Madison Square Garden Entertainment (NYSE:MSGE) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Madison Square Garden Entertainment (NYSE:MSGE) had its price target increased by stock analysts at JPMorgan Chase & Co. from $83.00 to $84.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 8.71% from the company’s current price.

MSGE has been the subject of a number of other reports. Zacks Research lowered shares of Madison Square Garden Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 12th. Susquehanna increased their price objective on shares of Madison Square Garden Entertainment from $92.00 to $93.00 and gave the company a “positive” rating in a research report on Thursday. The Goldman Sachs Group downgraded shares of Madison Square Garden Entertainment from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $72.00 to $82.00 in a research report on Thursday, July 9th. Bank of America boosted their target price on shares of Madison Square Garden Entertainment from $80.00 to $96.00 and gave the company a “buy” rating in a research note on Friday, August 14th. Finally, Wall Street Zen cut Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a report on Saturday, October 31st. Four analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, Madison Square Garden Entertainment has a consensus rating of “Hold” and an average price target of $90.50.

Madison Square Garden Entertainment Stock Performance

Shares of NYSE:MSGE traded up $1.87 during midday trading on Thursday, reaching $77.27. 245,883 shares of the company’s stock traded hands, compared to its average volume of 395,790. The company has a debt-to-equity ratio of 11.80, a quick ratio of 0.70 and a current ratio of 0.70. Madison Square Garden Entertainment has a one year low of $44.29 and a one year high of $90.41. The company has a market cap of $3.13 billion, a price-to-earnings ratio of 38.07 and a beta of 0.56. The stock has a 50 day moving average of $79.11 and a 200 day moving average of $70.89.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its earnings results on Wednesday, November 4th. The company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.24. The business had revenue of $217.13 million during the quarter, compared to analyst estimates of $208.11 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 37.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.46) EPS. As a group, equities research analysts anticipate that Madison Square Garden Entertainment will post 2.65 EPS for the current fiscal year.

Institutional Trading of Madison Square Garden Entertainment

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. raised its position in Madison Square Garden Entertainment by 42.4% in the third quarter. Assenagon Asset Management S.A. now owns 1,229,680 shares of the company’s stock worth $98,510,000 after acquiring an additional 366,218 shares during the period. Gabelli Funds LLC increased its stake in shares of Madison Square Garden Entertainment by 2.4% in the 1st quarter. Gabelli Funds LLC now owns 500,420 shares of the company’s stock worth $29,480,000 after purchasing an additional 11,746 shares in the last quarter. Congress Asset Management Co. bought a new position in Madison Square Garden Entertainment in the 3rd quarter worth $24,280,000. Bank of America Corp DE raised its holdings in Madison Square Garden Entertainment by 27.7% in the 1st quarter. Bank of America Corp DE now owns 223,411 shares of the company’s stock worth $13,161,000 after purchasing an additional 48,453 shares during the period. Finally, Renaissance Technologies LLC bought a new position in Madison Square Garden Entertainment in the 1st quarter worth $11,181,000. 96.86% of the stock is owned by hedge funds and other institutional investors.

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.