Madison Square Garden Entertainment Corp. (NYSE:MSGE) Receives $58.80 Consensus Price Target from Brokerages

Madison Square Garden Entertainment Corp. (NYSE:MSGE) has been given a consensus recommendation of “Moderate Buy” by the seven ratings firms that are covering the stock, MarketBeat Ratings reports. Four analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $58.80.

Several research analysts recently commented on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Friday. Guggenheim upped their price objective on Madison Square Garden Entertainment from $70.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, February 3rd. Wall Street Zen raised Madison Square Garden Entertainment from a “hold” rating to a “buy” rating in a research note on Saturday, February 28th. Susquehanna lifted 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. Finally, The Goldman Sachs Group reissued a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research report on Monday, January 5th.

Madison Square Garden Entertainment Trading Up 4.0%

Shares of MSGE opened at $58.93 on Friday. The stock has a market capitalization of $2.38 billion, a PE ratio of 54.56 and a beta of 0.38. The company’s fifty day moving average is $59.77 and its 200 day moving average is $52.86. 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 has a fifty-two week low of $28.29 and a fifty-two week high of $65.26.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings data on Tuesday, February 3rd. The company reported $1.94 EPS 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 business had revenue of $459.94 million for the quarter, compared to the consensus estimate of $448.21 million. During the same quarter last year, the business earned $1.56 EPS. Madison Square Garden Entertainment’s revenue for the quarter was up 12.9% compared to the same quarter last year. Sell-side analysts expect that Madison Square Garden Entertainment will post 1.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Madison Square Garden Entertainment

In other news, Director Charles P. Dolan sold 19,311 shares of the firm’s stock in a transaction dated 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 sale, the director owned 660 shares in the company, valued at approximately $42,081.60. This trade represents a 96.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 16.41% of the company’s stock.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Several hedge funds have recently added to or reduced their stakes in MSGE. Jericho Capital Asset Management L.P. raised its holdings in shares of Madison Square Garden Entertainment by 26.9% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company’s stock worth $197,384,000 after buying an additional 777,000 shares during the period. Millennium Management LLC grew its position in 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 acquiring an additional 561,537 shares during the last quarter. Bank of America Corp DE increased its stake 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 worth $26,670,000 after purchasing an additional 510,191 shares during the period. Dendur Capital LP increased its stake 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 purchasing an additional 347,500 shares during the period. Finally, Nuveen LLC lifted its position in shares of Madison Square Garden Entertainment by 86.4% during the fourth quarter. Nuveen LLC now owns 724,467 shares of the company’s stock worth $39,042,000 after purchasing an additional 335,890 shares during the last quarter. 96.86% of the stock is currently owned by institutional investors.

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.