Madison Square Garden Entertainment (NYSE:MSGE) Sets New 12-Month High – Still a Buy?

Madison Square Garden Entertainment Corp. (NYSE:MSGE) shares hit a new 52-week high during trading on Friday . The stock traded as high as $56.16 and last traded at $54.68, with a volume of 7705 shares traded. The stock had previously closed at $54.91.

Analysts Set New Price Targets

MSGE has been the subject of several research analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Monday, December 29th. The Goldman Sachs Group reissued a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research note on Monday. Wolfe Research cut Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a research report on Monday, December 15th. JPMorgan Chase & Co. lifted their price target on Madison Square Garden Entertainment from $41.00 to $47.00 and gave the company a “neutral” rating in a report on Friday, November 7th. Finally, Susquehanna upped their price target on Madison Square Garden Entertainment from $51.00 to $61.00 and gave the company a “positive” rating in a research report on Thursday, December 11th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $49.17.

Madison Square Garden Entertainment Trading Up 0.2%

The company has a market cap of $2.22 billion, a PE ratio of 78.64 and a beta of 0.40. The business’s 50-day simple moving average is $50.50 and its 200-day simple moving average is $44.57.

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

Institutional Investors Weigh In On Madison Square Garden Entertainment

Hedge funds and other institutional investors have recently made changes to their positions in the company. CWM LLC grew its stake in shares of Madison Square Garden Entertainment by 623.8% in the 2nd quarter. CWM LLC now owns 1,035 shares of the company’s stock valued at $41,000 after buying an additional 892 shares in the last quarter. Cullen Frost Bankers Inc. raised its position in Madison Square Garden Entertainment by 163.0% during the second quarter. Cullen Frost Bankers Inc. now owns 1,086 shares of the company’s stock valued at $43,000 after acquiring an additional 673 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in shares of Madison Square Garden Entertainment during the 3rd quarter worth $59,000. State of Wyoming bought a new position in shares of Madison Square Garden Entertainment during the 2nd quarter valued at $62,000. Finally, KBC Group NV lifted its stake in shares of Madison Square Garden Entertainment by 80.1% in the 2nd quarter. KBC Group NV now owns 1,688 shares of the company’s stock valued at $67,000 after purchasing an additional 751 shares during the last quarter. 96.86% of the stock is owned by hedge funds and other 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.