Live Nation Entertainment, Inc. (NYSE:LYV) Expected to Post Quarterly Sales of $300.62 Million

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Equities research analysts expect Live Nation Entertainment, Inc. (NYSE:LYV) to post $300.62 million in sales for the current quarter, according to Zacks. Three analysts have made estimates for Live Nation Entertainment’s earnings. The highest sales estimate is $488.70 million and the lowest is $200.00 million. Live Nation Entertainment reported sales of $3.16 billion in the same quarter last year, which indicates a negative year-over-year growth rate of 90.5%. The company is expected to issue its next quarterly earnings results on Thursday, July 23rd.

On average, analysts expect that Live Nation Entertainment will report full-year sales of $4.57 billion for the current financial year, with estimates ranging from $2.83 billion to $6.05 billion. For the next year, analysts expect that the firm will report sales of $9.99 billion, with estimates ranging from $8.11 billion to $10.98 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for Live Nation Entertainment.

Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.58) by ($0.36). Live Nation Entertainment had a negative net margin of 0.91% and a negative return on equity of 7.21%. The business had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same period in the prior year, the firm earned ($0.31) earnings per share. The business’s quarterly revenue was down 21.0% compared to the same quarter last year.

A number of research analysts recently issued reports on the company. Berenberg Bank reaffirmed a “hold” rating and issued a $47.00 price target on shares of Live Nation Entertainment in a report on Monday, April 13th. G.Research dropped their price objective on Live Nation Entertainment from $94.00 to $65.00 and set a “buy” rating for the company in a report on Tuesday, April 14th. Citigroup boosted their price objective on Live Nation Entertainment from $35.00 to $47.00 and gave the stock a “neutral” rating in a report on Monday. Morgan Stanley boosted their price objective on Live Nation Entertainment from $40.00 to $43.00 and gave the stock an “equal weight” rating in a report on Friday, May 8th. Finally, Zacks Investment Research raised Live Nation Entertainment from a “sell” rating to a “hold” rating in a report on Wednesday, June 3rd. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $65.20.

In related news, CFO Elizabeth Kathleen Willard sold 68,040 shares of the business’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $53.53, for a total value of $3,642,181.20. Following the completion of the transaction, the chief financial officer now directly owns 326,399 shares in the company, valued at approximately $17,472,138.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeffrey T. Hinson sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $58.02, for a total value of $174,060.00. Following the completion of the transaction, the director now owns 68,336 shares of the company’s stock, valued at $3,964,854.72. The disclosure for this sale can be found here. Corporate insiders own 5.48% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Victory Capital Management Inc. boosted its position in Live Nation Entertainment by 3.4% during the 4th quarter. Victory Capital Management Inc. now owns 1,852,879 shares of the company’s stock worth $132,425,000 after acquiring an additional 60,373 shares during the last quarter. Banque Cantonale Vaudoise bought a new stake in shares of Live Nation Entertainment during the 4th quarter worth approximately $179,000. Envestnet Asset Management Inc. raised its stake in shares of Live Nation Entertainment by 17.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 84,519 shares of the company’s stock worth $6,041,000 after purchasing an additional 12,500 shares in the last quarter. Quantitative Systematic Strategies LLC raised its stake in shares of Live Nation Entertainment by 42.6% during the 4th quarter. Quantitative Systematic Strategies LLC now owns 15,596 shares of the company’s stock worth $1,115,000 after purchasing an additional 4,662 shares in the last quarter. Finally, TD Asset Management Inc. bought a new stake in shares of Live Nation Entertainment during the 4th quarter worth approximately $1,776,000. Institutional investors and hedge funds own 75.39% of the company’s stock.

Shares of Live Nation Entertainment stock traded up $0.10 during trading on Wednesday, reaching $45.46. The company’s stock had a trading volume of 2,922,242 shares, compared to its average volume of 4,640,052. The stock has a 50-day moving average price of $48.02 and a two-hundred day moving average price of $54.48. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 4.09. Live Nation Entertainment has a one year low of $21.70 and a one year high of $76.60. The stock has a market capitalization of $9.76 billion, a P/E ratio of -64.93 and a beta of 1.10.

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 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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