Sanctuary Advisors LLC Has $344,000 Stock Holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE)

Sanctuary Advisors LLC reduced its holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 8.6% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 8,082 shares of the company’s stock after selling 763 shares during the quarter. Sanctuary Advisors LLC’s holdings in Madison Square Garden Entertainment were worth $344,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MSGE. Principal Financial Group Inc. bought a new stake in Madison Square Garden Entertainment in the third quarter valued at approximately $788,000. FMR LLC lifted its position in shares of Madison Square Garden Entertainment by 76.3% in the 3rd quarter. FMR LLC now owns 110,035 shares of the company’s stock worth $4,680,000 after purchasing an additional 47,635 shares during the period. Maverick Capital Ltd. bought a new stake in shares of Madison Square Garden Entertainment in the 2nd quarter valued at $1,494,000. Zacks Investment Management increased its position in shares of Madison Square Garden Entertainment by 15.3% during the third quarter. Zacks Investment Management now owns 111,687 shares of the company’s stock worth $4,750,000 after buying an additional 14,812 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in Madison Square Garden Entertainment by 11.9% during the second quarter. Bank of New York Mellon Corp now owns 167,073 shares of the company’s stock worth $5,719,000 after buying an additional 17,793 shares during the last quarter. 96.86% of the stock is currently owned by institutional investors and hedge funds.

Madison Square Garden Entertainment Stock Down 0.6 %

MSGE opened at $33.25 on Friday. The firm has a 50-day moving average price of $37.56 and a 200-day moving average price of $38.33. Madison Square Garden Entertainment Corp. has a twelve month low of $30.10 and a twelve month high of $44.14. The company has a market capitalization of $1.60 billion, a price-to-earnings ratio of 9.08, a PEG ratio of 3.13 and a beta of -0.04.

Madison Square Garden Entertainment (NYSE:MSGE) last issued 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. The company had revenue of $138.70 million during the quarter, compared to analysts’ expectations of $139.46 million. Madison Square Garden Entertainment had a net margin of 18.38% and a negative return on equity of 261.70%. Madison Square Garden Entertainment’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.73) earnings per share. On average, sell-side analysts expect that Madison Square Garden Entertainment Corp. will post 1.58 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MSGE. Macquarie lowered their price objective 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. Guggenheim decreased their target price on Madison Square Garden Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Finally, Morgan Stanley dropped their price target on Madison Square Garden Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Monday, November 11th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $46.00.

Insider Activity at Madison Square Garden Entertainment

In related news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the company’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $42.43, for a total value 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 17.85% of the stock is currently 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.