Wall Street brokerages expect Live Nation Entertainment, Inc. (NYSE:LYV) to report sales of $3.20 billion for the current quarter, according to Zacks. Nine analysts have provided estimates for Live Nation Entertainment’s earnings, with the highest sales estimate coming in at $3.39 billion and the lowest estimate coming in at $3.09 billion. Live Nation Entertainment reported sales of $2.87 billion in the same quarter last year, which indicates a positive year over year growth rate of 11.5%. The company is expected to report its next earnings results on Thursday, July 25th.
According to Zacks, analysts expect that Live Nation Entertainment will report full-year sales of $11.84 billion for the current fiscal year, with estimates ranging from $11.40 billion to $12.23 billion. For the next year, analysts expect that the firm will post sales of $12.78 billion, with estimates ranging from $12.29 billion to $13.58 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Live Nation Entertainment.
Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.03. Live Nation Entertainment had a return on equity of 1.77% and a net margin of 0.22%. The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.59 billion. During the same quarter in the prior year, the business earned ($0.24) EPS. The business’s revenue for the quarter was up 16.6% compared to the same quarter last year.
LYV has been the topic of several research reports. Zacks Investment Research raised Live Nation Entertainment from a “hold” rating to a “strong-buy” rating and set a $63.00 price objective on the stock in a report on Thursday, February 14th. Citigroup downgraded Live Nation Entertainment from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $59.00 to $63.00 in a report on Friday, March 15th. They noted that the move was a valuation call. ValuEngine downgraded Live Nation Entertainment from a “strong-buy” rating to a “buy” rating in a report on Monday, April 1st. Stephens upped their price objective on Live Nation Entertainment to $70.00 and gave the stock an “overweight” rating in a report on Friday, March 29th. Finally, Berenberg Bank initiated coverage on Live Nation Entertainment in a report on Tuesday, May 14th. They set a “buy” rating and a $73.00 price objective on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $62.00.
In other news, Director Mark S. Shapiro sold 8,000 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $64.90, for a total value of $519,200.00. Following the transaction, the director now owns 36,765 shares of the company’s stock, valued at approximately $2,386,048.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Ariel Emanuel sold 7,790 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $64.25, for a total value of $500,507.50. Following the completion of the transaction, the director now directly owns 71,394 shares in the company, valued at approximately $4,587,064.50. The disclosure for this sale can be found here. Corporate insiders own 5.19% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Parallel Advisors LLC increased its position in shares of Live Nation Entertainment by 81.0% in the 1st quarter. Parallel Advisors LLC now owns 543 shares of the company’s stock valued at $35,000 after buying an additional 243 shares in the last quarter. CWM LLC increased its position in shares of Live Nation Entertainment by 59.5% in the 1st quarter. CWM LLC now owns 622 shares of the company’s stock valued at $40,000 after buying an additional 232 shares in the last quarter. Icon Wealth Partners LLC bought a new stake in shares of Live Nation Entertainment in the 1st quarter valued at $40,000. Exane Derivatives bought a new stake in shares of Live Nation Entertainment in the 4th quarter valued at $32,000. Finally, Rockefeller Capital Management L.P. bought a new stake in shares of Live Nation Entertainment in the 1st quarter valued at $44,000. 72.58% of the stock is currently owned by institutional investors.
NYSE:LYV traded down $0.38 during trading hours on Friday, hitting $62.49. 722,952 shares of the stock were exchanged, compared to its average volume of 1,274,940. Live Nation Entertainment has a twelve month low of $42.61 and a twelve month high of $67.00. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market cap of $13.52 billion, a price-to-earnings ratio of -694.33 and a beta of 1.14.
Live Nation Entertainment Company Profile
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 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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