JPMorgan Chase & Co. Lowers Madison Square Garden Entertainment (NYSE:MSGE) Price Target to $76.00

Madison Square Garden Entertainment (NYSE:MSGEGet Rating) had its price target cut by equities research analysts at JPMorgan Chase & Co. from $79.00 to $76.00 in a research note issued to investors on Thursday, The Fly reports. JPMorgan Chase & Co.‘s target price indicates a potential downside of 7.29% from the company’s previous close.

MSGE has been the topic of a number of other research reports. Zacks Investment Research raised shares of Madison Square Garden Entertainment from a “sell” rating to a “hold” rating in a research note on Wednesday, April 13th. Oppenheimer dropped their price objective on shares of Madison Square Garden Entertainment from $115.00 to $95.00 and set an “outperform” rating on the stock in a research note on Thursday, February 10th. Finally, Jefferies Financial Group dropped their price objective on shares of Madison Square Garden Entertainment from $115.00 to $106.00 in a research note on Friday, February 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $87.33.

Shares of NYSE:MSGE opened at $81.98 on Thursday. Madison Square Garden Entertainment has a twelve month low of $60.26 and a twelve month high of $95.99. The company’s 50 day moving average is $78.80 and its 200 day moving average is $73.77. 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 company has a market cap of $2.80 billion, a PE ratio of -7.45 and a beta of 1.00.

Madison Square Garden Entertainment (NYSE:MSGEGet Rating) last issued its quarterly earnings results on Wednesday, February 9th. The company reported ($0.11) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.82 by ($0.93). The business had revenue of $516.44 million during the quarter, compared to analyst estimates of $538.76 million. Madison Square Garden Entertainment had a negative return on equity of 12.07% and a negative net margin of 29.56%. During the same quarter last year, the company posted ($5.13) EPS. Equities research analysts predict that Madison Square Garden Entertainment will post -2.1 earnings per share for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in MSGE. Tortoise Investment Management LLC acquired a new stake in Madison Square Garden Entertainment in the 3rd quarter valued at $25,000. Salem Investment Counselors Inc. grew its stake in Madison Square Garden Entertainment by 116.3% in the 4th quarter. Salem Investment Counselors Inc. now owns 359 shares of the company’s stock valued at $25,000 after acquiring an additional 193 shares during the period. O Shaughnessy Asset Management LLC lifted its holdings in Madison Square Garden Entertainment by 341.2% in the 3rd 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 in the last quarter. Point72 Hong Kong Ltd lifted its holdings in Madison Square Garden Entertainment by 1,836.7% in the 3rd quarter. Point72 Hong Kong Ltd now owns 581 shares of the company’s stock valued at $42,000 after purchasing an additional 551 shares in the last quarter. Finally, Moors & Cabot Inc. purchased a new position in Madison Square Garden Entertainment in the 3rd quarter valued at $43,000. 71.92% of the stock is currently owned by hedge funds and other institutional investors.

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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