Institute for Wealth Management LLC. Buys Shares of 5,556 Madison Square Garden Entertainment Corp. $MSGE

Institute for Wealth Management LLC. bought a new stake in Madison Square Garden Entertainment Corp. (NYSE:MSGE) during the second quarter, HoldingsChannel.com reports. The firm bought 5,556 shares of the company’s stock, valued at approximately $222,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Ariel Investments LLC grew its position in Madison Square Garden Entertainment by 2.2% in the first quarter. Ariel Investments LLC now owns 7,775,373 shares of the company’s stock valued at $254,566,000 after acquiring an additional 170,830 shares during the last quarter. Jericho Capital Asset Management L.P. grew its position in Madison Square Garden Entertainment by 5.6% in the first quarter. Jericho Capital Asset Management L.P. now owns 2,885,724 shares of the company’s stock valued at $94,479,000 after acquiring an additional 152,000 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Madison Square Garden Entertainment by 14.9% in the first quarter. Assenagon Asset Management S.A. now owns 982,405 shares of the company’s stock valued at $32,164,000 after acquiring an additional 127,700 shares during the last quarter. Systematic Financial Management LP boosted its stake in shares of Madison Square Garden Entertainment by 0.4% during the first quarter. Systematic Financial Management LP now owns 923,407 shares of the company’s stock valued at $30,232,000 after purchasing an additional 3,930 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Madison Square Garden Entertainment by 30.0% during the first quarter. Northern Trust Corp now owns 670,883 shares of the company’s stock valued at $21,965,000 after purchasing an additional 154,888 shares in the last quarter. Institutional investors own 96.86% of the company’s stock.

Madison Square Garden Entertainment Price Performance

Madison Square Garden Entertainment stock opened at $46.65 on Friday. The stock’s 50 day moving average is $41.06 and its 200 day moving average is $37.65. The company has a debt-to-equity ratio of 60.61, a current ratio of 0.47 and a quick ratio of 0.47. The firm has a market cap of $2.21 billion, a P/E ratio of 61.38 and a beta of 0.49. Madison Square Garden Entertainment Corp. has a one year low of $28.29 and a one year high of $48.09.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its quarterly earnings data on Wednesday, August 13th. The company reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.03). The company had revenue of $154.14 million during the quarter, compared to analyst estimates of $151.17 million. Madison Square Garden Entertainment had a negative return on equity of 458.14% and a net margin of 3.97%.Madison Square Garden Entertainment’s revenue was down 17.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.41 earnings per share. As a group, research analysts expect that Madison Square Garden Entertainment Corp. will post 1.04 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on MSGE shares. Wall Street Zen lowered Madison Square Garden Entertainment from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. The Goldman Sachs Group lifted their price target on Madison Square Garden Entertainment from $42.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Morgan Stanley lifted their price target on Madison Square Garden Entertainment from $41.00 to $44.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 12th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $45.20.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. engages in the provision of entertainment services. Its portfolio of venues includes The Garden, Radio City Music Hall, the Beacon Theatre, The Theater at Madison Square, and The Chicago Theatre. The company was founded in 1879 and is headquartered in New York, NY.