Analysts Set Madison Square Garden Entertainment Corp. (NYSE:MSGE) PT at $91.62

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) have been assigned an average recommendation of “Moderate Buy” from the eleven ratings firms that are currently covering the company, MarketBeat reports. Six equities research analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $91.6250.

A number of equities analysts have issued reports on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Madison Square Garden Entertainment in a report on Friday, July 31st. Bank of America upped their target price on Madison Square Garden Entertainment from $80.00 to $96.00 and gave the company a “buy” rating in a report on Friday, August 14th. JPMorgan Chase & Co. increased their price target on Madison Square Garden Entertainment from $75.00 to $83.00 and gave the stock a “neutral” rating in a research report on Thursday, August 13th. Seaport Research Partners reissued a “neutral” rating on shares of Madison Square Garden Entertainment in a report on Monday, June 29th. Finally, The Goldman Sachs Group restated a “neutral” rating and set a $82.00 price objective (up from $72.00) on shares of Madison Square Garden Entertainment in a research report on Thursday, July 9th.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Hedge funds have recently added to or reduced their stakes in the stock. Jericho Capital Asset Management L.P. grew its position in shares of Madison Square Garden Entertainment by 26.9% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company’s stock worth $197,384,000 after acquiring an additional 777,000 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in Madison Square Garden Entertainment by 13.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,210,718 shares of the company’s stock valued at $71,323,000 after purchasing an additional 140,581 shares during the last quarter. Gabelli Funds LLC lifted its position in Madison Square Garden Entertainment by 2.4% in the 1st quarter. Gabelli Funds LLC now owns 500,420 shares of the company’s stock valued at $29,480,000 after purchasing an additional 11,746 shares during the last quarter. Bank of America Corp DE lifted its position 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 valued at $13,161,000 after purchasing an additional 48,453 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in Madison Square Garden Entertainment during the 1st quarter valued at about $11,181,000. 96.86% of the stock is currently owned by institutional investors.

Madison Square Garden Entertainment Stock Down 1.2%

Shares of NYSE:MSGE opened at $80.22 on Friday. The company’s fifty day moving average is $78.62 and its two-hundred day moving average is $70.97. 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 1-year low of $41.65 and a 1-year high of $90.41. The stock has a market capitalization of $3.24 billion, a price-to-earnings ratio of 58.13 and a beta of 0.56.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.23. Madison Square Garden Entertainment had a net margin of 6.24% and a return on equity of 480.83%. The business had revenue of $196.32 million during the quarter, compared to analyst estimates of $166.62 million. During the same period in the previous year, the business posted ($0.57) EPS. The company’s quarterly revenue was up 27.4% on a year-over-year basis. Equities analysts anticipate that Madison Square Garden Entertainment will post 2.5 EPS for the current year.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. is a live entertainment company that owns, operates and produces events at prominent venues in the United States. Its portfolio includes Madison Square Garden and Radio City Music Hall in New York City, as well as the Beacon Theatre in New York and The Chicago Theatre in Illinois.

The company presents concerts, comedy shows, family entertainment, sporting events and other live performances. Its productions include the annual Christmas Spectacular Starring the Radio City Rockettes, along with original entertainment and special events.