Renaissance Technologies LLC Purchases New Stake in Madison Square Garden Entertainment Corp. $MSGE

Renaissance Technologies LLC acquired a new stake in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 189,800 shares of the company’s stock, valued at approximately $11,181,000.

Several other hedge funds also recently added to or reduced their stakes in MSGE. Jericho Capital Asset Management L.P. increased its position in shares of Madison Square Garden Entertainment by 26.9% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company’s stock worth $197,384,000 after purchasing an additional 777,000 shares during the last quarter. Dendur Capital LP raised its stake in shares of Madison Square Garden Entertainment by 8.0% in the 4th quarter. Dendur Capital LP now owns 1,220,000 shares of the company’s stock valued at $65,746,000 after purchasing an additional 90,000 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Madison Square Garden Entertainment by 13.1% during the first quarter. Assenagon Asset Management S.A. now owns 1,210,718 shares of the company’s stock worth $71,323,000 after purchasing an additional 140,581 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Madison Square Garden Entertainment by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 979,614 shares of the company’s stock worth $52,800,000 after purchasing an additional 4,051 shares during the last quarter. Finally, State Street Corp grew its stake in Madison Square Garden Entertainment by 0.9% in the fourth quarter. State Street Corp now owns 894,786 shares of the company’s stock worth $48,220,000 after purchasing an additional 7,732 shares in the last quarter. 96.86% of the stock is owned by institutional investors and hedge funds.

Madison Square Garden Entertainment Trading Down 2.2%

Madison Square Garden Entertainment stock opened at $77.15 on Friday. The firm’s 50-day moving average is $74.94 and its 200-day moving average is $66.10. The company has a debt-to-equity ratio of 11.40, a quick ratio of 0.72 and a current ratio of 0.72. Madison Square Garden Entertainment Corp. has a 1 year low of $35.31 and a 1 year high of $82.79. The company has a market cap of $3.12 billion, a P/E ratio of 75.64 and a beta of 0.54.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.03). Madison Square Garden Entertainment had a net margin of 4.81% and a return on equity of 4,795.27%. The business had revenue of $246.26 million during the quarter, compared to analyst estimates of $242.99 million. During the same period last year, the firm posted $0.17 earnings per share. The company’s quarterly revenue was up 1.5% on a year-over-year basis. On average, equities analysts expect that Madison Square Garden Entertainment Corp. will post 1.35 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on MSGE. Weiss Ratings lowered Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 4th. Morgan Stanley increased their target price on Madison Square Garden Entertainment from $70.00 to $80.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 23rd. BTIG Research reiterated a “buy” rating on shares of Madison Square Garden Entertainment in a research report on Thursday, May 21st. The Goldman Sachs Group reiterated a “neutral” rating and issued a $82.00 price target (up from $72.00) on shares of Madison Square Garden Entertainment in a report on Thursday, July 9th. Finally, Seaport Research Partners reissued a “neutral” rating on shares of Madison Square Garden Entertainment in a research report on Monday, June 29th. Three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $79.83.

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 dated Thursday, June 11th. The shares were sold at an average price of $74.48, for a total value of $737,873.36. Following the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 16.41% of the stock is owned by corporate insiders.

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.