Madison Square Garden Entertainment Corp. (NYSE:MSGE) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) have received a consensus rating of “Moderate Buy” from the eleven ratings firms that are covering the stock, MarketBeat reports. Six analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $91.6250.

A number of research firms have recently issued reports on MSGE. Piper Sandler assumed coverage on Madison Square Garden Entertainment in a research note on Thursday, August 20th. They issued a “neutral” rating and a $86.00 price target on the stock. Guggenheim upped their price objective on Madison Square Garden Entertainment from $82.00 to $103.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Zacks Research raised Madison Square Garden Entertainment from a “hold” rating to a “strong-buy” rating in a report on Monday, August 17th. JPMorgan Chase & Co. raised their target price on Madison Square Garden Entertainment from $75.00 to $83.00 and gave the stock a “neutral” rating in a research report on Thursday, August 13th. Finally, Seaport Research Partners restated a “neutral” rating on shares of Madison Square Garden Entertainment in a research note on Monday, June 29th.

Insider Activity

In related news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $74.48, for a total value of $737,873.36. Following the transaction, the executive vice president owned 15,772 shares of the company’s stock, valued at approximately $1,174,698.56. This trade represents a 38.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 16.41% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System boosted its stake in shares of Madison Square Garden Entertainment by 7,444.0% during the 2nd quarter. California State Teachers Retirement System now owns 3,486,521 shares of the company’s stock worth $282,025,000 after acquiring an additional 3,440,305 shares during the last quarter. Jericho Capital Asset Management L.P. increased its stake in shares of Madison Square Garden Entertainment by 26.9% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company’s stock worth $197,384,000 after purchasing an additional 777,000 shares in the last quarter. Millennium Management LLC raised its holdings in Madison Square Garden Entertainment by 2,037.6% in the 3rd quarter. Millennium Management LLC now owns 589,096 shares of the company’s stock worth $26,651,000 after purchasing an additional 561,537 shares during the period. Bank of America Corp DE raised its holdings in Madison Square Garden Entertainment by 324.8% in the 2nd quarter. Bank of America Corp DE now owns 667,248 shares of the company’s stock worth $26,670,000 after purchasing an additional 510,191 shares during the period. Finally, Nuveen LLC lifted its position in Madison Square Garden Entertainment by 86.4% during the fourth quarter. Nuveen LLC now owns 724,467 shares of the company’s stock valued at $39,042,000 after purchasing an additional 335,890 shares in the last quarter. 96.86% of the stock is currently owned by institutional investors.

Madison Square Garden Entertainment Stock Up 1.7%

Shares of Madison Square Garden Entertainment stock opened at $80.96 on Wednesday. Madison Square Garden Entertainment has a twelve month low of $38.97 and a twelve month high of $90.41. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 11.80. The company’s 50 day moving average is $77.85 and its 200 day moving average is $68.60. The company has a market cap of $3.27 billion, a price-to-earnings ratio of 58.66 and a beta of 0.56.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its earnings results on Wednesday, August 12th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.23. The business had revenue of $196.32 million during the quarter, compared to the consensus estimate of $166.62 million. Madison Square Garden Entertainment had a net margin of 6.24% and a return on equity of 480.83%. The firm’s revenue was up 27.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.57) EPS. Research analysts anticipate that Madison Square Garden Entertainment will post 2.5 EPS 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.