Madison Square Garden Entertainment (NYSE:MSGE) Issues Earnings Results, Beats Expectations By $0.13 EPS

Madison Square Garden Entertainment (NYSE:MSGE) announced its quarterly earnings results on Thursday. The company reported ($0.46) earnings per share for the quarter, beating the consensus estimate of ($0.59) by $0.13, Zacks reports. The business had revenue of $158.26 million during the quarter, compared to analysts’ expectations of $156.62 million. Madison Square Garden Entertainment had a net margin of 3.65% and a return on equity of 2,102.70%. The firm’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.40) EPS.

Madison Square Garden Entertainment Stock Up 5.3%

NYSE MSGE traded up $2.34 during trading hours on Friday, reaching $46.61. 496,618 shares of the company’s stock traded hands, compared to its average volume of 315,283. The firm has a market cap of $1.88 billion, a PE ratio of 50.01 and a beta of 0.48. The company has a debt-to-equity ratio of 60.61, a current ratio of 0.47 and a quick ratio of 0.47. Madison Square Garden Entertainment has a 52-week low of $28.29 and a 52-week high of $48.09. The firm has a 50-day simple moving average of $44.16 and a 200 day simple moving average of $39.95.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MSGE. The Goldman Sachs Group upped their price objective on shares of Madison Square Garden Entertainment from $42.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, October 1st. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Madison Square Garden Entertainment in a research report on Wednesday, October 8th. JPMorgan Chase & Co. increased their price objective on Madison Square Garden Entertainment from $41.00 to $47.00 and gave the stock a “neutral” rating in a report on Friday. Wall Street Zen raised Madison Square Garden Entertainment from a “sell” rating to a “hold” rating in a research note on Saturday. Finally, Morgan Stanley upped their target price on Madison Square Garden Entertainment from $41.00 to $44.00 and gave the company an “equal weight” rating in a report on Tuesday, August 12th. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $45.50.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Several large investors have recently made changes to their positions in the business. State of Wyoming bought a new position in Madison Square Garden Entertainment during the 2nd quarter valued at about $62,000. Raymond James Financial Inc. bought a new stake in shares of Madison Square Garden Entertainment in the second quarter worth approximately $96,000. Osaic Holdings Inc. raised its holdings in shares of Madison Square Garden Entertainment by 32.0% during the second quarter. Osaic Holdings Inc. now owns 3,138 shares of the company’s stock valued at $125,000 after purchasing an additional 760 shares during the last quarter. Captrust Financial Advisors bought a new position in Madison Square Garden Entertainment during the second quarter valued at approximately $235,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Madison Square Garden Entertainment in the first quarter worth approximately $210,000. 96.86% of the stock is currently owned by hedge funds and other institutional investors.

Madison Square Garden Entertainment Company Profile

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.