Brokerages Set Madison Square Garden Entertainment Corp. (NYSE:MSGE) PT at $55.00

Madison Square Garden Entertainment Corp. (NYSE:MSGE) has received a consensus recommendation of “Moderate Buy” from the eight research firms that are currently covering the stock, MarketBeat reports. Four equities research analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $55.00.

Several analysts recently issued reports on MSGE shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research note on Monday, December 29th. Wolfe Research lowered Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a research report on Monday, December 15th. Wall Street Zen downgraded Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Sunday. The Goldman Sachs Group reissued a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research note on Monday, January 5th. Finally, Susquehanna raised their target price on Madison Square Garden Entertainment from $51.00 to $61.00 and gave the stock a “positive” rating in a research note on Thursday, December 11th.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Institutional investors have recently bought and sold shares of the company. Millennium Management LLC grew its stake in shares of Madison Square Garden Entertainment by 2,037.6% in the 3rd quarter. Millennium Management LLC now owns 589,096 shares of the company’s stock valued at $26,651,000 after buying an additional 561,537 shares during the period. Bank of America Corp DE lifted its holdings in Madison Square Garden Entertainment by 324.8% in the second quarter. Bank of America Corp DE now owns 667,248 shares of the company’s stock valued at $26,670,000 after acquiring an additional 510,191 shares during the last quarter. Dendur Capital LP grew its position in Madison Square Garden Entertainment by 60.1% in the second quarter. Dendur Capital LP now owns 925,500 shares of the company’s stock worth $36,992,000 after acquiring an additional 347,500 shares during the period. Assenagon Asset Management S.A. grew its position in Madison Square Garden Entertainment by 23.7% in the third quarter. Assenagon Asset Management S.A. now owns 1,033,774 shares of the company’s stock worth $46,768,000 after acquiring an additional 198,361 shares during the period. Finally, Norges Bank acquired a new stake in Madison Square Garden Entertainment during the second quarter worth $6,335,000. 96.86% of the stock is owned by hedge funds and other institutional investors.

Madison Square Garden Entertainment Stock Performance

NYSE MSGE opened at $60.66 on Friday. The business has a fifty day moving average price of $56.13 and a 200 day moving average price of $47.77. The company has a market cap of $2.45 billion, a P/E ratio of 56.16 and a beta of 0.39. Madison Square Garden Entertainment has a one year low of $28.29 and a one year high of $63.10.

Madison Square Garden Entertainment (NYSE:MSGE) last released its earnings results on Tuesday, February 3rd. The company reported $1.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.35 by ($0.41). The business had revenue of $459.94 million for the quarter, compared to analysts’ expectations of $448.21 million. Madison Square Garden Entertainment had a negative return on equity of 270.62% and a net margin of 5.12%.Madison Square Garden Entertainment’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.56 EPS. As a group, sell-side analysts predict that Madison Square Garden Entertainment will post 1.04 EPS for the current fiscal year.

Madison Square Garden Entertainment Company Profile

Madison Square Garden Entertainment Corp. (NYSE: MSGE) is a premier live entertainment company focused on producing and hosting a wide range of events across North America. Established as a separate publicly traded entity in April 2020 through a spin-off from Madison Square Garden Company, MSGE owns and operates iconic venues such as Madison Square Garden in New York City, Radio City Music Hall, The Chicago Theatre and Sphere in Las Vegas. These facilities serve as flagship stages for concerts, sports events, family shows and cultural performances.

The company’s core business activities center on venue management, event promotion and production services.