Madison Square Garden Entertainment (NYSE:MSGE) Sets New 12-Month High on Earnings Beat

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) hit a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $85.89 and last traded at $84.3050, with a volume of 51509 shares trading hands. The stock had previously closed at $79.37.

The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.23. The firm had revenue of $196.32 million for the quarter, compared to the consensus estimate of $166.62 million. Madison Square Garden Entertainment had a return on equity of 4,795.27% and a net margin of 4.81%.The company’s revenue was up 27.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.57) EPS.

Wall Street Analyst Weigh In

MSGE has been the subject of several research analyst reports. JPMorgan Chase & Co. raised their target price on Madison Square Garden Entertainment from $67.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, July 21st. BTIG Research reiterated a “buy” rating on shares of Madison Square Garden Entertainment in a research report on Thursday, May 21st. Wall Street Zen cut Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. The Goldman Sachs Group reaffirmed 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. Finally, Susquehanna upped their price objective on shares of Madison Square Garden Entertainment from $77.00 to $80.00 and gave the stock a “positive” rating in a research report on Thursday, May 28th. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Madison Square Garden Entertainment has a consensus rating of “Hold” and an average target price of $79.83.

Insider Activity at Madison Square Garden Entertainment

In other Madison Square Garden Entertainment news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the business’s stock in a transaction 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 sale, the executive vice president directly owned 15,772 shares of the company’s stock, valued at $1,174,698.56. The trade was a 38.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 16.41% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Deutsche Bank AG raised its position in Madison Square Garden Entertainment by 0.6% during the fourth quarter. Deutsche Bank AG now owns 32,473 shares of the company’s stock valued at $1,750,000 after purchasing an additional 181 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Madison Square Garden Entertainment by 1.2% during the first quarter. The Manufacturers Life Insurance Company now owns 17,519 shares of the company’s stock worth $1,032,000 after acquiring an additional 212 shares during the period. CWM LLC raised its position in Madison Square Garden Entertainment by 15.1% during the 4th quarter. CWM LLC now owns 1,723 shares of the company’s stock valued at $93,000 after purchasing an additional 226 shares in the last quarter. Orion Porfolio Solutions LLC grew its holdings in Madison Square Garden Entertainment by 1.9% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 22,667 shares of the company’s stock worth $906,000 after acquiring an additional 418 shares in the last quarter. Finally, XTX Topco Ltd lifted its holdings in Madison Square Garden Entertainment by 5.2% during the fourth quarter. XTX Topco Ltd now owns 8,681 shares of the company’s stock worth $468,000 after buying an additional 427 shares during the period. Institutional investors own 96.86% of the company’s stock.

Madison Square Garden Entertainment Stock Performance

The business has a 50-day moving average of $75.90 and a two-hundred day moving average of $67.06. The company has a debt-to-equity ratio of 11.40, a current ratio of 0.72 and a quick ratio of 0.72. The company has a market cap of $3.44 billion, a P/E ratio of 83.38 and a beta of 0.56.

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.