Harbour Capital Advisors LLC Acquires Shares of 19,775 Madison Square Garden Entertainment Corp. $MSGE

Harbour Capital Advisors LLC bought a new position in Madison Square Garden Entertainment Corp. (NYSE:MSGE) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 19,775 shares of the company’s stock, valued at approximately $1,075,000.

Several other hedge funds have also recently made changes to their positions in MSGE. Ariel Investments LLC lifted its position in shares of Madison Square Garden Entertainment by 1.6% during the 2nd quarter. Ariel Investments LLC now owns 7,896,008 shares of the company’s stock valued at $315,603,000 after buying an additional 120,635 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in Madison Square Garden Entertainment by 23.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,033,774 shares of the company’s stock worth $46,768,000 after acquiring an additional 198,361 shares during the last quarter. Dendur Capital LP raised its stake in Madison Square Garden Entertainment by 60.1% in the 2nd quarter. Dendur Capital LP now owns 925,500 shares of the company’s stock valued at $36,992,000 after acquiring an additional 347,500 shares during the period. Bank of America Corp DE lifted its holdings in Madison Square Garden Entertainment by 324.8% during the second quarter. Bank of America Corp DE now owns 667,248 shares of the company’s stock valued at $26,670,000 after purchasing an additional 510,191 shares during the last quarter. Finally, Millennium Management LLC boosted its position in Madison Square Garden Entertainment by 2,037.6% during the third quarter. Millennium Management LLC now owns 589,096 shares of the company’s stock worth $26,651,000 after purchasing an additional 561,537 shares during the period. 96.86% of the stock is currently owned by institutional investors.

Madison Square Garden Entertainment Stock Performance

NYSE MSGE opened at $56.14 on Friday. The company’s 50 day simple moving average is $60.06 and its two-hundred day simple moving average is $51.96. The company has a debt-to-equity ratio of 15.40, a current ratio of 0.68 and a quick ratio of 0.68. Madison Square Garden Entertainment Corp. has a 1 year low of $28.29 and a 1 year high of $65.26. The stock has a market capitalization of $2.27 billion, a PE ratio of 51.98 and a beta of 0.38.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings results on Tuesday, February 3rd. The company reported $1.94 EPS for the quarter, missing analysts’ consensus estimates of $2.35 by ($0.41). Madison Square Garden Entertainment had a net margin of 5.12% and a negative return on equity of 748.04%. The firm had revenue of $459.94 million for the quarter, compared to analysts’ expectations of $448.21 million. During the same quarter last year, the firm earned $1.56 earnings per share. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. Analysts predict that Madison Square Garden Entertainment Corp. will post 1.04 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on MSGE shares. Susquehanna lifted their target price on shares of Madison Square Garden Entertainment from $51.00 to $61.00 and gave the stock a “positive” rating in a research note on Thursday, December 11th. JPMorgan Chase & Co. raised their price objective on shares of Madison Square Garden Entertainment from $60.00 to $63.00 and gave the stock a “neutral” rating in a report on Wednesday, February 4th. Guggenheim lifted their price objective on shares of Madison Square Garden Entertainment from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday, February 3rd. The Goldman Sachs Group reissued a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a report on Monday, January 5th. Finally, Wolfe Research downgraded Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a research report on Monday, December 15th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.80.

Insider Buying and Selling

In other Madison Square Garden Entertainment news, Director Charles P. Dolan sold 19,311 shares of the company’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $63.76, for a total value of $1,231,269.36. Following the transaction, the director directly owned 660 shares in the company, valued at $42,081.60. This represents a 96.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 16.41% of the stock is currently owned by insiders.

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.