Madison Square Garden Entertainment (NYSE:MSGE) Downgraded by Zacks Research to Hold

Zacks Research lowered shares of Madison Square Garden Entertainment (NYSE:MSGE) from a strong-buy rating to a hold rating in a research report released on Monday,Zacks reports.

Several other brokerages have also weighed in on MSGE. Wall Street Zen raised Madison Square Garden Entertainment from a “hold” rating to a “buy” rating in a report on Saturday, October 3rd. Piper Sandler began coverage on Madison Square Garden Entertainment in a research report on Thursday, August 20th. They set a “neutral” rating and a $86.00 price objective on the stock. BTIG Research upped their target price on Madison Square Garden Entertainment from $86.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, August 14th. Seaport Research Partners reaffirmed a “neutral” rating on shares of Madison Square Garden Entertainment in a research report on Monday, June 29th. Finally, Morgan Stanley raised their target price on Madison Square Garden Entertainment from $70.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 23rd. Four research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $91.62.

Madison Square Garden Entertainment Stock Up 0.6%

NYSE MSGE opened at $80.27 on Monday. The company has a debt-to-equity ratio of 11.80, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a 50-day simple moving average of $79.75 and a 200 day simple moving average of $73.38. Madison Square Garden Entertainment has a twelve month low of $42.60 and a twelve month high of $90.41. The stock has a market cap of $3.25 billion, a PE ratio of 58.17 and a beta of 0.55.

Madison Square Garden Entertainment (NYSE:MSGE) last released its earnings results on Wednesday, August 12th. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.23. The business had revenue of $196.32 million for the quarter, compared to the consensus estimate of $166.62 million. Madison Square Garden Entertainment had a return on equity of 480.83% and a net margin of 6.24%. The firm’s revenue for the quarter was up 27.4% compared to the same quarter last year. During the same period last year, the business earned ($0.57) earnings per share. On average, research analysts forecast that Madison Square Garden Entertainment will post 2.50 EPS for the current year.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Several large investors have recently modified their holdings of MSGE. Jericho Capital Asset Management L.P. boosted its position in Madison Square Garden Entertainment by 26.9% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company’s stock valued at $197,384,000 after buying an additional 777,000 shares in the last quarter. Congress Asset Management Co. acquired a new stake in shares of Madison Square Garden Entertainment during the third quarter worth approximately $24,280,000. Renaissance Technologies LLC acquired a new stake in shares of Madison Square Garden Entertainment during the first quarter worth approximately $11,181,000. Assenagon Asset Management S.A. increased its holdings in shares of Madison Square Garden Entertainment by 13.1% during the first quarter. Assenagon Asset Management S.A. now owns 1,210,718 shares of the company’s stock worth $71,323,000 after buying an additional 140,581 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of Madison Square Garden Entertainment in the second quarter valued at approximately $9,497,000. 96.86% of the stock is currently owned by institutional investors.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. (NYSE: MSGE) is a live entertainment company that owns, operates and produces experiences at prominent venues. Its portfolio includes Madison Square Garden and Radio City Music Hall in New York City, the Beacon Theatre in New York, and The Chicago Theatre in Chicago.

The company presents concerts, comedy shows, family entertainment, theatrical productions and other cultural events. It is also known for producing the Radio City Christmas Spectacular, featuring the Rockettes, and for developing original entertainment and hospitality experiences connected with its venues.

Madison Square Garden Entertainment was established as an independent public company following the separation of the entertainment businesses from Madison Square Garden Sports Corp.