Hsbc Holdings PLC Purchases New Stake in Madison Square Garden Entertainment Corp. $MSGE

Hsbc Holdings PLC purchased a new stake in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) during the first quarter, HoldingsChannel reports. The institutional investor purchased 9,826 shares of the company’s stock, valued at approximately $569,000.

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

Insider Activity at Madison Square Garden Entertainment

In related news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $74.48, for a total value of $737,873.36. Following 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 16.41% of the company’s stock.

Madison Square Garden Entertainment Stock Performance

Shares of MSGE stock opened at $77.15 on Friday. Madison Square Garden Entertainment Corp. has a 12 month low of $35.31 and a 12 month high of $82.79. The company has a debt-to-equity ratio of 11.40, a current ratio of 0.72 and a quick ratio of 0.72. The firm has a market capitalization of $3.12 billion, a P/E ratio of 75.64 and a beta of 0.54. The company’s fifty day moving average price is $74.94 and its two-hundred day moving average price is $66.10.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its quarterly earnings data 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). The firm had revenue of $246.26 million during the quarter, compared to analysts’ expectations of $242.99 million. Madison Square Garden Entertainment had a net margin of 4.81% and a return on equity of 4,795.27%. The business’s quarterly revenue was up 1.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.17 earnings per share. On average, research analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.35 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on MSGE shares. Susquehanna increased their price target on Madison Square Garden Entertainment from $77.00 to $80.00 and gave the company a “positive” rating in a report on Thursday, May 28th. Guggenheim boosted 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. Weiss Ratings downgraded Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 4th. Wall Street Zen downgraded Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $82.00 target price (up from $72.00) on shares of Madison Square Garden Entertainment in a research note on Thursday, July 9th. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $79.83.

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.