Seaport Research Partners Reiterates Neutral Rating for Madison Square Garden Entertainment (NYSE:MSGE)

Madison Square Garden Entertainment (NYSE:MSGE)‘s stock had its “neutral” rating reaffirmed by stock analysts at Seaport Research Partners in a research report issued to clients and investors on Monday,Benzinga reports.

Other equities research analysts have also issued reports about the stock. JPMorgan Chase & Co. raised their price objective on shares of Madison Square Garden Entertainment from $63.00 to $67.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. Guggenheim boosted their target price on Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company 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, BTIG Research reiterated a “buy” rating on shares of Madison Square Garden Entertainment in a research note on Thursday, May 21st. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $73.50.

Madison Square Garden Entertainment Price Performance

NYSE MSGE opened at $80.24 on Monday. The business has a 50 day simple moving average of $69.41 and a 200 day simple moving average of $62.16. Madison Square Garden Entertainment has a 52-week low of $35.31 and a 52-week high of $82.78. The company has a debt-to-equity ratio of 11.40, a quick ratio of 0.72 and a current ratio of 0.72. The stock has a market cap of $3.25 billion, a price-to-earnings ratio of 78.67 and a beta of 0.61.

Madison Square Garden Entertainment (NYSE:MSGE) last announced 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 net margin of 4.81% and a return on equity of 4,795.27%. The company had revenue of $246.26 million during the quarter, compared to the consensus estimate of $242.99 million. During the same period in the previous year, the firm posted $0.17 EPS. The business’s quarterly revenue was up 1.5% compared to the same quarter last year. Analysts anticipate that Madison Square Garden Entertainment will post 1.34 earnings per share for the current fiscal year.

Insider Transactions at Madison Square Garden Entertainment

In other Madison Square Garden Entertainment news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $74.48, for a total value of $737,873.36. Following the completion of the sale, the executive vice president owned 15,772 shares in the company, valued at $1,174,698.56. This trade represents a 38.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 16.41% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Harbour Capital Advisors LLC acquired a new position in Madison Square Garden Entertainment during the fourth quarter worth approximately $1,075,000. Citigroup Inc. raised its stake in Madison Square Garden Entertainment by 220.9% in the third quarter. Citigroup Inc. now owns 59,436 shares of the company’s stock valued at $2,689,000 after buying an additional 40,917 shares during the period. Northern Right Capital Management L.P. lifted its position in shares of Madison Square Garden Entertainment by 20.0% in the third quarter. Northern Right Capital Management L.P. now owns 475,942 shares of the company’s stock valued at $21,532,000 after buying an additional 79,399 shares during the last quarter. UBS Group AG lifted its position in shares of Madison Square Garden Entertainment by 28.9% in the fourth quarter. UBS Group AG now owns 294,984 shares of the company’s stock valued at $15,897,000 after buying an additional 66,070 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Madison Square Garden Entertainment by 3.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,070,137 shares of the company’s stock worth $57,670,000 after acquiring an additional 36,363 shares during the period. 96.86% of the stock is currently owned by institutional investors and hedge funds.

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.