Live Nation Entertainment (NYSE:LYV) Issues Quarterly Earnings Results, Beats Expectations By $0.13 EPS

Live Nation Entertainment (NYSE:LYVGet Rating) released its quarterly earnings results on Thursday. The company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.13, Briefing.com reports. The firm had revenue of $4.43 billion for the quarter, compared to analyst estimates of $3.92 billion. The business’s revenue for the quarter was up 669.9% on a year-over-year basis. During the same period in the previous year, the business posted ($0.90) earnings per share.

Live Nation Entertainment Price Performance

NYSE LYV traded down $0.74 during trading hours on Friday, reaching $96.76. 2,114,215 shares of the stock traded hands, compared to its average volume of 1,261,749. The company has a market cap of $22.07 billion, a price-to-earnings ratio of -193.52 and a beta of 1.32. The stock has a 50 day simple moving average of $89.00 and a two-hundred day simple moving average of $101.38. Live Nation Entertainment has a 1 year low of $78.14 and a 1 year high of $127.75.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Live Nation Entertainment by 2.1% in the first quarter. Vanguard Group Inc. now owns 15,499,116 shares of the company’s stock worth $1,823,315,000 after buying an additional 317,335 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Live Nation Entertainment by 96.9% in the first quarter. Goldman Sachs Group Inc. now owns 3,698,063 shares of the company’s stock worth $435,041,000 after purchasing an additional 1,819,841 shares during the last quarter. Northern Trust Corp grew its stake in shares of Live Nation Entertainment by 0.7% in the first quarter. Northern Trust Corp now owns 1,395,296 shares of the company’s stock worth $164,142,000 after purchasing an additional 9,427 shares during the last quarter. First Republic Investment Management Inc. grew its stake in shares of Live Nation Entertainment by 2.7% in the first quarter. First Republic Investment Management Inc. now owns 383,552 shares of the company’s stock worth $45,121,000 after purchasing an additional 10,031 shares during the last quarter. Finally, Neuberger Berman Group LLC grew its stake in shares of Live Nation Entertainment by 839.1% in the first quarter. Neuberger Berman Group LLC now owns 316,141 shares of the company’s stock worth $37,192,000 after purchasing an additional 282,478 shares during the last quarter. Hedge funds and other institutional investors own 73.10% of the company’s stock.

Wall Street Analysts Forecast Growth

LYV has been the subject of several analyst reports. Morgan Stanley dropped their price objective on Live Nation Entertainment from $115.00 to $110.00 and set an “equal weight” rating for the company in a report on Thursday, June 2nd. William Blair reiterated an “outperform” rating on shares of Live Nation Entertainment in a research report on Friday, April 8th. Macquarie upgraded Live Nation Entertainment from a “neutral” rating to an “outperform” rating and reduced their price target for the company from $117.00 to $105.00 in a research report on Tuesday, July 5th. Benchmark began coverage on Live Nation Entertainment in a research report on Monday, April 25th. They issued a “buy” rating and a $135.00 price target on the stock. Finally, Wolfe Research cut their target price on Live Nation Entertainment from $145.00 to $119.00 and set an “outperform” rating on the stock in a research report on Thursday, June 2nd. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $119.90.

About Live Nation Entertainment

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Live Nation Entertainment, Inc operates as a live entertainment company. 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; operates and manages music venues; produces music festivals; creates associated content; and offers management and other services to artists.

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Earnings History for Live Nation Entertainment (NYSE:LYV)

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