Seaport Res Ptn Lowers Live Nation Earnings Forecast for FY2024

Live Nation Entertainment, Inc. (NYSE:LYV – Free Report) has seen a reduction in its earnings per share (EPS) estimates for the fiscal year 2024 by analysts at Seaport Res Ptn. In a research report published on January 6th, analyst D. Joyce has adjusted the expected earnings down to $0.66 per share, compared to the previous estimate of $0.72. This revision comes amid a broader consensus estimate that anticipates Live Nation's earnings for the current fiscal year will reach $1.04 per share.

On November 11th, the company reported its quarterly earnings, showing $1.66 EPS, which surpassed analysts' expectations of $1.58 by $0.08. Furthermore, Live Nation featured a return on equity of 77.62% and a net margin of 2.11%. The firm's revenue for the quarter was recorded at $7.65 billion, slightly below the anticipated $7.75 billion. This reporting period reflected a decline in earnings per share compared to the same quarter the previous year when the earnings were $1.78 per share, indicating a 6.2% decrease in quarterly revenue year-over-year.

Live Nation has also been under the scrutiny of various research analysts. Recent reports have highlighted price target adjustments, with Bank of America raising its target from $125.00 to $149.00 while rating the stock as a 'buy' on November 14th. Similarly, Goldman Sachs elevated their target from $132.00 to $148.00 in a report dated November 13th. On November 20th, Citigroup adjusted its target price upward from $130.00 to $163.00, also maintaining a 'buy' ranking. Other firms, such as JPMorgan Chase & Co. and Roth MKM, have given optimistic ratings and increased target prices for the stock to $150.00 and $152.00, respectively. Currently, the consensus rating on Live Nation is a "Moderate Buy" with an average price target set at $145.40, following assessments from numerous analysts.

Live Nation Entertainment Stock Performance

On January 9th, Live Nation's stock opened at $130.19, reflecting a modest gain of 0.4%. The company's share price has shown variability, with a 50-day simple moving average recorded at $131.89 and a 200-day average at $111.49. Over the past twelve months, the stock has fluctuated between a low of $86.67 and a high of $141.18, contributing to a market capitalization of approximately $30.25 billion. Key financial metrics include a P/E ratio of 138.50, a PEG ratio of 3.68, and a beta of 1.38, indicating the stock's relative volatility in comparison to the overall market.

Changes in Institutional Investments

Recent activities among institutional investors have influenced Live Nation's stock performance. Select Equity Group L.P. increased its stake in the company by 12.3% during the second quarter, now holding over 12.9 million shares valued at around $1.21 billion. Further, D1 Capital Partners L.P. raised its holdings by 44.6%, acquiring more than 1 million additional shares valued at $332 million. Other noteworthy investments include ValueAct Holdings L.P.'s new position worth approximately $111 million and PointState Capital LP with over $102 million invested in the stock. These movements reflect a robust institutional interest, with 74.52% of Live Nation shares now held by institutional entities.

About Live Nation Entertainment

Live Nation Entertainment, Inc. is a leading global live entertainment company, operating across various segments including Concerts, Ticketing, and Sponsorship & Advertising. Their Concerts division is engaged in promoting live music events at venues they own and manage, as well as third-party venues. Additionally, they organize music festivals, produce and stream associated content, and offer management support to artists.

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