Brokerages Anticipate Madison Square Garden Entertainment Corp. (NYSE:MSGE) Will Announce Quarterly Sales of $432.71 Million

Brokerages expect Madison Square Garden Entertainment Corp. (NYSE:MSGEGet Rating) to announce $432.71 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Madison Square Garden Entertainment’s earnings, with estimates ranging from $429.50 million to $434.40 million. Madison Square Garden Entertainment posted sales of $43.10 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 904%. The company is expected to issue its next earnings report on Monday, January 1st.

On average, analysts expect that Madison Square Garden Entertainment will report full-year sales of $1.66 billion for the current fiscal year, with estimates ranging from $1.65 billion to $1.68 billion. For the next fiscal year, analysts expect that the company will report sales of $1.89 billion, with estimates ranging from $1.87 billion to $1.93 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that follow Madison Square Garden Entertainment.

Madison Square Garden Entertainment (NYSE:MSGEGet Rating) last issued its earnings results on Wednesday, February 9th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.82 by ($0.93). Madison Square Garden Entertainment had a negative return on equity of 12.07% and a negative net margin of 29.56%. The firm had revenue of $516.44 million during the quarter, compared to the consensus estimate of $538.76 million. During the same period last year, the firm posted ($5.13) earnings per share.

MSGE has been the topic of several research reports. Jefferies Financial Group reduced their target price on Madison Square Garden Entertainment from $115.00 to $106.00 in a report on Friday, February 11th. Zacks Investment Research lowered Madison Square Garden Entertainment from a “hold” rating to a “sell” rating in a research report on Tuesday, February 15th. Finally, Oppenheimer dropped their price target on Madison Square Garden Entertainment from $115.00 to $95.00 and set an “outperform” rating for the company in a research report on Thursday, February 10th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $87.83.

Shares of MSGE stock traded down $0.75 during trading hours on Friday, hitting $77.78. The stock had a trading volume of 6,492 shares, compared to its average volume of 258,024. Madison Square Garden Entertainment has a one year low of $60.26 and a one year high of $95.99. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.76. The business has a 50-day simple moving average of $77.48.

Large investors have recently made changes to their positions in the business. Tortoise Investment Management LLC purchased a new stake in shares of Madison Square Garden Entertainment in the third quarter valued at approximately $25,000. Salem Investment Counselors Inc. boosted its holdings in shares of Madison Square Garden Entertainment by 116.3% in the fourth quarter. Salem Investment Counselors Inc. now owns 359 shares of the company’s stock valued at $25,000 after purchasing an additional 193 shares during the period. O Shaughnessy Asset Management LLC boosted its holdings in shares of Madison Square Garden Entertainment by 341.2% in the third quarter. O Shaughnessy Asset Management LLC now owns 375 shares of the company’s stock valued at $27,000 after purchasing an additional 290 shares during the period. Point72 Hong Kong Ltd boosted its holdings in shares of Madison Square Garden Entertainment by 1,836.7% in the third quarter. Point72 Hong Kong Ltd now owns 581 shares of the company’s stock valued at $42,000 after purchasing an additional 551 shares during the period. Finally, Moors & Cabot Inc. purchased a new stake in shares of Madison Square Garden Entertainment in the third quarter valued at approximately $43,000. Institutional investors and hedge funds own 71.92% of the company’s stock.

About Madison Square Garden Entertainment (Get Rating)

Madison Square Garden Entertainment Corp. engages in the entertainment business. It produces, presents, or hosts various live entertainment events, including concerts, family shows, and special events, as well as sporting events, such as professional boxing, college basketball and hockey, professional bull riding, mixed martial arts, and esports and wrestling in its venues, including Madison Square Garden, Hulu Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre, and The Chicago Theatre.

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Earnings History and Estimates for Madison Square Garden Entertainment (NYSE:MSGE)

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