Madison Square Garden Entertainment Corp. (NYSE:MSGE) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Madison Square Garden Entertainment Corp. (NYSE:MSGE) has been assigned an average rating of “Moderate Buy” from the eight ratings firms that are covering the stock, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $67.50.

A number of analysts have recently issued reports on MSGE shares. Susquehanna raised their price target on shares of Madison Square Garden Entertainment from $77.00 to $80.00 and gave the company a “positive” rating in a report on Thursday, May 28th. Weiss Ratings downgraded shares of Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 4th. BTIG Research reaffirmed a “buy” rating on shares of Madison Square Garden Entertainment in a report on Thursday, May 21st. Guggenheim raised their price target on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Finally, JPMorgan Chase & Co. raised their price target on shares of Madison Square Garden Entertainment from $63.00 to $67.00 and gave the company a “neutral” rating in a report on Friday, May 8th.

Insider Buying and Selling at Madison Square Garden Entertainment

In other news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the 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 transaction, the executive vice president owned 15,772 shares in the company, valued at $1,174,698.56. This represents a 38.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 16.41% of the stock is owned by company insiders.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Institutional investors have recently made changes to their positions in the business. First Horizon Corp bought a new position in shares of Madison Square Garden Entertainment in the 4th quarter worth approximately $37,000. Aster Capital Management DIFC Ltd bought a new position in shares of Madison Square Garden Entertainment in the 4th quarter worth approximately $45,000. Atlantic Edge Private Wealth Management LLC bought a new position in shares of Madison Square Garden Entertainment in the 4th quarter worth approximately $47,000. State of Wyoming bought a new position in shares of Madison Square Garden Entertainment in the 2nd quarter worth approximately $62,000. Finally, CIBC Private Wealth Group LLC lifted its stake in shares of Madison Square Garden Entertainment by 3,248.6% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,239 shares of the company’s stock worth $67,000 after purchasing an additional 1,202 shares during the period. Institutional investors own 96.86% of the company’s stock.

Madison Square Garden Entertainment Stock Performance

Shares of NYSE MSGE opened at $73.35 on Friday. The firm’s 50-day moving average price is $67.51 and its 200-day moving average price is $61.07. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 11.40. The company has a market cap of $2.97 billion, a PE ratio of 71.91 and a beta of 0.61. Madison Square Garden Entertainment has a 52-week low of $35.31 and a 52-week high of $75.70.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly 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). The company had revenue of $246.26 million for the quarter, compared to analysts’ expectations of $242.99 million. Madison Square Garden Entertainment had a net margin of 4.81% and a return on equity of 4,795.27%. The business’s revenue was up 1.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.17 EPS. As a group, analysts anticipate that Madison Square Garden Entertainment will post 1.28 EPS for the current year.

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.