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

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) have earned a consensus rating of “Hold” from the eight analysts that are currently covering the stock, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $79.8333.

MSGE has been the subject of a number of research reports. BTIG Research reaffirmed a “buy” rating on shares of Madison Square Garden Entertainment in a research note on Thursday, May 21st. Guggenheim boosted their price objective on Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company a “buy” rating in a report on Thursday, April 16th. The Goldman Sachs Group restated a “neutral” rating and set a $82.00 target price (up from $72.00) on shares of Madison Square Garden Entertainment in a report on Thursday, July 9th. Susquehanna lifted their target price on Madison Square Garden Entertainment from $77.00 to $80.00 and gave the company a “positive” rating in a research report on Thursday, May 28th. Finally, Wall Street Zen lowered shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th.

Insider Activity at Madison Square Garden Entertainment

In related news, EVP Philip Gerard D’ambrosio sold 9,907 shares of Madison Square Garden Entertainment stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $74.48, for a total value of $737,873.36. Following the completion of the transaction, the executive vice president owned 15,772 shares in the company, valued at approximately $1,174,698.56. The trade was a 38.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 16.41% of the company’s stock.

Institutional Investors Weigh In On Madison Square Garden Entertainment

A number of hedge funds have recently added to or reduced their stakes in MSGE. UBS Group AG grew its stake in shares of Madison Square Garden Entertainment by 28.9% in the fourth quarter. UBS Group AG now owns 294,984 shares of the company’s stock worth $15,897,000 after acquiring an additional 66,070 shares in the last quarter. Y Intercept Hong Kong Ltd increased its position in shares of Madison Square Garden Entertainment by 483.5% during the first quarter. Y Intercept Hong Kong Ltd now owns 46,855 shares of the company’s stock worth $2,760,000 after acquiring an additional 38,825 shares during the period. Jericho Capital Asset Management L.P. increased its position in shares of Madison Square Garden Entertainment by 26.9% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company’s stock worth $197,384,000 after acquiring an additional 777,000 shares during the period. IMC Chicago LLC acquired a new stake in shares of Madison Square Garden Entertainment in the fourth quarter valued at $2,162,000. Finally, AXQ Capital LP acquired a new stake in shares of Madison Square Garden Entertainment in the fourth quarter valued at $406,000. 96.86% of the stock is currently owned by institutional investors and hedge funds.

Madison Square Garden Entertainment Stock Down 2.2%

Madison Square Garden Entertainment stock opened at $77.15 on Friday. Madison Square Garden Entertainment has a fifty-two week low of $35.31 and a fifty-two week high of $82.79. The company has a debt-to-equity ratio of 11.40, a quick ratio of 0.72 and a current ratio of 0.72. The firm has a 50 day moving average price of $74.94 and a 200 day moving average price of $66.10. The company has a market capitalization of $3.12 billion, a PE ratio of 75.64 and a beta of 0.54.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its earnings results 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 net margin of 4.81% and a return on equity of 4,795.27%. The firm had revenue of $246.26 million during the quarter, compared to analysts’ expectations of $242.99 million. During the same period in the previous year, the firm earned $0.17 EPS. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. Research analysts expect that Madison Square Garden Entertainment will post 1.35 earnings per share for the current year.

About Madison Square Garden Entertainment

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.