Madison Square Garden Entertainment Corp. $MSGE Position Trimmed by JPMorgan Chase & Co.

JPMorgan Chase & Co. decreased its holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 32.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 68,906 shares of the company’s stock after selling 33,401 shares during the period. JPMorgan Chase & Co. owned about 0.17% of Madison Square Garden Entertainment worth $3,117,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in MSGE. Ariel Investments LLC boosted its position in Madison Square Garden Entertainment by 1.6% during the second quarter. Ariel Investments LLC now owns 7,896,008 shares of the company’s stock valued at $315,603,000 after purchasing an additional 120,635 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of Madison Square Garden Entertainment by 23.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,033,774 shares of the company’s stock valued at $46,768,000 after purchasing an additional 198,361 shares in the last quarter. Dendur Capital LP lifted its stake in shares of Madison Square Garden Entertainment by 60.1% in the 2nd quarter. Dendur Capital LP now owns 925,500 shares of the company’s stock valued at $36,992,000 after purchasing an additional 347,500 shares during the last quarter. Bank of America Corp DE boosted its holdings 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 in the last quarter. Finally, Millennium Management LLC boosted its holdings in Madison Square Garden Entertainment by 2,037.6% in the third quarter. Millennium Management LLC now owns 589,096 shares of the company’s stock worth $26,651,000 after purchasing an additional 561,537 shares in the last quarter. 96.86% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on MSGE. Weiss Ratings restated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a report on Friday, March 27th. Guggenheim increased 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. JPMorgan Chase & Co. raised their price objective on Madison Square Garden Entertainment from $60.00 to $63.00 and gave the company a “neutral” rating in a research note 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. Finally, Wolfe Research downgraded Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a report on Monday, December 15th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $58.80.

Madison Square Garden Entertainment Price Performance

Shares of NYSE:MSGE opened at $60.29 on Friday. The company has a market cap of $2.44 billion, a price-to-earnings ratio of 55.83 and a beta of 0.48. The business has a 50 day moving average price of $59.72 and a 200 day moving average price of $53.12. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 15.40. Madison Square Garden Entertainment Corp. has a twelve month low of $28.29 and a twelve month high of $65.26.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings results 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 negative return on equity of 748.04% and a net margin of 5.12%.The business had revenue of $459.94 million during the quarter, compared to the consensus estimate of $448.21 million. During the same period in the prior year, the firm earned $1.56 earnings per share. The business’s quarterly revenue was up 12.9% on a year-over-year basis. Research analysts predict that Madison Square Garden Entertainment Corp. will post 1.04 earnings per share for the current year.

Insider Buying and Selling

In other Madison Square Garden Entertainment news, Director Charles P. Dolan sold 19,311 shares of the stock in a transaction 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 sale, the director directly owned 660 shares of the company’s stock, 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 currently 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.