Madison Square Garden Entertainment’s (MSGE) Neutral Rating Reiterated at Seaport Research Partners

Madison Square Garden Entertainment (NYSE:MSGE)‘s stock had its “neutral” rating reiterated by investment analysts at Seaport Research Partners in a research note issued on Monday,Benzinga reports.

Other equities analysts have also recently issued reports about the stock. JPMorgan Chase & Co. raised their price objective on shares of Madison Square Garden Entertainment from $63.00 to $67.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Susquehanna upped their target price 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. Wall Street Zen downgraded Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings lowered Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 4th. Finally, Guggenheim lifted their price objective on 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. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $73.50.

Madison Square Garden Entertainment Price Performance

Shares of MSGE stock opened at $80.24 on Monday. The firm has a market cap of $3.25 billion, a price-to-earnings ratio of 78.67 and a beta of 0.61. Madison Square Garden Entertainment has a 12 month low of $35.31 and a 12 month high of $82.78. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 11.40. The stock has a 50-day moving average price of $69.41 and a 200 day moving average price of $62.16.

Madison Square Garden Entertainment (NYSE:MSGE) last released its earnings results on Thursday, May 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.03). Madison Square Garden Entertainment had a net margin of 4.81% and a return on equity of 4,795.27%. The business had revenue of $246.26 million for the quarter, compared to analyst estimates of $242.99 million. During the same quarter in the previous year, the company posted $0.17 earnings per share. The business’s revenue for the quarter was up 1.5% on a year-over-year basis. Research analysts expect that Madison Square Garden Entertainment will post 1.34 EPS for the current year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Madison Square Garden Entertainment

Hedge funds have recently bought and sold shares of the company. Bank of America Corp DE grew its holdings in shares of Madison Square Garden Entertainment by 27.7% in the 1st quarter. Bank of America Corp DE now owns 223,411 shares of the company’s stock valued at $13,161,000 after buying an additional 48,453 shares during the period. California State Teachers Retirement System raised its stake in Madison Square Garden Entertainment by 27.8% during the 1st quarter. California State Teachers Retirement System now owns 46,216 shares of the company’s stock worth $2,723,000 after buying an additional 10,064 shares during the period. The Manufacturers Life Insurance Company raised its stake in Madison Square Garden Entertainment by 1.2% during the 1st quarter. The Manufacturers Life Insurance Company now owns 17,519 shares of the company’s stock worth $1,032,000 after buying an additional 212 shares during the period. Quantinno Capital Management LP lifted its holdings in Madison Square Garden Entertainment by 63.5% during the first quarter. Quantinno Capital Management LP now owns 13,322 shares of the company’s stock worth $785,000 after acquiring an additional 5,174 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its holdings in Madison Square Garden Entertainment by 299.4% during the first quarter. Lazard Asset Management LLC now owns 41,326 shares of the company’s stock worth $2,435,000 after acquiring an additional 30,979 shares in the last quarter. 96.86% of the stock is currently 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.