Madison Square Garden Entertainment Corp. (NYSE:MSGE) Given Consensus Recommendation of “Hold” by Analysts

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) have received a consensus rating of “Hold” from the eight brokerages that are currently covering the company, Marketbeat reports. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $78.50.

A number of research firms have recently commented on MSGE. Guggenheim boosted their target price on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $82.00 price target (up from $72.00) on shares of Madison Square Garden Entertainment in a report on Thursday, July 9th. JPMorgan Chase & Co. lifted their price target on shares of Madison Square Garden Entertainment from $63.00 to $67.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Weiss Ratings downgraded shares of Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 4th. Finally, Morgan Stanley boosted their price objective on shares of Madison Square Garden Entertainment from $70.00 to $80.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 23rd.

Madison Square Garden Entertainment Stock Performance

Shares of NYSE:MSGE opened at $75.05 on Tuesday. The company has a market cap of $3.04 billion, a P/E ratio of 73.58 and a beta of 0.54. The company has a debt-to-equity ratio of 11.40, a quick ratio of 0.72 and a current ratio of 0.72. Madison Square Garden Entertainment has a one year low of $35.31 and a one year high of $82.79. The business’s 50-day simple moving average is $72.43 and its 200 day simple moving average is $64.01.

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

Insider Activity

In other news, EVP Philip Gerard D’ambrosio sold 9,907 shares of Madison Square Garden Entertainment stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $74.48, for a total transaction of $737,873.36. Following the sale, the executive vice president directly owned 15,772 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 16.41% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. First Horizon Corp purchased a new stake in Madison Square Garden Entertainment during the 4th quarter worth approximately $37,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Madison Square Garden Entertainment in the 4th quarter valued at approximately $45,000. Atlantic Edge Private Wealth Management LLC purchased a new position in shares of Madison Square Garden Entertainment during the 4th quarter valued at approximately $47,000. State of Wyoming purchased a new position in shares of Madison Square Garden Entertainment during the 2nd quarter valued at approximately $62,000. Finally, CIBC Private Wealth Group LLC grew its position in shares of Madison Square Garden Entertainment by 3,248.6% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,239 shares of the company’s stock worth $67,000 after buying an additional 1,202 shares in the last quarter. Hedge funds and other institutional investors own 96.86% of the company’s stock.

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.