Madison Square Garden Entertainment (NYSE:MSGE) Cut to “Hold” at Wall Street Zen

Wall Street Zen lowered shares of Madison Square Garden Entertainment (NYSE:MSGE) from a buy rating to a hold rating in a research report sent to investors on Saturday,Wall Street Zen reports.

A number of other research firms have also commented on MSGE. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research note on Thursday. Bank of America lifted their target price on shares of Madison Square Garden Entertainment from $80.00 to $96.00 and gave the stock a “buy” rating in a research report on Friday, August 14th. Susquehanna dropped their target price on shares of Madison Square Garden Entertainment from $103.00 to $92.00 and set a “positive” rating on the stock in a research report on Monday, October 26th. The Goldman Sachs Group lowered shares of Madison Square Garden Entertainment from a “buy” rating to a “neutral” rating and boosted their price target for the company from $72.00 to $82.00 in a report on Thursday, July 9th. Finally, Zacks Research downgraded shares of Madison Square Garden Entertainment from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 12th. Four equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $90.25.

Madison Square Garden Entertainment Trading Down 1.2%

Shares of NYSE MSGE opened at $79.37 on Friday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 11.80. Madison Square Garden Entertainment has a 12 month low of $43.33 and a 12 month high of $90.41. The company has a market cap of $3.22 billion, a price-to-earnings ratio of 57.51 and a beta of 0.55. The business has a fifty day simple moving average of $79.23 and a 200-day simple moving average of $70.52.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly 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 firm had revenue of $196.32 million for the quarter, compared to analysts’ expectations of $166.62 million. Madison Square Garden Entertainment had a return on equity of 480.83% and a net margin of 6.24%. Madison Square Garden Entertainment’s revenue was up 27.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.57) EPS. Sell-side analysts predict that Madison Square Garden Entertainment will post 2.51 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Providence First Trust Co acquired a new stake in shares of Madison Square Garden Entertainment during the third quarter worth approximately $308,000. Putney Financial Group LLC purchased a new position in Madison Square Garden Entertainment during the third quarter valued at approximately $69,000. VIRGINIA RETIREMENT SYSTEMS ET Al grew its position in Madison Square Garden Entertainment by 444.0% during the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 13,600 shares of the company’s stock valued at $1,089,000 after purchasing an additional 11,100 shares in the last quarter. Gibbs Wealth Management purchased a new position in Madison Square Garden Entertainment during the third quarter valued at approximately $454,000. Finally, Sterling Capital Management LLC increased its stake in Madison Square Garden Entertainment by 840.0% in the 3rd quarter. Sterling Capital Management LLC now owns 1,316 shares of the company’s stock valued at $105,000 after buying an additional 1,176 shares during the period. Hedge funds and other institutional investors own 96.86% of the company’s stock.

Madison Square Garden Entertainment Company Profile

Madison Square Garden Entertainment Corp. (NYSE: MSGE) is a live entertainment company that owns, operates and manages prominent entertainment venues and produces live events. Its portfolio includes Madison Square Garden, Radio City Music Hall, the Beacon Theatre and The Chicago Theatre, as well as the Hulu Theater at Madison Square Garden.

The company presents and promotes concerts, family entertainment, comedy shows, sporting events and other special events. It also produces the annual Christmas Spectacular Starring the Radio City Rockettes and supports a range of entertainment experiences through its venue operations, booking activities and event-related services.

Madison Square Garden Entertainment primarily serves audiences in the United States, with a concentration in New York City and Chicago.