Brokerages Set Madison Square Garden Entertainment Corp. (NYSE:MSGE) Price Target at $56.67

Madison Square Garden Entertainment Corp. (NYSE:MSGE) has been given a consensus rating of “Moderate Buy” by the seven research firms that are currently covering the company, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $56.6667.

A number of brokerages have issued reports on MSGE. Susquehanna upped their target price on Madison Square Garden Entertainment from $51.00 to $61.00 and gave the stock a “positive” rating in a report on Thursday, December 11th. Guggenheim lifted their price target on Madison Square Garden Entertainment from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday, February 3rd. Wolfe Research cut Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a report on Monday, December 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research note on Monday, December 29th. Finally, The Goldman Sachs Group reiterated a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a report on Monday, January 5th.

Insider Transactions at Madison Square Garden Entertainment

In other Madison Square Garden Entertainment news, Director Charles P. Dolan sold 19,311 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $63.76, for a total value of $1,231,269.36. Following the completion of the transaction, the director directly owned 660 shares in the company, valued at approximately $42,081.60. This represents a 96.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 16.41% of the company’s stock.

Hedge Funds Weigh In On Madison Square Garden Entertainment

A number of hedge funds have recently modified their holdings of MSGE. Aristides Capital LLC bought a new stake in shares of Madison Square Garden Entertainment in the fourth quarter worth $211,000. Invesco Ltd. lifted its holdings in Madison Square Garden Entertainment by 457.3% during the 4th quarter. Invesco Ltd. now owns 163,044 shares of the company’s stock worth $8,786,000 after buying an additional 133,786 shares during the period. Corient Private Wealth LLC lifted its holdings in Madison Square Garden Entertainment by 276.5% during the 4th quarter. Corient Private Wealth LLC now owns 16,875 shares of the company’s stock worth $909,000 after buying an additional 12,393 shares during the period. Mackenzie Financial Corp bought a new stake in shares of Madison Square Garden Entertainment in the 4th quarter valued at about $1,196,000. Finally, XTX Topco Ltd grew its position in shares of Madison Square Garden Entertainment by 5.2% in the 4th quarter. XTX Topco Ltd now owns 8,681 shares of the company’s stock valued at $468,000 after buying an additional 427 shares during the last quarter. Institutional investors and hedge funds own 96.86% of the company’s stock.

Madison Square Garden Entertainment Stock Performance

NYSE MSGE opened at $58.93 on Wednesday. The firm’s fifty day moving average price is $59.44 and its two-hundred day moving average price is $50.71. The stock has a market cap of $2.38 billion, a PE ratio of 54.56 and a beta of 0.38. Madison Square Garden Entertainment has a fifty-two week low of $28.29 and a fifty-two week high of $65.26. The company has a debt-to-equity ratio of 15.40, a quick ratio of 0.68 and a current ratio of 0.68.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings results on Tuesday, February 3rd. The company reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.35 by ($0.41). Madison Square Garden Entertainment had a negative return on equity of 748.04% and a net margin of 5.12%.The company had revenue of $459.94 million for the quarter, compared to analyst estimates of $448.21 million. During the same quarter last year, the company posted $1.56 earnings per share. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. On average, equities analysts expect 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.