Brokerages Expect Madison Square Garden Entertainment Corp. (NYSE:MSGE) to Post -$0.29 EPS

Analysts forecast that Madison Square Garden Entertainment Corp. (NYSE:MSGE – Get Rating) will report earnings of ($0.29) per share for the current quarter, Zacks reports. Three analysts have made estimates for Madison Square Garden Entertainment’s earnings. Madison Square Garden Entertainment reported earnings per share of ($4.87) in the same quarter last year, which indicates a positive year-over-year growth rate of 94%. The firm is scheduled to announce its next earnings report on Monday, January 1st.

On average, analysts expect that Madison Square Garden Entertainment will report full-year earnings of ($3.28) per share for the current fiscal year. For the next financial year, analysts forecast that the firm will post earnings of $0.53 per share. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side analysts that follow Madison Square Garden Entertainment.

Madison Square Garden Entertainment (NYSE:MSGE – Get Rating) last posted its 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). The business had revenue of $460.10 million for the quarter, compared to analyst estimates of $441.64 million. Madison Square Garden Entertainment had a negative net margin of 16.04% and a negative return on equity of 9.60%. The business’s revenue was up 114.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($3.66) EPS.

MSGE has been the topic of several research reports. 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. Jefferies Financial Group lowered their price objective on shares of Madison Square Garden Entertainment from $115.00 to $106.00 in a research report on Friday, February 11th. JPMorgan Chase & Co. reduced their price objective on shares of Madison Square Garden Entertainment from $79.00 to $76.00 in a research note on Thursday, April 21st. Zacks Investment Research upgraded shares of Madison Square Garden Entertainment from a “sell” rating to a “hold” rating in a report on Wednesday, April 13th. Finally, Wolfe Research reduced their target price on shares of Madison Square Garden Entertainment from $88.00 to $73.00 and set a “peer perform” rating for the company in a research report on Thursday, June 2nd. One research 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. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $83.50.

Madison Square Garden Entertainment stock opened at $66.47 on Wednesday. The firm has a 50-day moving average price of $72.02 and a two-hundred day moving average price of $72.48. The firm has a market capitalization of $2.27 billion, a price-to-earnings ratio of -8.46 and a beta of 1.06. Madison Square Garden Entertainment has a 52-week low of $57.66 and a 52-week high of $92.61. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.75.

Large investors have recently modified their holdings of the stock. Ariel Investments LLC raised its holdings in Madison Square Garden Entertainment by 9.4% during the 4th quarter. Ariel Investments LLC now owns 6,173,301 shares of the company’s stock valued at $434,230,000 after buying an additional 532,859 shares during the last quarter. Alberta Investment Management Corp bought a new position in shares of Madison Square Garden Entertainment in the 3rd quarter worth approximately $27,157,000. Norges Bank bought a new stake in Madison Square Garden Entertainment during the 4th quarter worth approximately $14,658,000. Goldman Sachs Group Inc. raised its stake in Madison Square Garden Entertainment by 122.1% during the 3rd quarter. Goldman Sachs Group Inc. now owns 193,964 shares of the company’s stock worth $14,096,000 after acquiring an additional 106,644 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of Madison Square Garden Entertainment by 23.5% during the first quarter. Dimensional Fund Advisors LP now owns 530,171 shares of the company’s stock valued at $44,169,000 after buying an additional 100,980 shares during the last quarter. 73.12% of the stock is owned by institutional investors.

Madison Square Garden Entertainment Company Profile (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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