Corebridge Financial Inc. Sells 691 Shares of Sphere Entertainment Co. (NYSE:SPHR)

Corebridge Financial Inc. decreased its stake in shares of Sphere Entertainment Co. (NYSE:SPHR) by 4.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 13,510 shares of the company’s stock after selling 691 shares during the quarter. Corebridge Financial Inc.’s holdings in Sphere Entertainment were worth $545,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SPHR. Wealthfront Advisers LLC purchased a new stake in Sphere Entertainment in the 4th quarter worth $11,286,000. JPMorgan Chase & Co. lifted its position in shares of Sphere Entertainment by 140.0% in the third quarter. JPMorgan Chase & Co. now owns 150,955 shares of the company’s stock worth $6,669,000 after buying an additional 88,065 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Sphere Entertainment in the fourth quarter worth about $2,656,000. Carnegie Investment Counsel boosted its stake in Sphere Entertainment by 35.1% during the fourth quarter. Carnegie Investment Counsel now owns 225,860 shares of the company’s stock valued at $9,107,000 after buying an additional 58,640 shares during the last quarter. Finally, Barclays PLC grew its holdings in Sphere Entertainment by 295.6% during the 3rd quarter. Barclays PLC now owns 66,045 shares of the company’s stock valued at $2,809,000 after buying an additional 49,351 shares in the last quarter. Institutional investors own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on SPHR shares. JPMorgan Chase & Co. lowered their target price on Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a research report on Tuesday, March 4th. Benchmark reiterated a “sell” rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. The Goldman Sachs Group upgraded shares of Sphere Entertainment to a “strong-buy” rating in a report on Thursday, March 27th. Finally, Macquarie lowered their price target on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $46.75.

Insider Buying and Selling at Sphere Entertainment

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of Sphere Entertainment stock in a transaction on Monday, March 10th. The stock was sold at an average price of $33.80, for a total transaction of $1,872,013.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 25.08% of the company’s stock.

Sphere Entertainment Price Performance

SPHR stock opened at $27.23 on Tuesday. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. Sphere Entertainment Co. has a 12 month low of $24.77 and a 12 month high of $50.88. The stock has a market cap of $974.46 million, a PE ratio of -2.59 and a beta of 1.48. The company has a 50-day moving average price of $39.25 and a 200 day moving average price of $40.93.

Sphere Entertainment Profile

Sphere Entertainment Co 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 The Garden, Hulu Theater, Radio City Music Hall, and the Beacon Theatre in New York City; and The Chicago Theatre.