Q2 2024 EPS Estimates for Madison Square Garden Entertainment Corp. (NYSE:MSGE) Cut by Seaport Res Ptn

Madison Square Garden Entertainment Corp. (NYSE:MSGE) – Equities research analysts at Seaport Res Ptn reduced their Q2 2024 EPS estimates for Madison Square Garden Entertainment in a research note issued to investors on Monday, November 13th. Seaport Res Ptn analyst D. Joyce now forecasts that the company will post earnings of $1.72 per share for the quarter, down from their prior estimate of $1.80. The consensus estimate for Madison Square Garden Entertainment’s current full-year earnings is $0.87 per share. Seaport Res Ptn also issued estimates for Madison Square Garden Entertainment’s Q3 2024 earnings at $0.21 EPS, Q4 2024 earnings at ($0.59) EPS and FY2024 earnings at $0.33 EPS.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its quarterly earnings results on Friday, August 18th. The company reported ($0.47) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.16. The business had revenue of $147.90 million for the quarter, compared to analyst estimates of $140.52 million. The business’s revenue was down 17.0% compared to the same quarter last year.

Other research analysts have also issued research reports about the company. Guggenheim lifted their price target on Madison Square Garden Entertainment from $41.00 to $43.00 and gave the stock a “buy” rating in a report on Tuesday, August 22nd. Morgan Stanley reduced their price target on Madison Square Garden Entertainment from $40.00 to $36.00 and set an “equal weight” rating on the stock in a report on Friday, September 1st. Bank of America assumed coverage on Madison Square Garden Entertainment in a report on Tuesday, August 22nd. They set a “buy” rating and a $41.00 price target on the stock. Finally, JPMorgan Chase & Co. reduced their price target on Madison Square Garden Entertainment from $38.00 to $36.00 and set a “neutral” rating on the stock in a report on Wednesday, November 8th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $39.83.

Madison Square Garden Entertainment Price Performance

MSGE opened at $29.70 on Wednesday. Madison Square Garden Entertainment has a twelve month low of $27.55 and a twelve month high of $40.81. The firm’s 50-day moving average price is $31.57 and its 200 day moving average price is $33.15. The company has a debt-to-equity ratio of 14.79, a quick ratio of 0.47 and a current ratio of 0.47.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Hedge funds have recently made changes to their positions in the stock. Westside Investment Management Inc. lifted its position in shares of Madison Square Garden Entertainment by 46.1% during the second quarter. Westside Investment Management Inc. now owns 1,128 shares of the company’s stock worth $36,000 after purchasing an additional 356 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in Madison Square Garden Entertainment during the 3rd quarter worth about $43,000. Lazard Asset Management LLC purchased a new stake in Madison Square Garden Entertainment during the 3rd quarter worth about $43,000. National Bank of Canada FI increased its holdings in Madison Square Garden Entertainment by 359.3% during the 3rd quarter. National Bank of Canada FI now owns 1,534 shares of the company’s stock worth $50,000 after purchasing an additional 1,200 shares during the period. Finally, US Bancorp DE increased its holdings in Madison Square Garden Entertainment by 71.4% during the 2nd quarter. US Bancorp DE now owns 2,047 shares of the company’s stock worth $62,000 after purchasing an additional 853 shares during the period. Hedge funds and other institutional investors own 70.02% of the company’s stock.

Insiders Place Their Bets

In other Madison Square Garden Entertainment news, major shareholder Entertainment Co. Sphere sold 8,221,188 shares of the firm’s stock in a transaction on Friday, September 22nd. The stock was sold at an average price of $31.20, for a total transaction of $256,501,065.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 18.72% of the stock is owned by insiders.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. engages in live entertainment business. The company produces, presents, and hosts live entertainment events, including concerts, sports events, and other live events, such as family shows, performing arts events, and special events. Its operations include a collection of venues, the entertainment and sports bookings business, and the Christmas Spectacular Starring the Radio City Rockettes production.