Madison Square Garden Entertainment Corp. (NYSE:MSGE) Given Consensus Recommendation of “Hold” by Analysts

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) have been given an average recommendation of “Hold” by the eight brokerages that are currently covering the company, MarketBeat.com reports. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $79.8333.

MSGE has been the topic of a number of research reports. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $82.00 price target (up from $72.00) on shares of Madison Square Garden Entertainment in a research note on Thursday, July 9th. Seaport Research Partners restated a “neutral” rating on shares of Madison Square Garden Entertainment in a report on Monday, June 29th. Morgan Stanley upped their target price on Madison Square Garden Entertainment from $70.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 23rd. Susquehanna increased their target price on Madison Square Garden Entertainment from $77.00 to $80.00 and gave the stock a “positive” rating in a report on Thursday, May 28th. Finally, Wall Street Zen downgraded shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th.

Madison Square Garden Entertainment Trading Down 0.3%

MSGE opened at $76.44 on Friday. The company has a fifty day moving average price of $75.64 and a two-hundred day moving average price of $66.73. Madison Square Garden Entertainment has a 1-year low of $35.31 and a 1-year high of $82.79. The company has a market cap of $3.09 billion, a P/E ratio of 74.94 and a beta of 0.56. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 11.40.

Madison Square Garden Entertainment (NYSE:MSGE) last released 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 return on equity of 4,795.27% and a net margin of 4.81%.The company had revenue of $246.26 million for the quarter, compared to the consensus estimate of $242.99 million. During the same period last year, the company earned $0.17 EPS. Madison Square Garden Entertainment’s revenue for the quarter was up 1.5% compared to the same quarter last year. Analysts predict that Madison Square Garden Entertainment will post 1.35 EPS 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 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 sale, the executive vice president directly owned 15,772 shares of the company’s stock, valued at $1,174,698.56. The trade was a 38.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 16.41% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Several large investors have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Madison Square Garden Entertainment by 5.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,679 shares of the company’s stock valued at $775,000 after acquiring an additional 1,193 shares during the last quarter. Millennium Management LLC purchased a new position in Madison Square Garden Entertainment in the first quarter worth $4,994,000. Dynamic Technology Lab Private Ltd bought a new position in Madison Square Garden Entertainment in the 1st quarter valued at $210,000. Jane Street Group LLC bought a new position in Madison Square Garden Entertainment in the 1st quarter valued at $1,468,000. Finally, JPMorgan Chase & Co. increased its position in shares of Madison Square Garden Entertainment by 53.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 102,307 shares of the company’s stock valued at $4,089,000 after purchasing an additional 35,678 shares during the last quarter. 96.86% of the stock is currently owned by institutional investors.

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.