The Manufacturers Life Insurance Company Has $813,000 Stock Holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE)

The Manufacturers Life Insurance Company decreased its position in Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 1.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,123 shares of the company’s stock after selling 355 shares during the period. The Manufacturers Life Insurance Company’s holdings in Madison Square Garden Entertainment were worth $813,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MSGE. Quent Capital LLC lifted its stake in Madison Square Garden Entertainment by 913.8% in the third quarter. Quent Capital LLC now owns 659 shares of the company’s stock valued at $28,000 after buying an additional 594 shares during the period. OFI Invest Asset Management bought a new position in Madison Square Garden Entertainment during the 2nd quarter worth approximately $251,000. Cannon Global Investment Management LLC acquired a new position in Madison Square Garden Entertainment during the third quarter valued at approximately $259,000. Marshall Wace LLP increased its stake in Madison Square Garden Entertainment by 5.8% in the second quarter. Marshall Wace LLP now owns 7,800 shares of the company’s stock valued at $267,000 after purchasing an additional 426 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new stake in Madison Square Garden Entertainment in the third quarter worth $291,000. 96.86% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Madison Square Garden Entertainment

In other news, EVP Philip Gerard D’ambrosio sold 6,000 shares of Madison Square Garden Entertainment stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $42.43, for a total transaction of $254,580.00. Following the completion of the transaction, the executive vice president now directly owns 12,192 shares in the company, valued at approximately $517,306.56. The trade was a 32.98 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 17.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Bank of America upped their price objective 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. Guggenheim lowered their target price on Madison Square Garden Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. Morgan Stanley decreased their price objective on Madison Square Garden Entertainment from $45.00 to $44.00 and set an “equal weight” rating for the company in a report on Monday, November 11th. Finally, Macquarie reduced their price target on Madison Square Garden Entertainment from $47.00 to $45.00 and set an “outperform” rating for the company in a research report on Monday, November 11th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $46.00.

Madison Square Garden Entertainment Stock Performance

MSGE opened at $34.95 on Friday. The business’s 50-day simple moving average is $39.55 and its 200 day simple moving average is $38.44. Madison Square Garden Entertainment Corp. has a 52-week low of $30.10 and a 52-week high of $44.14. The firm has a market capitalization of $1.68 billion, a PE ratio of 9.55, a PEG ratio of 3.43 and a beta of -0.04.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings data on Friday, November 8th. The company reported ($0.40) EPS for the quarter, beating the consensus estimate of ($0.79) by $0.39. Madison Square Garden Entertainment had a negative return on equity of 261.70% and a net margin of 18.38%. The company had revenue of $138.70 million during the quarter, compared to the consensus estimate of $139.46 million. During the same quarter in the prior year, the firm posted ($0.73) EPS. The firm’s revenue for the quarter was down 2.5% compared to the same quarter last year. On average, research analysts forecast that Madison Square Garden Entertainment Corp. will post 1.58 earnings per share for the current year.

Madison Square Garden Entertainment Company 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.