Zacks Investment Research lowered shares of Live Nation Entertainment Inc. (NYSE:LYV) from a buy rating to a hold rating in a research note published on Tuesday morning.
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 analysts also recently issued research reports about the stock. Jefferies Group reiterated a buy rating and issued a $31.00 target price on shares of Live Nation Entertainment in a report on Friday, July 29th. Albert Fried & Company reiterated a buy rating and issued a $34.00 target price on shares of Live Nation Entertainment in a report on Tuesday, July 26th. Citigroup Inc. lifted their target price on shares of Live Nation Entertainment from $29.00 to $32.00 and gave the company a buy rating in a report on Wednesday, October 12th. Stephens started coverage on shares of Live Nation Entertainment in a report on Thursday, October 6th. They issued an equal weight rating and a $30.00 target price for the company. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. started coverage on shares of Live Nation Entertainment in a report on Thursday, August 18th. They issued an overweight rating and a $34.00 target price for the company. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $31.25.
Shares of Live Nation Entertainment (NYSE:LYV) opened at 27.42 on Tuesday. The stock’s market cap is $5.54 billion. Live Nation Entertainment has a one year low of $18.77 and a one year high of $28.20. The stock’s 50 day moving average price is $27.18 and its 200 day moving average price is $25.04.
Several large investors have recently added to or reduced their stakes in LYV. Fuller & Thaler Asset Management Inc. purchased a new stake in Live Nation Entertainment during the second quarter valued at about $115,000. Creative Planning boosted its stake in Live Nation Entertainment by 6.1% in the third quarter. Creative Planning now owns 4,334 shares of the company’s stock valued at $119,000 after buying an additional 249 shares during the period. Seven Eight Capital LLC boosted its stake in Live Nation Entertainment by 30.8% in the first quarter. Seven Eight Capital LLC now owns 6,800 shares of the company’s stock valued at $152,000 after buying an additional 1,600 shares during the period. Neuberger Berman Group LLC purchased a new stake in Live Nation Entertainment during the second quarter valued at about $204,000. Finally, LS Investment Advisors LLC boosted its stake in Live Nation Entertainment by 66.0% in the second quarter. LS Investment Advisors LLC now owns 8,984 shares of the company’s stock valued at $211,000 after buying an additional 3,571 shares during the period. 64.01% of the stock is owned by institutional investors and hedge funds.
About Live Nation Entertainment
Live Nation Entertainment, Inc is a live entertainment company. The Company’s businesses consist of the promotion of live events, including ticketing, sponsorship and advertising, and artist management. Its segments include Concerts, Ticketing, Artist Nation, Sponsorship & Advertising, Other and Corporate.