Madison Square Garden Entertainment (NYSE:MSGE) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Madison Square Garden Entertainment (NYSE:MSGE) from a hold rating to a buy rating in a research note released on Saturday,Wall Street Zen reports.

A number of other equities research analysts also recently weighed in on the company. Bank of America raised their target price on Madison Square Garden Entertainment from $80.00 to $96.00 and gave the company a “buy” rating in a report on Friday, August 14th. Guggenheim boosted their price target on Madison Square Garden Entertainment from $82.00 to $103.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. JPMorgan Chase & Co. upped their price objective 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. Weiss Ratings restated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Friday, July 31st. Finally, BTIG Research raised their price objective on Madison Square Garden Entertainment from $86.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $91.62.

Madison Square Garden Entertainment Trading Up 0.2%

Shares of NYSE:MSGE opened at $80.03 on Friday. The business’s 50 day simple moving average is $79.34 and its 200 day simple moving average is $72.38. Madison Square Garden Entertainment has a 1 year low of $41.65 and a 1 year high of $90.41. The company has a debt-to-equity ratio of 11.80, a current ratio of 0.70 and a quick ratio of 0.70. The company has a market capitalization of $3.24 billion, a P/E ratio of 57.99 and a beta of 0.55.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.23. Madison Square Garden Entertainment had a return on equity of 480.83% and a net margin of 6.24%.The firm had revenue of $196.32 million during the quarter, compared to analysts’ expectations of $166.62 million. During the same period in the previous year, the firm earned ($0.57) EPS. The company’s quarterly revenue was up 27.4% compared to the same quarter last year. On average, research analysts anticipate that Madison Square Garden Entertainment will post 2.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Several large investors have recently bought and sold shares of the company. Scholtz & Company LLC boosted its position in Madison Square Garden Entertainment by 67.8% during the second quarter. Scholtz & Company LLC now owns 62,037 shares of the company’s stock valued at $5,018,000 after acquiring an additional 25,066 shares during the last quarter. Bank of America Corp DE grew its holdings in Madison Square Garden Entertainment by 27.7% during the 1st quarter. Bank of America Corp DE now owns 223,411 shares of the company’s stock worth $13,161,000 after acquiring an additional 48,453 shares during the period. Squarepoint Ops LLC bought a new position in shares of Madison Square Garden Entertainment in the 2nd quarter worth about $4,816,000. First Trust Advisors LP raised its position in shares of Madison Square Garden Entertainment by 130.2% in the 1st quarter. First Trust Advisors LP now owns 131,119 shares of the company’s stock worth $7,724,000 after acquiring an additional 74,159 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in shares of Madison Square Garden Entertainment in the 2nd quarter valued at about $9,497,000. 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 live entertainment company that owns, operates and produces experiences at prominent venues. Its portfolio includes Madison Square Garden and Radio City Music Hall in New York City, the Beacon Theatre in New York, and The Chicago Theatre in Chicago.

The company presents concerts, comedy shows, family entertainment, theatrical productions and other cultural events. It is also known for producing the Radio City Christmas Spectacular, featuring the Rockettes, and for developing original entertainment and hospitality experiences connected with its venues.

Madison Square Garden Entertainment was established as an independent public company following the separation of the entertainment businesses from Madison Square Garden Sports Corp.