Assenagon Asset Management S.A. Raises Stake in Madison Square Garden Entertainment Corp. $MSGE

Assenagon Asset Management S.A. raised its holdings in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 3.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,070,137 shares of the company’s stock after acquiring an additional 36,363 shares during the period. Assenagon Asset Management S.A. owned about 2.65% of Madison Square Garden Entertainment worth $57,670,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Rhumbline Advisers raised its position in Madison Square Garden Entertainment by 0.4% in the 2nd quarter. Rhumbline Advisers now owns 63,178 shares of the company’s stock worth $2,525,000 after purchasing an additional 272 shares during the period. Garden State Investment Advisory Services LLC increased its position in shares of Madison Square Garden Entertainment by 2.0% in the second quarter. Garden State Investment Advisory Services LLC now owns 15,902 shares of the company’s stock valued at $636,000 after acquiring an additional 306 shares during the period. Orion Porfolio Solutions LLC raised its stake in shares of Madison Square Garden Entertainment by 1.9% during the second quarter. Orion Porfolio Solutions LLC now owns 22,667 shares of the company’s stock valued at $906,000 after acquiring an additional 418 shares during the last quarter. Sei Investments Co. boosted its holdings in shares of Madison Square Garden Entertainment by 6.2% during the third quarter. Sei Investments Co. now owns 7,731 shares of the company’s stock worth $350,000 after purchasing an additional 451 shares during the period. Finally, CWM LLC increased its holdings in Madison Square Garden Entertainment by 44.6% during the 3rd quarter. CWM LLC now owns 1,497 shares of the company’s stock valued at $68,000 after purchasing an additional 462 shares during the period. 96.86% of the stock is owned by hedge funds and other institutional investors.

Madison Square Garden Entertainment Stock Performance

MSGE stock opened at $57.34 on Wednesday. The company has a debt-to-equity ratio of 15.40, a current ratio of 0.68 and a quick ratio of 0.68. Madison Square Garden Entertainment Corp. has a 1 year low of $28.29 and a 1 year high of $65.26. The company has a market cap of $2.32 billion, a P/E ratio of 53.10 and a beta of 0.38. The stock’s fifty day moving average price is $60.02 and its 200-day moving average price is $52.36.

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

Analyst Ratings Changes

Several analysts have weighed in on MSGE shares. Susquehanna lifted their price objective on Madison Square Garden Entertainment from $51.00 to $61.00 and gave the company a “positive” rating in a research report on Thursday, December 11th. The Goldman Sachs Group reiterated a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a report on Monday, January 5th. Wolfe Research lowered Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a research report on Monday, December 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Monday, December 29th. Finally, Guggenheim increased their price target on shares of Madison Square Garden Entertainment from $70.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, February 3rd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $58.80.

Insider Activity at Madison Square Garden Entertainment

In other news, Director Charles P. Dolan sold 19,311 shares of the 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 transaction, the director owned 660 shares in the company, valued at $42,081.60. This represents a 96.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 16.41% of the stock is owned by insiders.

Madison Square Garden Entertainment 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.