Madison Square Garden Entertainment (NYSE:MSGE) Reaches New 52-Week High – Still a Buy?

Madison Square Garden Entertainment Corp. (NYSE:MSGE)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $76.48 and last traded at $76.4210, with a volume of 22432 shares traded. The stock had previously closed at $75.32.

Analysts Set New Price Targets

A number of research analysts have commented on MSGE shares. BTIG Research reiterated a “buy” rating on shares of Madison Square Garden Entertainment in a research report on Thursday, May 21st. Susquehanna boosted their price objective on shares of Madison Square Garden Entertainment from $77.00 to $80.00 and gave the stock a “positive” rating in a report on Thursday, May 28th. Wall Street Zen lowered shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Guggenheim lifted their target price on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Finally, Weiss Ratings downgraded shares of Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $67.50.

Madison Square Garden Entertainment Stock Up 1.2%

The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 11.40. The stock has a 50 day simple moving average of $68.05 and a 200 day simple moving average of $61.41. The firm has a market capitalization of $3.08 billion, a PE ratio of 74.79 and a beta of 0.61.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its earnings results on Thursday, May 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.03). Madison Square Garden Entertainment had a return on equity of 4,795.27% and a net margin of 4.81%.The firm had revenue of $246.26 million during the quarter, compared to the consensus estimate of $242.99 million. During the same quarter in the prior year, the business posted $0.17 EPS. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. As a group, sell-side analysts forecast that Madison Square Garden Entertainment Corp. will post 1.28 earnings per share for the current year.

Insider Transactions at Madison Square Garden Entertainment

In other Madison Square Garden Entertainment news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the firm’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $74.48, for a total value of $737,873.36. Following the sale, the executive vice president owned 15,772 shares of the company’s stock, valued at $1,174,698.56. This trade represents a 38.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 16.41% of the stock is currently owned by company insiders.

Institutional Trading of Madison Square Garden Entertainment

Several large investors have recently modified their holdings of the business. Jericho Capital Asset Management L.P. raised its position in Madison Square Garden Entertainment by 26.9% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company’s stock valued at $197,384,000 after purchasing an additional 777,000 shares during the last quarter. Millennium Management LLC increased its stake in shares of Madison Square Garden Entertainment by 2,037.6% during the third quarter. Millennium Management LLC now owns 589,096 shares of the company’s stock valued at $26,651,000 after buying an additional 561,537 shares during the period. Bank of America Corp DE raised its holdings in shares of Madison Square Garden Entertainment by 324.8% during the second quarter. Bank of America Corp DE now owns 667,248 shares of the company’s stock valued at $26,670,000 after acquiring an additional 510,191 shares in the last quarter. Nuveen LLC lifted its stake in Madison Square Garden Entertainment by 86.4% in the fourth quarter. Nuveen LLC now owns 724,467 shares of the company’s stock worth $39,042,000 after acquiring an additional 335,890 shares during the period. Finally, Lord Abbett & CO. LLC purchased a new stake in Madison Square Garden Entertainment in the fourth quarter worth $13,473,000. 96.86% of the stock is owned by institutional investors.

Madison Square Garden Entertainment Company Profile

Madison Square Garden Entertainment Corp. (NYSE: MSGE) is a premier live entertainment company focused on producing and hosting a wide range of events across North America. Established as a separate publicly traded entity in April 2020 through a spin-off from Madison Square Garden Company, MSGE owns and operates iconic venues such as Madison Square Garden in New York City, Radio City Music Hall, The Chicago Theatre and Sphere in Las Vegas. These facilities serve as flagship stages for concerts, sports events, family shows and cultural performances.

The company’s core business activities center on venue management, event promotion and production services.