Entropy Technologies LP Acquires 7,379 Shares of Madison Square Garden Entertainment Corp. $MSGE

Entropy Technologies LP lifted its holdings in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 91.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 15,440 shares of the company’s stock after purchasing an additional 7,379 shares during the period. Entropy Technologies LP’s holdings in Madison Square Garden Entertainment were worth $910,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the business. Jericho Capital Asset Management L.P. raised its position in Madison Square Garden Entertainment by 26.9% during 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 during the last quarter. Millennium Management LLC grew its position in shares of 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 valued at $26,651,000 after buying an additional 561,537 shares during the last quarter. Bank of America Corp DE grew its position in shares of 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 valued at $26,670,000 after buying an additional 510,191 shares during the last quarter. Nuveen LLC increased its stake in shares of Madison Square Garden Entertainment by 86.4% in the fourth quarter. Nuveen LLC now owns 724,467 shares of the company’s stock valued at $39,042,000 after buying an additional 335,890 shares during the period. Finally, Lord Abbett & CO. LLC acquired a new stake in shares of Madison Square Garden Entertainment in the fourth quarter valued at about $13,473,000. Institutional investors own 96.86% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Morgan Stanley lifted their price objective on Madison Square Garden Entertainment from $70.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 23rd. BTIG Research reissued a “buy” rating on shares of Madison Square Garden Entertainment in a research report on Thursday, May 21st. Wall Street Zen lowered shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. JPMorgan Chase & Co. raised their price target on shares of Madison Square Garden Entertainment from $67.00 to $75.00 and gave the stock a “neutral” rating in a report on Tuesday, July 21st. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $82.00 price target (up from $72.00) on shares of Madison Square Garden Entertainment in a research report on Thursday, July 9th. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $79.83.

Insider Buying and Selling

In other Madison Square Garden Entertainment news, EVP Philip Gerard D’ambrosio sold 9,907 shares of Madison Square Garden Entertainment stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $74.48, for a total value of $737,873.36. Following the completion of the sale, the executive vice president directly owned 15,772 shares in the company, valued at approximately $1,174,698.56. The trade was a 38.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 16.41% of the stock is owned by corporate insiders.

Madison Square Garden Entertainment Stock Performance

Shares of Madison Square Garden Entertainment stock opened at $77.27 on Wednesday. The business has a 50-day moving average price of $74.47 and a two-hundred day moving average price of $65.71. Madison Square Garden Entertainment Corp. has a 1-year low of $35.31 and a 1-year high of $82.79. 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 P/E ratio of 75.75 and a beta of 0.54.

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 business had revenue of $246.26 million during the quarter, compared to analyst estimates of $242.99 million. During the same period in the prior year, the firm earned $0.17 earnings per share. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. As a group, analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.35 EPS for the current year.

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.