Zacks Investment Research Downgrades Live Nation (LYV) to Sell

Live Nation (NYSE:LYV) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.

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. “

A number of other research analysts have also issued reports on the stock. Evercore ISI upgraded shares of Live Nation from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $32.80 to $49.11 in a report on Friday, May 4th. Northcoast Research upgraded shares of Live Nation from a “neutral” rating to a “buy” rating in a report on Monday, April 23rd. Citigroup upgraded shares of Live Nation from a “neutral” rating to a “buy” rating in a report on Monday, April 9th. JPMorgan Chase set a $51.00 price objective on shares of Live Nation and gave the company a “buy” rating in a report on Thursday, April 5th. Finally, ValuEngine upgraded shares of Live Nation from a “hold” rating to a “buy” rating in a report on Monday, April 2nd. One investment analyst has rated the stock with a sell rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Live Nation currently has a consensus rating of “Buy” and an average price target of $49.14.

Live Nation opened at $44.43 on Wednesday, Marketbeat reports. The company has a debt-to-equity ratio of 2.00, a current ratio of 1.05 and a quick ratio of 1.05. Live Nation has a 12 month low of $43.25 and a 12 month high of $44.25.

Live Nation (NYSE:LYV) last posted its earnings results on Thursday, May 3rd. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.05. The firm had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Live Nation had a negative net margin of 0.25% and a negative return on equity of 1.76%. The business’s revenue for the quarter was up 19.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.22) earnings per share. equities analysts predict that Live Nation will post 0.14 EPS for the current fiscal year.

Large investors have recently added to or reduced their stakes in the business. Global X Management Co. LLC increased its position in Live Nation by 45.5% during the 4th quarter. Global X Management Co. LLC now owns 4,239 shares of the company’s stock valued at $180,000 after purchasing an additional 1,325 shares during the period. Meeder Asset Management Inc. increased its position in Live Nation by 1,844.3% during the 4th quarter. Meeder Asset Management Inc. now owns 27,803 shares of the company’s stock valued at $1,183,000 after purchasing an additional 26,373 shares during the period. Wells Fargo & Company MN increased its position in Live Nation by 29.1% during the 4th quarter. Wells Fargo & Company MN now owns 2,786,851 shares of the company’s stock valued at $118,636,000 after purchasing an additional 627,695 shares during the period. Clal Insurance Enterprises Holdings Ltd increased its position in Live Nation by 27.3% during the 4th quarter. Clal Insurance Enterprises Holdings Ltd now owns 700,000 shares of the company’s stock valued at $29,799,000 after purchasing an additional 150,000 shares during the period. Finally, Bank of Hawaii acquired a new stake in Live Nation during the 4th quarter valued at approximately $298,000. 69.42% of the stock is owned by institutional investors and hedge funds.

About Live Nation

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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