Madison Square Garden Entertainment Corp. to Post Q2 2023 Earnings of $0.96 Per Share, Jefferies Financial Group Forecasts (NYSE:MSGE)

Madison Square Garden Entertainment Corp. (NYSE:MSGEGet Rating) – Research analysts at Jefferies Financial Group cut their Q2 2023 earnings per share estimates for Madison Square Garden Entertainment in a research note issued on Tuesday, May 10th. Jefferies Financial Group analyst D. Katz now anticipates that the company will earn $0.96 per share for the quarter, down from their prior estimate of $1.15.

Several other equities analysts also recently weighed in on the company. JPMorgan Chase & Co. reduced their price target on Madison Square Garden Entertainment from $79.00 to $76.00 in a report on Thursday, April 21st. Zacks Investment Research upgraded Madison Square Garden Entertainment from a “sell” rating to a “hold” rating in a report on Wednesday, April 13th. Finally, Oppenheimer reduced their price objective on Madison Square Garden Entertainment from $115.00 to $95.00 and set an “outperform” rating for the company in a report on Thursday, February 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $87.33.

Shares of NYSE:MSGE opened at $61.49 on Wednesday. Madison Square Garden Entertainment has a 1-year low of $58.58 and a 1-year high of $94.37. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.88 and a quick ratio of 1.88. The firm’s fifty day moving average is $77.23. The company has a market capitalization of $2.10 billion, a P/E ratio of -5.58 and a beta of 1.04.

Madison Square Garden Entertainment (NYSE:MSGEGet Rating) last issued its quarterly earnings results on Monday, May 9th. The company reported ($0.51) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.55). Madison Square Garden Entertainment had a negative net margin of 29.56% and a negative return on equity of 12.07%. The company had revenue of $460.10 million for the quarter, compared to the consensus estimate of $441.64 million. During the same quarter in the previous year, the business earned ($3.66) earnings per share. Madison Square Garden Entertainment’s revenue was up 114.7% compared to the same quarter last year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Radnor Capital Management LLC lifted its holdings in Madison Square Garden Entertainment by 1.5% in the 1st quarter. Radnor Capital Management LLC now owns 10,380 shares of the company’s stock worth $865,000 after purchasing an additional 150 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of Madison Square Garden Entertainment by 0.6% during the 4th quarter. Alliancebernstein L.P. now owns 28,118 shares of the company’s stock worth $1,978,000 after acquiring an additional 158 shares in the last quarter. Salem Investment Counselors Inc. raised 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 acquiring an additional 193 shares in the last quarter. Hsbc Holdings PLC raised its holdings in shares of Madison Square Garden Entertainment by 7.4% during the 3rd quarter. Hsbc Holdings PLC now owns 2,823 shares of the company’s stock worth $208,000 after acquiring an additional 194 shares in the last quarter. Finally, Oxbow Advisors LLC raised its holdings in shares of Madison Square Garden Entertainment by 2.4% during the 3rd quarter. Oxbow Advisors LLC now owns 8,431 shares of the company’s stock worth $613,000 after acquiring an additional 200 shares in the last quarter. 73.12% of the stock is currently owned by 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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Earnings History and Estimates for Madison Square Garden Entertainment (NYSE:MSGE)

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