First Trust Advisors LP Acquires 74,159 Shares of Madison Square Garden Entertainment Corp. $MSGE

First Trust Advisors LP boosted its holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 130.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 131,119 shares of the company’s stock after purchasing an additional 74,159 shares during the quarter. First Trust Advisors LP’s holdings in Madison Square Garden Entertainment were worth $7,724,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. First Horizon Corp acquired a new position in shares of Madison Square Garden Entertainment during the 4th quarter worth approximately $37,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Madison Square Garden Entertainment in the fourth quarter valued at approximately $45,000. Atlantic Edge Private Wealth Management LLC acquired a new stake in shares of Madison Square Garden Entertainment in the fourth quarter valued at approximately $47,000. CIBC Private Wealth Group LLC boosted its stake in shares of Madison Square Garden Entertainment by 3,248.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,239 shares of the company’s stock valued at $67,000 after buying an additional 1,202 shares during the period. Finally, State of Wyoming bought a new stake in shares of Madison Square Garden Entertainment in the second quarter valued at approximately $62,000. Institutional investors own 96.86% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on MSGE shares. BTIG Research reissued a “buy” rating on shares of Madison Square Garden Entertainment in a research report on Thursday, May 21st. Wall Street Zen downgraded Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. The Goldman Sachs Group reiterated a “neutral” rating and set a $82.00 target price (up from $72.00) on shares of Madison Square Garden Entertainment in a research report on Thursday, July 9th. Seaport Research Partners reissued a “neutral” rating on shares of Madison Square Garden Entertainment in a report on Monday, June 29th. Finally, JPMorgan Chase & Co. raised their price target on Madison Square Garden Entertainment from $67.00 to $75.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 21st. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $79.83.

Madison Square Garden Entertainment Stock Performance

Shares of Madison Square Garden Entertainment stock opened at $77.15 on Friday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 11.40. The company has a market cap of $3.12 billion, a PE ratio of 75.64 and a beta of 0.54. The company has a 50 day moving average of $74.94 and a 200-day moving average of $66.10. Madison Square Garden Entertainment Corp. has a 1-year low of $35.31 and a 1-year high of $82.79.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.03). Madison Square Garden Entertainment had a net margin of 4.81% and a return on equity of 4,795.27%. The firm had revenue of $246.26 million during the quarter, compared to the consensus estimate of $242.99 million. During the same period last year, the business earned $0.17 earnings per share. The business’s revenue was up 1.5% compared to the same quarter last year. As a group, equities research analysts forecast that Madison Square Garden Entertainment Corp. will post 1.35 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the business’s stock in a transaction on Thursday, June 11th. The stock was 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 owned 15,772 shares of the company’s stock, valued at approximately $1,174,698.56. The trade was a 38.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 16.41% of the company’s stock.

Madison Square Garden Entertainment Company Profile

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.