Citigroup Inc. Raises Holdings in Madison Square Garden Entertainment Corp. $MSGE

Citigroup Inc. raised its position in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 220.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,436 shares of the company’s stock after buying an additional 40,917 shares during the quarter. Citigroup Inc. owned about 0.15% of Madison Square Garden Entertainment worth $2,689,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in MSGE. State of Alaska Department of Revenue purchased a new position in shares of Madison Square Garden Entertainment in the 3rd quarter worth approximately $59,000. State of Wyoming purchased a new stake in Madison Square Garden Entertainment during the 2nd quarter valued at $62,000. KBC Group NV lifted its position in Madison Square Garden Entertainment by 80.1% in the second quarter. KBC Group NV now owns 1,688 shares of the company’s stock worth $67,000 after buying an additional 751 shares during the last quarter. CWM LLC lifted its position in Madison Square Garden Entertainment by 44.6% in the third quarter. CWM LLC now owns 1,497 shares of the company’s stock worth $68,000 after buying an additional 462 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Madison Square Garden Entertainment during the second quarter worth $96,000. Institutional investors own 96.86% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on MSGE shares. Weiss Ratings reissued a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research note on Monday, December 29th. The Goldman Sachs Group reiterated a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a report on Monday, January 5th. JPMorgan Chase & Co. raised their price target on Madison Square Garden Entertainment from $60.00 to $63.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 4th. Guggenheim boosted their price objective on Madison Square Garden Entertainment from $70.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday, February 3rd. Finally, Wolfe Research downgraded Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a research report on Monday, December 15th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $56.67.

Madison Square Garden Entertainment Price Performance

MSGE opened at $58.93 on Friday. The company has a market capitalization of $2.38 billion, a price-to-earnings ratio of 54.56 and a beta of 0.38. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 15.40. Madison Square Garden Entertainment Corp. has a 12-month low of $28.29 and a 12-month high of $65.26. The business’s fifty day simple moving average is $59.44 and its 200-day simple moving average is $50.71.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings data on Tuesday, February 3rd. The company reported $1.94 earnings per share for the quarter, missing the consensus estimate of $2.35 by ($0.41). Madison Square Garden Entertainment had a net margin of 5.12% and a negative return on equity of 748.04%. The firm had revenue of $459.94 million during the quarter, compared to the consensus estimate of $448.21 million. During the same quarter in the previous year, the firm earned $1.56 earnings per share. The business’s revenue was up 12.9% compared to the same quarter last year. On average, equities research analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Charles P. Dolan sold 19,311 shares of the firm’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $63.76, for a total value of $1,231,269.36. Following the completion of the sale, the director owned 660 shares of the company’s stock, valued at $42,081.60. This trade represents a 96.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 16.41% of the company’s stock.

About Madison Square Garden Entertainment

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.