Principal Financial Group Inc. Takes $3.08 Million Position in Madison Square Garden Entertainment Corp. $MSGE

Principal Financial Group Inc. purchased a new position in Madison Square Garden Entertainment Corp. (NYSE:MSGE) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 52,210 shares of the company’s stock, valued at approximately $3,076,000.

Several other institutional investors have also made changes to their positions in the stock. Fifth Third Bancorp purchased a new position in Madison Square Garden Entertainment during the first quarter valued at approximately $113,000. Hsbc Holdings PLC acquired a new position in Madison Square Garden Entertainment in the 1st quarter valued at approximately $569,000. Y Intercept Hong Kong Ltd lifted its position in Madison Square Garden Entertainment by 483.5% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 46,855 shares of the company’s stock worth $2,760,000 after buying an additional 38,825 shares in the last quarter. Pictet Asset Management Holding SA lifted its position in Madison Square Garden Entertainment by 19.6% in the 1st quarter. Pictet Asset Management Holding SA now owns 5,619 shares of the company’s stock worth $331,000 after buying an additional 921 shares in the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC acquired a new stake in shares of Madison Square Garden Entertainment during the 1st quarter valued at $209,000. 96.86% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Madison Square Garden Entertainment

In other news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the business’s 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 transaction, the executive vice president owned 15,772 shares in the company, valued at approximately $1,174,698.56. The trade was a 38.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 16.41% of the stock is owned by corporate insiders.

Madison Square Garden Entertainment Stock Performance

Shares of NYSE MSGE opened at $76.10 on Thursday. Madison Square Garden Entertainment Corp. has a 12 month low of $35.31 and a 12 month high of $82.79. The company has a market cap of $3.08 billion, a P/E ratio of 74.61 and a beta of 0.54. The business’s 50 day moving average is $74.60 and its two-hundred day moving average is $65.86. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 11.40.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate 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 the consensus estimate of $242.99 million. During the same period in the prior year, the company posted $0.17 earnings per share. The firm’s revenue was up 1.5% compared to the same quarter last year. On average, equities analysts expect that Madison Square Garden Entertainment Corp. will post 1.35 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently commented on MSGE. Guggenheim boosted their price target on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Morgan Stanley increased their price objective on Madison Square Garden Entertainment from $70.00 to $80.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 23rd. JPMorgan Chase & Co. lifted their price objective on Madison Square Garden Entertainment from $67.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, July 21st. Wall Street Zen downgraded Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, BTIG Research reaffirmed a “buy” rating on shares of Madison Square Garden Entertainment in a research report on Thursday, May 21st. Three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $79.83.

Madison Square Garden Entertainment 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.