Wall Street brokerages expect Live Nation Entertainment, Inc. (NYSE:LYV) to report $1.51 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Ten analysts have issued estimates for Live Nation Entertainment’s earnings. The lowest sales estimate is $1.33 billion and the highest is $1.60 billion. Live Nation Entertainment reported sales of $1.41 billion during the same quarter last year, which indicates a positive year over year growth rate of 7.1%. The business is expected to announce its next earnings report on Thursday, May 3rd.
According to Zacks, analysts expect that Live Nation Entertainment will report full year sales of $1.51 billion for the current fiscal year, with estimates ranging from $10.11 billion to $11.32 billion. For the next fiscal year, analysts forecast that the business will report sales of $11.56 billion per share, with estimates ranging from $10.77 billion to $12.85 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that cover Live Nation Entertainment.
Live Nation Entertainment (NYSE:LYV) last released its earnings results on Tuesday, February 27th. The company reported ($1.12) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($1.08) by ($0.04). The business had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.06 billion. Live Nation Entertainment had a negative return on equity of 1.71% and a negative net margin of 0.24%.
A number of research firms have recently weighed in on LYV. Zacks Investment Research raised shares of Live Nation Entertainment from a “sell” rating to a “hold” rating in a research report on Tuesday. Guggenheim reaffirmed a “buy” rating and issued a $53.00 target price on shares of Live Nation Entertainment in a research report on Thursday, March 1st. Macquarie reaffirmed a “buy” rating and issued a $55.00 target price on shares of Live Nation Entertainment in a research report on Thursday, March 1st. Finally, Citigroup downgraded shares of Live Nation Entertainment from a “buy” rating to a “neutral” rating in a research report on Saturday, December 30th. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $46.86.
Hedge funds have recently made changes to their positions in the stock. Meeder Asset Management Inc. grew its position in Live Nation Entertainment 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 last quarter. Stifel Financial Corp purchased a new stake in Live Nation Entertainment during the 3rd quarter valued at about $692,000. Leith Wheeler Investment Counsel Ltd. grew its position in Live Nation Entertainment by 5.4% during the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 77,147 shares of the company’s stock valued at $3,284,000 after purchasing an additional 3,970 shares during the last quarter. Wells Fargo & Company MN grew its position in Live Nation Entertainment 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 last quarter. Finally, Oppenheimer Asset Management Inc. grew its position in Live Nation Entertainment by 95.1% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 23,528 shares of the company’s stock valued at $1,025,000 after purchasing an additional 11,470 shares during the last quarter. 69.07% of the stock is currently owned by institutional investors.
Live Nation Entertainment (NYSE:LYV) traded down $0.34 during trading hours on Friday, hitting $44.81. 795,732 shares of the stock were exchanged, compared to its average volume of 1,630,000. The stock has a market cap of $9,270.00, a P/E ratio of -56.72 and a beta of 0.99. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.38. Live Nation Entertainment has a 12-month low of $28.42 and a 12-month high of $49.11.
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. Its segments include Concerts, Sponsorship & Advertising, Ticketing and Artist Nation. The Concerts segment is engaged in promotion of live music events in its owned or operated venues and in rented third-party venues; operation and management of music venues; production of music festivals, and creation of associated content.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Live Nation Entertainment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Live Nation Entertainment and related companies with MarketBeat.com's FREE daily email newsletter.