Madison Square Garden Entertainment (NYSE:MSGE) Hits New 12-Month High – Still a Buy?

Madison Square Garden Entertainment Corp. (NYSE:MSGE) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $62.23 and last traded at $62.0950, with a volume of 327060 shares traded. The stock had previously closed at $60.16.

Wall Street Analysts Forecast Growth

MSGE has been the topic of several recent analyst reports. Wall Street Zen lowered Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, December 20th. JPMorgan Chase & Co. boosted their target price on shares of Madison Square Garden Entertainment from $47.00 to $60.00 and gave the stock a “neutral” rating in a report on Thursday, January 15th. Wolfe Research lowered shares of Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a research report on Monday, December 15th. The Goldman Sachs Group reiterated a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research note on Monday, January 5th. Finally, Susquehanna boosted their price objective on shares of Madison Square Garden Entertainment from $51.00 to $61.00 and gave the stock a “positive” rating in a research note on Thursday, December 11th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $54.00.

Madison Square Garden Entertainment Trading Up 3.2%

The company has a market cap of $2.51 billion, a price-to-earnings ratio of 88.71 and a beta of 0.40. The business’s 50 day moving average price is $54.16 and its 200-day moving average price is $46.57.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.46) earnings per share for the quarter, beating the consensus estimate of ($0.59) by $0.13. Madison Square Garden Entertainment had a net margin of 3.65% and a negative return on equity of 310.15%. The firm had revenue of $158.26 million for the quarter, compared to analysts’ expectations of $156.62 million. During the same period in the prior year, the firm earned ($0.40) EPS. The business’s revenue was up 14.1% on a year-over-year basis. Equities research analysts forecast that Madison Square Garden Entertainment Corp. will post 1.04 EPS for the current fiscal year.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Institutional investors have recently modified their holdings of the business. First Horizon Corp bought a new position in Madison Square Garden Entertainment during the fourth quarter worth about $37,000. Atlantic Edge Private Wealth Management LLC acquired a new position in shares of Madison Square Garden Entertainment during the 4th quarter worth approximately $47,000. CWM LLC grew its position in shares of Madison Square Garden Entertainment by 623.8% during the 2nd quarter. CWM LLC now owns 1,035 shares of the company’s stock worth $41,000 after purchasing an additional 892 shares in the last quarter. Cullen Frost Bankers Inc. increased its holdings in shares of Madison Square Garden Entertainment by 163.0% during the second quarter. Cullen Frost Bankers Inc. now owns 1,086 shares of the company’s stock worth $43,000 after purchasing an additional 673 shares during the period. Finally, State of Alaska Department of Revenue acquired a new stake in shares of Madison Square Garden Entertainment in the third quarter valued at approximately $59,000. Institutional investors own 96.86% of the company’s stock.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. (NYSE: MSGE) is a premier live entertainment company focused on producing and hosting a wide range of events across North America. Established as a separate publicly traded entity in April 2020 through a spin-off from Madison Square Garden Company, MSGE owns and operates iconic venues such as Madison Square Garden in New York City, Radio City Music Hall, The Chicago Theatre and Sphere in Las Vegas. These facilities serve as flagship stages for concerts, sports events, family shows and cultural performances.

The company’s core business activities center on venue management, event promotion and production services.