Madison Square Garden Entertainment (NYSE:MSGE) Price Target Raised to $75.00

Madison Square Garden Entertainment (NYSE:MSGE) had its price objective upped by JPMorgan Chase & Co. from $67.00 to $75.00 in a research report report published on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Several other research firms have also weighed in on MSGE. Morgan Stanley boosted their target price on shares of Madison Square Garden Entertainment from $70.00 to $80.00 and gave the company an “equal weight” rating in a report on Tuesday, June 23rd. The Goldman Sachs Group restated a “neutral” rating and set a $82.00 price target (up from $72.00) on shares of Madison Square Garden Entertainment in a report on Thursday, July 9th. Wall Street Zen lowered shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Guggenheim upped 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. Finally, Weiss Ratings lowered Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 4th. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $79.83.

Madison Square Garden Entertainment Price Performance

NYSE:MSGE opened at $76.56 on Tuesday. Madison Square Garden Entertainment has a one year low of $35.31 and a one year 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 stock has a market cap of $3.10 billion, a PE ratio of 75.06 and a beta of 0.54. The stock has a 50 day moving average price of $73.98 and a 200 day moving average price of $65.23.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its earnings results on Thursday, May 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.03). The company had revenue of $246.26 million during 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 firm’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.17 earnings per share. Equities research analysts expect that Madison Square Garden Entertainment will post 1.35 EPS for the current fiscal year.

Insider Transactions at Madison Square Garden Entertainment

In related news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the firm’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $74.48, for a total transaction of $737,873.36. Following the completion of the transaction, the executive vice president directly owned 15,772 shares in the company, valued at $1,174,698.56. This trade represents a 38.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 16.41% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Madison Square Garden Entertainment by 5.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,679 shares of the company’s stock valued at $775,000 after purchasing an additional 1,193 shares in the last quarter. Millennium Management LLC purchased a new position in Madison Square Garden Entertainment in the 1st quarter valued at approximately $4,994,000. Dynamic Technology Lab Private Ltd purchased a new position in Madison Square Garden Entertainment in the 1st quarter valued at approximately $210,000. Jane Street Group LLC acquired a new position in shares of Madison Square Garden Entertainment in the first quarter worth $1,468,000. Finally, JPMorgan Chase & Co. grew its stake in shares of Madison Square Garden Entertainment by 53.5% in the second quarter. JPMorgan Chase & Co. now owns 102,307 shares of the company’s stock worth $4,089,000 after acquiring an additional 35,678 shares in the last quarter. Hedge funds and other institutional investors own 96.86% of the company’s stock.

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.