Madison Square Garden Entertainment (NYSE:MSGE) Hits New 1-Year High – Still a Buy?

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) reached a new 52-week high on Monday . The stock traded as high as $50.29 and last traded at $50.0950, with a volume of 105406 shares traded. The stock had previously closed at $49.47.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MSGE. Weiss Ratings reiterated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Monday, November 24th. Morgan Stanley increased their target price on shares of Madison Square Garden Entertainment from $41.00 to $44.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 12th. Wall Street Zen raised shares of Madison Square Garden Entertainment from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. The Goldman Sachs Group increased their target price on shares of Madison Square Garden Entertainment from $42.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, October 1st. Finally, JPMorgan Chase & Co. increased their price objective on Madison Square Garden Entertainment from $41.00 to $47.00 and gave the stock a “neutral” rating in a report on Friday, November 7th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $45.50.

Madison Square Garden Entertainment Stock Up 2.5%

The company’s 50-day moving average is $45.70 and its two-hundred day moving average is $41.47. The company has a debt-to-equity ratio of 60.61, a current ratio of 0.48 and a quick ratio of 0.48. The company has a market cap of $2.05 billion, a P/E ratio of 72.63 and a beta of 0.48.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.46) EPS for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.13. The company had revenue of $158.26 million during the quarter, compared to analysts’ expectations of $156.62 million. Madison Square Garden Entertainment had a negative return on equity of 310.15% and a net margin of 3.65%.Madison Square Garden Entertainment’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.40) earnings per share. As a group, equities analysts predict that Madison Square Garden Entertainment Corp. will post 1.04 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Maverick Capital Ltd. increased its holdings in shares of Madison Square Garden Entertainment by 119.7% in the 1st quarter. Maverick Capital Ltd. now owns 18,003 shares of the company’s stock worth $589,000 after buying an additional 9,808 shares during the last quarter. Northern Trust Corp raised its position in Madison Square Garden Entertainment by 30.0% during the first quarter. Northern Trust Corp now owns 670,883 shares of the company’s stock valued at $21,965,000 after purchasing an additional 154,888 shares during the period. Nuveen LLC bought a new stake in shares of Madison Square Garden Entertainment in the 1st quarter valued at approximately $5,055,000. Long Pond Capital LP purchased a new position in shares of Madison Square Garden Entertainment in the 1st quarter worth approximately $13,630,000. Finally, Northern Right Capital Management L.P. boosted its holdings in shares of Madison Square Garden Entertainment by 16.4% in the 1st quarter. Northern Right Capital Management L.P. now owns 478,256 shares of the company’s stock worth $15,658,000 after purchasing an additional 67,228 shares during the period. Institutional investors own 96.86% of the company’s stock.

Madison Square Garden Entertainment Company Profile

Madison Square Garden Entertainment Corp. engages in the provision of entertainment services. Its portfolio of venues includes The Garden, Radio City Music Hall, the Beacon Theatre, The Theater at Madison Square, and The Chicago Theatre. The company was founded in 1879 and is headquartered in New York, NY.