buying an additional 321,832 shares in the last quarter. Finally, D1 Capital Partners L.P. grew its position in Live Nation Entertainment by 44.6% in the second quarter. D1 Capital Partners L.P. now owns 3,543,532 shares of the company’s stock valued at $332,171,000 after acquiring an additional 1,093,000 shares during the last quarter. 74.52% of the stock is currently owned by institutional investors and hedge funds.

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.