Madison Square Garden Entertainment (NYSE:MSGE) Director Charles Dolan Sells 19,311 Shares of Stock

Madison Square Garden Entertainment Corp. (NYSE:MSGE) Director Charles Dolan sold 19,311 shares of the business’s stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $63.76, for a total value of $1,231,269.36. Following the completion of the sale, the director directly owned 660 shares of the company’s stock, valued at $42,081.60. The trade was a 96.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Madison Square Garden Entertainment Stock Down 0.7%

Shares of NYSE:MSGE opened at $61.24 on Wednesday. The company has a debt-to-equity ratio of 15.40, a quick ratio of 0.68 and a current ratio of 0.68. Madison Square Garden Entertainment Corp. has a 52-week low of $28.29 and a 52-week high of $65.26. The business’s 50 day simple moving average is $58.24 and its two-hundred day simple moving average is $49.60. The firm has a market cap of $2.47 billion, a P/E ratio of 56.71 and a beta of 0.39.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings data on Tuesday, February 3rd. The company reported $1.94 EPS for the quarter, missing the consensus estimate of $2.35 by ($0.41). Madison Square Garden Entertainment had a net margin of 5.12% and a negative return on equity of 748.04%. The firm had revenue of $459.94 million for the quarter, compared to the consensus estimate of $448.21 million. During the same quarter in the prior year, the firm earned $1.56 EPS. The company’s revenue was up 12.9% compared to the same quarter last year. As a group, research analysts forecast that Madison Square Garden Entertainment Corp. will post 1.04 EPS for the current fiscal year.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. First Horizon Corp purchased a new position in shares of Madison Square Garden Entertainment in the 4th quarter worth approximately $37,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Madison Square Garden Entertainment during the fourth quarter valued at approximately $45,000. Atlantic Edge Private Wealth Management LLC bought a new stake in Madison Square Garden Entertainment during the fourth quarter worth $47,000. CWM LLC boosted its position in Madison Square Garden Entertainment by 623.8% in the second quarter. CWM LLC now owns 1,035 shares of the company’s stock worth $41,000 after purchasing an additional 892 shares during the last quarter. Finally, Cullen Frost Bankers Inc. grew its stake in Madison Square Garden Entertainment by 163.0% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 1,086 shares of the company’s stock valued at $43,000 after purchasing an additional 673 shares during the period. Hedge funds and other institutional investors own 96.86% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on MSGE shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research note on Monday, December 29th. Wall Street Zen downgraded Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Sunday, February 8th. Wolfe Research lowered Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a report on Monday, December 15th. The Goldman Sachs Group restated a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a report on Monday, January 5th. Finally, JPMorgan Chase & Co. upped their price target on Madison Square Garden Entertainment from $60.00 to $63.00 and gave the stock a “neutral” rating in a report on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $56.67.

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.