Live Nation Entertainment (LYV) Raised to Strong-Buy at Zacks Investment Research

Live Nation Entertainment (NYSE:LYV) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Thursday. The brokerage currently has a $63.00 target price on the stock. Zacks Investment Research‘s price objective points to a potential upside of 14.23% from the stock’s current price.

According to Zacks, “Live Nation Entertainment, Inc. is the world’s premier live entertainment company, consisting of Live Nation, Ticketmaster and Front Line Management Group. The Company engages in producing, marketing, and selling live concerts for artists via its concert pipe. Live Nation owns and operates many venues, including House of Blues music venues and locations, such as The Fillmore in San Francisco, Nikon at Jones Beach Theatre in New York and London’s Wembley Arena. In addition, it also produces, promotes or hosts theatrical, specialized motor sports and other live entertainment events. The Company is driving major innovations in ticketing technology, marketing and service. It offers ticket sales, ticket resale services, and marketing and distribution through ticketmaster.com, an e-commerce site on the Internet. Live Nation Entertainment, Inc. was formerly known as Live Nation, Inc. and is based in Beverly Hills, California. “

Other research analysts have also issued reports about the company. Macquarie restated a “buy” rating and issued a $60.00 price target on shares of Live Nation Entertainment in a research report on Thursday, November 22nd. JPMorgan Chase & Co. raised their price target on Live Nation Entertainment from $53.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, November 2nd. One analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. Live Nation Entertainment presently has an average rating of “Buy” and a consensus target price of $57.91.

NYSE:LYV opened at $55.15 on Thursday. Live Nation Entertainment has a 12-month low of $35.94 and a 12-month high of $58.26. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.08 and a current ratio of 1.08. The firm has a market capitalization of $11.58 billion, a PE ratio of -114.90 and a beta of 1.14.

In other Live Nation Entertainment news, CEO Michael Rapino sold 85,000 shares of Live Nation Entertainment stock in a transaction dated Wednesday, December 19th. The stock was sold at an average price of $52.51, for a total transaction of $4,463,350.00. Following the transaction, the chief executive officer now directly owns 1,052,030 shares in the company, valued at $55,242,095.30. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders have sold 255,000 shares of company stock worth $12,736,400. Corporate insiders own 5.19% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. TIAA CREF Investment Management LLC lifted its holdings in Live Nation Entertainment by 12.8% during the third quarter. TIAA CREF Investment Management LLC now owns 432,974 shares of the company’s stock worth $23,584,000 after acquiring an additional 49,251 shares in the last quarter. Bessemer Group Inc. lifted its holdings in Live Nation Entertainment by 75.6% during the third quarter. Bessemer Group Inc. now owns 31,783 shares of the company’s stock worth $1,731,000 after acquiring an additional 13,679 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Live Nation Entertainment by 5.4% during the third quarter. The Manufacturers Life Insurance Company now owns 230,911 shares of the company’s stock worth $12,577,000 after acquiring an additional 11,843 shares in the last quarter. BlackRock Inc. lifted its holdings in Live Nation Entertainment by 6.0% during the third 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 in the last quarter. Finally, Bank of Montreal Can lifted its holdings in Live Nation Entertainment by 137.7% during the fourth quarter. Bank of Montreal Can now owns 99,553 shares of the company’s stock worth $4,904,000 after acquiring an additional 57,678 shares in the last quarter. Hedge funds and other institutional investors own 70.46% 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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