Madison Square Garden Entertainment Corp. (NYSE:MSGE) Expected to Post Quarterly Sales of $432.71 Million

Brokerages predict that Madison Square Garden Entertainment Corp. (NYSE:MSGEGet Rating) will announce $432.71 million in sales for the current quarter, Zacks reports. Three analysts have made estimates for Madison Square Garden Entertainment’s earnings, with the lowest sales estimate coming in at $429.50 million and the highest estimate coming in at $434.40 million. Madison Square Garden Entertainment posted sales of $43.10 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 904%. The firm is scheduled to announce its next earnings results 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 year, analysts anticipate that the firm will post sales of $1.89 billion, with estimates ranging from $1.87 billion to $1.92 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Madison Square Garden Entertainment.

Madison Square Garden Entertainment (NYSE:MSGEGet Rating) last released its earnings results on Wednesday, February 9th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the 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 company had revenue of $516.44 million for the quarter, compared to the consensus estimate of $538.76 million. During the same quarter in the previous year, the company posted ($5.13) EPS.

A number of equities research analysts have recently weighed in on MSGE shares. JPMorgan Chase & Co. dropped their target price on Madison Square Garden Entertainment from $79.00 to $76.00 in a report on Thursday, April 21st. Zacks Investment Research raised Madison Square Garden Entertainment from a “sell” rating to a “hold” rating in a research note on Wednesday, April 13th. 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 note on Thursday, February 10th. Finally, Jefferies Financial Group lowered their target price on 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 given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $87.33.

Hedge funds have recently made changes to their positions in the stock. Tortoise Investment Management LLC bought a new stake in 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% during the 4th quarter. Salem Investment Counselors Inc. now owns 359 shares of the company’s stock worth $25,000 after buying an additional 193 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its holdings in shares of Madison Square Garden Entertainment by 341.2% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 375 shares of the company’s stock worth $27,000 after buying an additional 290 shares in the last quarter. Point72 Hong Kong Ltd boosted its holdings in shares of Madison Square Garden Entertainment by 1,836.7% during the 3rd quarter. Point72 Hong Kong Ltd now owns 581 shares of the company’s stock worth $42,000 after buying an additional 551 shares in the last quarter. Finally, Moors & Cabot Inc. acquired a new position in shares of Madison Square Garden Entertainment during the third quarter worth approximately $43,000. Institutional investors and hedge funds own 71.92% of the company’s stock.

NYSE:MSGE opened at $75.33 on Friday. Madison Square Garden Entertainment has a 12-month low of $60.26 and a 12-month high of $95.99. The stock’s 50 day moving average price is $78.50 and its two-hundred day moving average price is $73.83. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $2.58 billion, a price-to-earnings ratio of -6.84 and a beta of 1.00.

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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