Brokerages Set Madison Square Garden Entertainment Corp. (NYSE:MSGE) Target Price at $58.80

Madison Square Garden Entertainment Corp. (NYSE:MSGE) has received an average recommendation of “Moderate Buy” from the seven research firms that are currently covering the firm, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $58.80.

Several equities analysts recently commented on the stock. 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 research report on Tuesday, February 3rd. JPMorgan Chase & Co. upped their price target on shares of 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. Susquehanna raised their price target on shares of Madison Square Garden Entertainment from $51.00 to $61.00 and gave the stock a “positive” rating in a report on Thursday, December 11th. Weiss Ratings reiterated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research note on Friday, March 27th. Finally, Wolfe Research lowered shares of Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a report on Monday, December 15th.

Madison Square Garden Entertainment Price Performance

Shares of MSGE opened at $60.29 on Friday. The company has a 50 day moving average price of $59.72 and a 200-day moving average price of $53.12. Madison Square Garden Entertainment has a fifty-two week low of $28.29 and a fifty-two week high of $65.26. The stock has a market capitalization of $2.44 billion, a PE ratio of 55.83 and a beta of 0.48. 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 released 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 company had revenue of $459.94 million during the quarter, compared to the consensus estimate of $448.21 million. During the same period in the previous year, the firm posted $1.56 earnings per share. The company’s revenue was up 12.9% on a year-over-year basis. Equities analysts predict that Madison Square Garden Entertainment will post 1.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Madison Square Garden Entertainment 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 sale, the director owned 660 shares in the company, valued at approximately $42,081.60. The trade was a 96.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 16.41% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Jericho Capital Asset Management L.P. increased its holdings in shares of Madison Square Garden Entertainment by 26.9% during the 4th 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 worth $26,651,000 after buying an additional 561,537 shares in the last quarter. Bank of America Corp DE grew its position 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 buying an additional 510,191 shares during the period. Dendur Capital LP grew its position in Madison Square Garden Entertainment by 60.1% during the second quarter. Dendur Capital LP now owns 925,500 shares of the company’s stock valued at $36,992,000 after buying an additional 347,500 shares during the period. Finally, Nuveen LLC increased its holdings in Madison Square Garden Entertainment by 86.4% in the fourth quarter. Nuveen LLC now owns 724,467 shares of the company’s stock valued at $39,042,000 after buying an additional 335,890 shares in the last quarter. Hedge funds and other institutional investors own 96.86% of the company’s stock.

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.