The Goldman Sachs Group Issues Positive Forecast for MSG Entertainment (NYSE:MSGE) Stock Price

MSG Entertainment (NYSE:MSGE) had its target price raised by equities researchers at The Goldman Sachs Group from $36.00 to $41.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 13.47% from the company’s previous close.

Several other research analysts have also issued reports on the stock. Wolfe Research upgraded shares of MSG Entertainment from a “peer perform” rating to an “outperform” rating and set a $46.00 price target for the company in a report on Tuesday, March 11th. Macquarie reissued an “outperform” rating and set a $45.00 target price on shares of MSG Entertainment in a research note on Monday, February 10th. Finally, Susquehanna assumed coverage on shares of MSG Entertainment in a research report on Monday, April 28th. They set a “positive” rating and a $39.00 price target on the stock.

MSG Entertainment Stock Performance

NYSE MSGE opened at $36.13 on Wednesday. The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of 13.74, a PEG ratio of 5.09 and a beta of 0.22. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 56.61. MSG Entertainment has a twelve month low of $28.29 and a twelve month high of $44.14. The stock has a fifty day simple moving average of $32.26 and a 200 day simple moving average of $35.18.

MSG Entertainment (NYSE:MSGE) last issued its quarterly earnings data on Thursday, February 6th. The company reported $1.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.16 by ($0.60). MSG Entertainment had a negative return on equity of 323.63% and a net margin of 13.15%. Sell-side analysts expect that MSG Entertainment will post 1.04 EPS for the current year.

Insider Activity

In other MSG Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 67,143 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $30.96, for a total value of $2,078,747.28. Following the transaction, the insider now owns 6,015 shares in the company, valued at approximately $186,224.40. This represents a 91.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 17.85% of the stock is currently owned by company insiders.

Institutional Trading of MSG Entertainment

Several hedge funds have recently bought and sold shares of MSGE. Exchange Traded Concepts LLC lifted its stake in shares of MSG Entertainment by 111.7% in the fourth quarter. Exchange Traded Concepts LLC now owns 29,860 shares of the company’s stock valued at $1,063,000 after buying an additional 15,756 shares in the last quarter. Bleakley Financial Group LLC lifted its position in MSG Entertainment by 16.5% in the 4th quarter. Bleakley Financial Group LLC now owns 8,320 shares of the company’s stock valued at $296,000 after acquiring an additional 1,178 shares in the last quarter. Principal Financial Group Inc. boosted its stake in MSG Entertainment by 8.0% during the 4th quarter. Principal Financial Group Inc. now owns 20,011 shares of the company’s stock valued at $712,000 after purchasing an additional 1,479 shares during the last quarter. New York State Common Retirement Fund increased its holdings in MSG Entertainment by 0.6% during the 4th quarter. New York State Common Retirement Fund now owns 472,232 shares of the company’s stock worth $16,811,000 after purchasing an additional 2,971 shares in the last quarter. Finally, Handelsbanken Fonder AB raised its stake in shares of MSG Entertainment by 21.1% in the fourth quarter. Handelsbanken Fonder AB now owns 9,200 shares of the company’s stock worth $328,000 after purchasing an additional 1,600 shares during the last quarter. Institutional investors and hedge funds own 96.86% of the company’s stock.

MSG Entertainment Company Profile

Madison Square Garden Entertainment Corp. engages in the provision of entertainment services. Its portfolio of venues includes The Garden, Radio City Music Hall, the Beacon Theatre, The Theater at Madison Square, and The Chicago Theatre. The company was founded in 1879 and is headquartered in New York, NY.