Madison Square Garden Entertainment Corp. (NYSE:MSGE) Given Average Recommendation of “Moderate Buy” by Brokerages

Madison Square Garden Entertainment Corp. (NYSE:MSGE) has been given a consensus rating of “Moderate Buy” by the seven brokerages that are covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation, two have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $56.6667.

A number of research analysts have recently issued reports on MSGE shares. Susquehanna increased their target price on Madison Square Garden Entertainment from $51.00 to $61.00 and gave the company a “positive” rating in a research report on Thursday, December 11th. Wall Street Zen raised shares of Madison Square Garden Entertainment from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. JPMorgan Chase & Co. upped their price objective on shares of Madison Square Garden Entertainment from $60.00 to $63.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 4th. Guggenheim increased their price objective on shares of Madison Square Garden Entertainment from $70.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday, February 3rd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Monday, December 29th.

Insiders Place Their Bets

In related 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 transaction, the director directly owned 660 shares of the company’s stock, valued at approximately $42,081.60. This trade represents a 96.70% decrease in their position. The sale was disclosed in a filing with the SEC, 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

A number of hedge funds have recently made changes to their positions in MSGE. Deutsche Bank AG lifted its position in shares of Madison Square Garden Entertainment by 0.6% in the fourth quarter. Deutsche Bank AG now owns 32,473 shares of the company’s stock valued at $1,750,000 after acquiring an additional 181 shares in the last quarter. CWM LLC increased its position in shares of Madison Square Garden Entertainment by 15.1% during the fourth quarter. CWM LLC now owns 1,723 shares of the company’s stock worth $93,000 after purchasing an additional 226 shares in the last quarter. Rhumbline Advisers raised its stake in Madison Square Garden Entertainment by 0.4% in the 2nd quarter. Rhumbline Advisers now owns 63,178 shares of the company’s stock valued at $2,525,000 after purchasing an additional 272 shares during the last quarter. Garden State Investment Advisory Services LLC raised its stake in Madison Square Garden Entertainment by 2.0% in the 2nd quarter. Garden State Investment Advisory Services LLC now owns 15,902 shares of the company’s stock valued at $636,000 after purchasing an additional 306 shares during the last quarter. Finally, Orion Porfolio Solutions LLC lifted its holdings in Madison Square Garden Entertainment by 1.9% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 22,667 shares of the company’s stock valued at $906,000 after purchasing an additional 418 shares in the last quarter. Institutional investors and hedge funds own 96.86% of the company’s stock.

Madison Square Garden Entertainment Stock Performance

NYSE MSGE opened at $58.93 on Wednesday. The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of 54.56 and a beta of 0.38. The stock has a 50-day moving average of $59.44 and a 200 day moving average of $50.90. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 15.40. Madison Square Garden Entertainment 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 data on Tuesday, February 3rd. The company reported $1.94 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 firm’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.56 earnings per share. Sell-side analysts anticipate that Madison Square Garden Entertainment will post 1.04 EPS for the current fiscal year.

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.