Ariel Investments LLC Has $224.21 Million Position in Madison Square Garden Entertainment Corp. (NYSE:MSGE)

Ariel Investments LLC cut its position in Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 6.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,550,028 shares of the company’s stock after selling 440,916 shares during the quarter. Madison Square Garden Entertainment comprises about 2.4% of Ariel Investments LLC’s holdings, making the stock its 7th largest position. Ariel Investments LLC owned about 15.91% of Madison Square Garden Entertainment worth $224,207,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Jericho Capital Asset Management L.P. boosted its holdings in Madison Square Garden Entertainment by 7.0% in the 1st quarter. Jericho Capital Asset Management L.P. now owns 2,465,724 shares of the company’s stock worth $96,681,000 after buying an additional 162,000 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Madison Square Garden Entertainment in the first quarter worth approximately $23,032,000. Federated Hermes Inc. raised its position in shares of Madison Square Garden Entertainment by 48.6% during the 2nd quarter. Federated Hermes Inc. now owns 569,884 shares of the company’s stock valued at $19,507,000 after buying an additional 186,475 shares in the last quarter. Norges Bank purchased a new position in Madison Square Garden Entertainment in the fourth quarter worth $14,980,000. Finally, Epoch Investment Partners Inc. purchased a new position in Madison Square Garden Entertainment in the first quarter worth $13,076,000. Hedge funds and other institutional investors own 96.86% of the company’s stock.

Madison Square Garden Entertainment Price Performance

Shares of MSGE opened at $41.27 on Thursday. The stock has a market capitalization of $1.70 billion, a P/E ratio of 34.97, a PEG ratio of 3.64 and a beta of 0.13. Madison Square Garden Entertainment Corp. has a twelve month low of $27.55 and a twelve month high of $42.99. The firm has a fifty day simple moving average of $39.67 and a two-hundred day simple moving average of $37.89.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its earnings results on Friday, August 16th. The company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $1.97. The company had revenue of $186.10 million for the quarter, compared to analysts’ expectations of $173.26 million. Madison Square Garden Entertainment had a negative return on equity of 138.81% and a net margin of 15.04%. Madison Square Garden Entertainment’s quarterly revenue was up 25.8% on a year-over-year basis. During the same period last year, the firm earned ($0.47) earnings per share. Sell-side analysts expect that Madison Square Garden Entertainment Corp. will post 1.64 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Bank of America increased their price target on shares of Madison Square Garden Entertainment from $43.00 to $48.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Macquarie lifted their target price on shares of Madison Square Garden Entertainment from $46.00 to $47.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd. Morgan Stanley upped their price target on shares of Madison Square Garden Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a research report on Monday, August 19th. Finally, The Goldman Sachs Group upgraded Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $41.00 to $45.00 in a report on Wednesday, July 24th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $44.20.

Madison Square Garden Entertainment Profile

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.