Universal Beteiligungs und Servicegesellschaft mbH Sells 28,486 Shares of Madison Square Garden Entertainment Corp. $MSGE

Universal Beteiligungs und Servicegesellschaft mbH lowered its position in Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 84.8% in the 4th quarter, HoldingsChannel.com reports. The firm owned 5,106 shares of the company’s stock after selling 28,486 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH’s holdings in Madison Square Garden Entertainment were worth $275,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MSGE. First Horizon Corp purchased a new stake in Madison Square Garden Entertainment in the 4th quarter valued at about $37,000. Atlantic Edge Private Wealth Management LLC purchased a new position in shares of Madison Square Garden Entertainment in the 4th quarter worth approximately $47,000. State of Alaska Department of Revenue purchased a new position in shares of Madison Square Garden Entertainment in the 3rd quarter worth approximately $59,000. State of Wyoming bought a new position in shares of Madison Square Garden Entertainment in the second quarter valued at approximately $62,000. Finally, CWM LLC increased its position in shares of Madison Square Garden Entertainment by 44.6% during the third quarter. CWM LLC now owns 1,497 shares of the company’s stock valued at $68,000 after acquiring an additional 462 shares during the last quarter. 96.86% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MSGE has been the topic of a number of recent analyst reports. Wall Street Zen upgraded Madison Square Garden Entertainment from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. Weiss Ratings lowered Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday. BTIG Research initiated coverage on Madison Square Garden Entertainment in a research note on Tuesday, April 7th. They set a “buy” rating and a $70.00 target price on the stock. Guggenheim boosted their price target on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Finally, JPMorgan Chase & Co. raised 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 report on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Madison Square Garden Entertainment presently has an average rating of “Moderate Buy” and a consensus target price of $61.00.

Madison Square Garden Entertainment Stock Performance

NYSE:MSGE opened at $66.07 on Wednesday. The company has a market capitalization of $2.67 billion, a P/E ratio of 61.18 and a beta of 0.61. The business has a fifty day simple moving average of $60.16 and a two-hundred day simple moving average of $55.66. The company has a debt-to-equity ratio of 15.40, a current ratio of 0.68 and a quick ratio of 0.68. Madison Square Garden Entertainment Corp. has a 1 year low of $33.38 and a 1 year high of $68.52.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings results on Tuesday, February 3rd. The company reported $1.94 EPS for the quarter, missing analysts’ consensus estimates of $2.35 by ($0.41). Madison Square Garden Entertainment had a net margin of 5.12% and a negative return on equity of 748.04%. The firm had revenue of $459.94 million for the quarter, compared to analysts’ expectations of $448.21 million. During the same period in the prior year, the company earned $1.56 EPS. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. On average, analysts expect that Madison Square Garden Entertainment Corp. will post 1.16 earnings per share for the current year.

Insider Transactions at Madison Square Garden Entertainment

In other Madison Square Garden Entertainment news, Director Charles P. Dolan sold 19,311 shares of the stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $63.76, for a total transaction of $1,231,269.36. Following the completion of the transaction, the director owned 660 shares in the company, valued at $42,081.60. This trade represents a 96.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 16.41% 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.