Madison Square Garden Entertainment (NYSE:MSGE) Given New $75.00 Price Target at JPMorgan Chase & Co.

Madison Square Garden Entertainment (NYSE:MSGE) had its price objective boosted by JPMorgan Chase & Co. from $67.00 to $75.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other equities research analysts also recently issued reports about the company. The Goldman Sachs Group reiterated a “neutral” rating and issued a $82.00 price objective (up from $72.00) on shares of Madison Square Garden Entertainment in a report on Thursday, July 9th. BTIG Research reaffirmed a “buy” rating on shares of Madison Square Garden Entertainment in a report on Thursday, May 21st. Guggenheim lifted their price target on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Wall Street Zen cut shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Susquehanna increased their price objective on shares of Madison Square Garden Entertainment from $77.00 to $80.00 and gave the company a “positive” rating in a research report on Thursday, May 28th. Three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $79.83.

Madison Square Garden Entertainment Stock Down 0.2%

Madison Square Garden Entertainment stock opened at $76.50 on Tuesday. The firm has a market cap of $3.09 billion, a price-to-earnings ratio of 75.00 and a beta of 0.54. The stock has a fifty day simple moving average of $73.58 and a two-hundred day simple moving average of $64.90. Madison Square Garden Entertainment has a 12 month low of $35.31 and a 12 month high of $82.79. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 11.40.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.03). The business had revenue of $246.26 million during the quarter, compared to analysts’ expectations of $242.99 million. Madison Square Garden Entertainment had a return on equity of 4,795.27% and a net margin of 4.81%.The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.17 EPS. Equities analysts predict that Madison Square Garden Entertainment will post 1.34 EPS for the current fiscal year.

Insider Activity at Madison Square Garden Entertainment

In related news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the company’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $74.48, for a total transaction of $737,873.36. Following the completion of the sale, the executive vice president owned 15,772 shares in the company, valued at approximately $1,174,698.56. This represents a 38.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 16.41% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of MSGE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Madison Square Garden Entertainment by 5.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,679 shares of the company’s stock valued at $775,000 after purchasing an additional 1,193 shares during the period. Millennium Management LLC purchased a new stake in shares of Madison Square Garden Entertainment during the 1st quarter valued at about $4,994,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Madison Square Garden Entertainment in the 1st quarter worth approximately $210,000. Jane Street Group LLC bought a new position in shares of Madison Square Garden Entertainment in the 1st quarter worth approximately $1,468,000. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Madison Square Garden Entertainment by 53.5% in the second quarter. JPMorgan Chase & Co. now owns 102,307 shares of the company’s stock worth $4,089,000 after buying an additional 35,678 shares during the last quarter. 96.86% of the stock is owned by hedge funds and other institutional investors.

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.