Madison Square Garden Entertainment (NYSE:MSGE) Price Target Raised to $76.00

Madison Square Garden Entertainment (NYSE:MSGE) had its price target hoisted by Guggenheim from $74.00 to $76.00 in a research report report published on Thursday morning,Benzinga reports. Guggenheim currently has a buy rating on the stock.

Other equities research analysts also recently issued reports about the company. BTIG Research began coverage on Madison Square Garden Entertainment in a research report on Tuesday, April 7th. They issued a “buy” rating and a $70.00 price target on the stock. JPMorgan Chase & Co. raised their price target on Madison Square Garden Entertainment from $60.00 to $63.00 and gave the company a “neutral” rating in a research report on Wednesday, February 4th. Wall Street Zen raised Madison Square Garden Entertainment from a “hold” rating to a “buy” rating in a research report on Saturday, February 28th. The Goldman Sachs Group reissued a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research report on Monday, January 5th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research note on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $61.00.

Madison Square Garden Entertainment Trading Up 2.6%

Shares of NYSE:MSGE opened at $62.70 on Thursday. The company has a market cap of $2.53 billion, a P/E ratio of 58.05 and a beta of 0.48. The stock’s 50-day moving average is $59.78 and its 200-day moving average is $54.22. Madison Square Garden Entertainment has a 52-week low of $29.81 and a 52-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 issued 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). The business had revenue of $459.94 million during the quarter, compared to analyst estimates 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 company’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.56 earnings per share. Equities research analysts predict that Madison Square Garden Entertainment will post 1.04 earnings per share for the current year.

Insider Transactions at Madison Square Garden Entertainment

In related news, Director Charles P. Dolan sold 19,311 shares of the business’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $63.76, for a total transaction of $1,231,269.36. Following the transaction, the director directly owned 660 shares in the company, valued at $42,081.60. The trade was a 96.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 16.41% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Madison Square Garden Entertainment

A number of institutional investors have recently added to or reduced their stakes in MSGE. Jericho Capital Asset Management L.P. boosted its holdings in Madison Square Garden Entertainment by 26.9% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company’s stock valued at $197,384,000 after purchasing an additional 777,000 shares in the last quarter. Millennium Management LLC boosted its holdings in Madison Square Garden Entertainment by 2,037.6% during the third quarter. Millennium Management LLC now owns 589,096 shares of the company’s stock valued at $26,651,000 after purchasing an additional 561,537 shares in the last quarter. Bank of America Corp DE boosted its holdings in Madison Square Garden Entertainment by 324.8% during the second quarter. Bank of America Corp DE now owns 667,248 shares of the company’s stock valued at $26,670,000 after purchasing an additional 510,191 shares in the last quarter. Nuveen LLC boosted its holdings in Madison Square Garden Entertainment by 86.4% during the fourth quarter. Nuveen LLC now owns 724,467 shares of the company’s stock valued at $39,042,000 after purchasing an additional 335,890 shares in the last quarter. Finally, Lord Abbett & CO. LLC acquired a new stake in Madison Square Garden Entertainment during the fourth quarter valued at approximately $13,473,000. 96.86% of the stock is owned by institutional investors and hedge funds.

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.