Systematic Financial Management LP Lowers Stock Position in Madison Square Garden Entertainment Corp. $MSGE

Systematic Financial Management LP trimmed its holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 7.9% during the first quarter, HoldingsChannel.com reports. The fund owned 795,201 shares of the company’s stock after selling 68,671 shares during the period. Madison Square Garden Entertainment makes up approximately 1.1% of Systematic Financial Management LP’s holdings, making the stock its 20th largest holding. Systematic Financial Management LP’s holdings in Madison Square Garden Entertainment were worth $46,845,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sei Investments Co. boosted its stake in Madison Square Garden Entertainment by 83.2% during the 1st quarter. Sei Investments Co. now owns 43,582 shares of the company’s stock worth $2,567,000 after purchasing an additional 19,787 shares during the period. Group One Trading LLC grew its position in Madison Square Garden Entertainment by 39,604.0% during the 1st quarter. Group One Trading LLC now owns 40,101 shares of the company’s stock worth $2,362,000 after purchasing an additional 40,000 shares during the last quarter. State of Wyoming acquired a new position in Madison Square Garden Entertainment in the first quarter valued at $131,000. Cetera Investment Advisers acquired a new position in Madison Square Garden Entertainment in the first quarter valued at $221,000. Finally, First Trust Advisors LP raised its holdings in shares of Madison Square Garden Entertainment by 130.2% in the first quarter. First Trust Advisors LP now owns 131,119 shares of the company’s stock valued at $7,724,000 after buying an additional 74,159 shares during the last quarter. Hedge funds and other institutional investors own 96.86% of the company’s stock.

Insider Activity

In related news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $74.48, for a total transaction of $737,873.36. Following the completion of the transaction, the executive vice president directly owned 15,772 shares of the company’s stock, valued at $1,174,698.56. This represents a 38.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 16.41% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MSGE. Weiss Ratings downgraded shares of Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 4th. Morgan Stanley boosted their price target on Madison Square Garden Entertainment from $70.00 to $80.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 23rd. Guggenheim upped their price objective on Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Susquehanna increased their price objective on Madison Square Garden Entertainment from $77.00 to $80.00 and gave the stock a “positive” rating in a research report on Thursday, May 28th. Finally, Seaport Research Partners reiterated a “neutral” rating on shares of Madison Square Garden Entertainment in a research note on Monday, June 29th. Three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $79.83.

Madison Square Garden Entertainment Stock Performance

Shares of MSGE opened at $76.56 on Friday. The stock has a market capitalization of $3.10 billion, a P/E ratio of 75.06 and a beta of 0.54. The company has a debt-to-equity ratio of 11.40, a quick ratio of 0.72 and a current ratio of 0.72. Madison Square Garden Entertainment Corp. has a 1 year low of $35.31 and a 1 year high of $82.79. The company’s fifty day moving average is $73.98 and its two-hundred day moving average is $65.23.

Madison Square Garden Entertainment (NYSE:MSGE) last released its earnings results on Thursday, May 7th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.03). The firm had revenue of $246.26 million during the quarter, compared to analyst estimates of $242.99 million. Madison Square Garden Entertainment had a return on equity of 4,795.27% and a net margin of 4.81%.The firm’s revenue was up 1.5% on a year-over-year basis. During the same quarter last year, the business posted $0.17 EPS. On average, sell-side analysts predict that Madison Square Garden Entertainment Corp. will post 1.35 earnings per share for the current year.

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.