Wall Street Zen Downgrades Madison Square Garden Entertainment (NYSE:MSGE) to Hold

Madison Square Garden Entertainment (NYSE:MSGE) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Other equities research analysts also recently issued research reports about the company. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $82.00 target price (up from $72.00) on shares of Madison Square Garden Entertainment in a report on Thursday, July 9th. Seaport Research Partners reissued a “neutral” rating on shares of Madison Square Garden Entertainment in a report on Monday, June 29th. Guggenheim upped their price objective on Madison Square Garden Entertainment from $82.00 to $103.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Zacks Research raised Madison Square Garden Entertainment from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 17th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Madison Square Garden Entertainment currently has a consensus rating of “Moderate Buy” and a consensus price target of $91.62.

Madison Square Garden Entertainment Price Performance

MSGE stock opened at $79.01 on Friday. The company’s 50-day moving average price is $78.37 and its two-hundred day moving average price is $70.68. The firm has a market cap of $3.20 billion, a P/E ratio of 57.25 and a beta of 0.56. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 11.80. Madison Square Garden Entertainment has a 12 month low of $41.65 and a 12 month high of $90.41.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.23. The company had revenue of $196.32 million during the quarter, compared to the consensus estimate of $166.62 million. Madison Square Garden Entertainment had a net margin of 6.24% and a return on equity of 480.83%. The firm’s quarterly revenue was up 27.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.57) EPS. On average, analysts anticipate that Madison Square Garden Entertainment will post 2.5 earnings per share for the current fiscal year.

Institutional Trading of Madison Square Garden Entertainment

Hedge funds have recently added to or reduced their stakes in the stock. Jericho Capital Asset Management L.P. increased its holdings 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 buying an additional 777,000 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Madison Square Garden Entertainment by 13.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 1,210,718 shares of the company’s stock valued at $71,323,000 after acquiring an additional 140,581 shares in the last quarter. Gabelli Funds LLC boosted its holdings in shares of Madison Square Garden Entertainment by 2.4% during the 1st quarter. Gabelli Funds LLC now owns 500,420 shares of the company’s stock valued at $29,480,000 after acquiring an additional 11,746 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Madison Square Garden Entertainment by 27.7% during the 1st quarter. Bank of America Corp DE now owns 223,411 shares of the company’s stock valued at $13,161,000 after acquiring an additional 48,453 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in Madison Square Garden Entertainment during the 1st quarter worth $11,181,000. Institutional investors and hedge funds own 96.86% of the company’s stock.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. is a live entertainment company that owns, operates and produces events at prominent venues in the United States. Its portfolio includes Madison Square Garden and Radio City Music Hall in New York City, as well as the Beacon Theatre in New York and The Chicago Theatre in Illinois.

The company presents concerts, comedy shows, family entertainment, sporting events and other live performances. Its productions include the annual Christmas Spectacular Starring the Radio City Rockettes, along with original entertainment and special events.