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

Madison Square Garden Entertainment Corp. (NYSE:MSGE) has received an average recommendation of “Moderate Buy” from the seven analysts that are covering the company, MarketBeat Ratings reports. Four 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 12 month price objective among brokers that have covered the stock in the last year is $58.80.

MSGE has been the topic of several research analyst reports. Wolfe Research downgraded Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a research note on Monday, December 15th. 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 research note on Thursday, December 11th. The Goldman Sachs Group restated a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research report on Monday, January 5th. JPMorgan Chase & Co. increased their price objective on shares of Madison Square Garden Entertainment from $60.00 to $63.00 and gave the company a “neutral” rating in a report on Wednesday, February 4th. Finally, Guggenheim raised their target price on shares of Madison Square Garden Entertainment from $70.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, February 3rd.

Insider Buying and Selling at Madison Square Garden Entertainment

In other Madison Square Garden Entertainment news, Director Charles P. Dolan sold 19,311 shares of the company’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 owned 660 shares of the company’s stock, valued at $42,081.60. This represents a 96.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 16.41% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Several hedge funds have recently bought and sold shares of the company. Envestnet Asset Management Inc. grew its stake in shares of Madison Square Garden Entertainment by 67.6% in the second quarter. Envestnet Asset Management Inc. now owns 68,315 shares of the company’s stock worth $2,731,000 after acquiring an additional 27,561 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in Madison Square Garden Entertainment in the second quarter valued at $236,000. Assenagon Asset Management S.A. grew its stake in Madison Square Garden Entertainment by 23.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,033,774 shares of the company’s stock worth $46,768,000 after purchasing an additional 198,361 shares in the last quarter. Creative Planning purchased a new stake in Madison Square Garden Entertainment during the 2nd quarter worth about $509,000. Finally, Dynamic Technology Lab Private Ltd raised its position in Madison Square Garden Entertainment by 198.3% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 19,082 shares of the company’s stock valued at $763,000 after purchasing an additional 12,686 shares in the last quarter. Institutional investors and hedge funds own 96.86% of the company’s stock.

Madison Square Garden Entertainment Stock Down 1.1%

Shares of MSGE stock opened at $58.19 on Wednesday. The stock has a market cap of $2.35 billion, a P/E ratio of 53.88 and a beta of 0.38. Madison Square Garden Entertainment has a twelve month low of $28.29 and a twelve month high of $65.26. The stock has a 50 day moving average of $59.63 and a 200 day moving average of $51.18. 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 (NYSE:MSGE) last released its quarterly earnings results on Tuesday, February 3rd. The company reported $1.94 earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $459.94 million during the quarter, compared to analyst estimates of $448.21 million. During the same period in the previous year, the company posted $1.56 EPS. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, sell-side analysts expect that Madison Square Garden Entertainment will post 1.04 EPS for the current 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.