JPMorgan Chase & Co. Raises Live Nation Entertainment (NYSE:LYV) Price Target to $60.00

Live Nation Entertainment (NYSE:LYV) had its price target boosted by JPMorgan Chase & Co. from $53.00 to $60.00 in a report issued on Friday, November 2nd. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.’s target price would indicate a potential upside of 6.38% from the company’s previous close.

Other research analysts have also recently issued reports about the company. Guggenheim reissued a “buy” rating and set a $55.00 price target on shares of Live Nation Entertainment in a research report on Friday, July 13th. ValuEngine cut Live Nation Entertainment from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 28th. Stephens set a $60.00 price target on Live Nation Entertainment and gave the company a “buy” rating in a research report on Friday, July 27th. They noted that the move was a valuation call. Jefferies Financial Group increased their price target on Live Nation Entertainment from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, July 27th. Finally, Goldman Sachs Group increased their price target on Live Nation Entertainment from $50.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, July 24th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Live Nation Entertainment currently has an average rating of “Buy” and a consensus target price of $56.79.

Shares of LYV stock traded down $1.03 on Friday, hitting $56.40. 1,608,769 shares of the stock were exchanged, compared to its average volume of 1,283,593. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.08 and a quick ratio of 1.08. The stock has a market capitalization of $11.87 billion, a P/E ratio of -117.50 and a beta of 0.99. Live Nation Entertainment has a fifty-two week low of $35.94 and a fifty-two week high of $58.26.

Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings data on Thursday, November 1st. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.06. The firm had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the company earned $0.53 earnings per share. The firm’s quarterly revenue was up 11.5% on a year-over-year basis. Equities analysts expect that Live Nation Entertainment will post -0.03 EPS for the current year.

In other news, President Joe Berchtold sold 40,000 shares of the stock in a transaction that occurred on Thursday, August 23rd. The stock was sold at an average price of $49.33, for a total transaction of $1,973,200.00. Following the transaction, the president now owns 163,409 shares in the company, valued at $8,060,965.97. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Elizabeth Kathleen Willard sold 20,000 shares of the firm’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $48.41, for a total value of $968,200.00. Following the transaction, the chief financial officer now owns 259,338 shares in the company, valued at approximately $12,554,552.58. The disclosure for this sale can be found here. In the last quarter, insiders have sold 212,000 shares of company stock worth $10,630,240. 5.19% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. increased its stake in Live Nation Entertainment by 6.0% during the 3rd quarter. BlackRock Inc. now owns 13,741,840 shares of the company’s stock worth $748,517,000 after acquiring an additional 778,092 shares during the period. Canada Pension Plan Investment Board increased its stake in Live Nation Entertainment by 27.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 9,709,300 shares of the company’s stock worth $471,581,000 after acquiring an additional 2,096,500 shares during the period. Select Equity Group L.P. bought a new position in Live Nation Entertainment during the 2nd quarter worth $216,729,000. Findlay Park Partners LLP bought a new position in Live Nation Entertainment during the 3rd quarter worth $176,436,000. Finally, Diamond Hill Capital Management Inc. increased its stake in Live Nation Entertainment by 12.0% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,068,020 shares of the company’s stock worth $51,874,000 after acquiring an additional 114,281 shares during the period. Hedge funds and other institutional investors own 69.56% of the company’s stock.

About Live Nation Entertainment

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 and/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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