Madison Square Garden Entertainment Corp. (NYSE:MSGE) Receives $67.50 Average Price Target from Analysts

Madison Square Garden Entertainment Corp. (NYSE:MSGE) has been assigned a consensus rating of “Moderate Buy” from the eight ratings firms that are presently covering the company, MarketBeat.com reports. Four research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $67.50.

Several analysts have issued reports on MSGE shares. Guggenheim upped their price target 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. BTIG Research reaffirmed a “buy” rating on shares of Madison Square Garden Entertainment in a research report on Thursday, May 21st. Wall Street Zen lowered shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Susquehanna upped their price target on shares of Madison Square Garden Entertainment from $77.00 to $80.00 and gave the stock a “positive” rating in a research report on Thursday, May 28th. Finally, Weiss Ratings lowered shares of Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 4th.

Insider Activity at Madison Square Garden Entertainment

In other Madison Square Garden Entertainment news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the company’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 transaction, the executive vice president directly owned 15,772 shares in the company, valued at $1,174,698.56. The trade was a 38.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 16.41% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Several institutional investors and hedge funds have recently modified their holdings of MSGE. First Horizon Corp acquired a new position in shares of Madison Square Garden Entertainment in the fourth quarter valued at $37,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Madison Square Garden Entertainment in the fourth quarter valued at $45,000. Atlantic Edge Private Wealth Management LLC acquired a new position in shares of Madison Square Garden Entertainment in the fourth quarter valued at $47,000. State of Wyoming acquired a new position in shares of Madison Square Garden Entertainment in the second quarter valued at $62,000. Finally, CIBC Private Wealth Group LLC increased its holdings in shares of Madison Square Garden Entertainment by 3,248.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,239 shares of the company’s stock valued at $67,000 after purchasing an additional 1,202 shares during the last quarter. 96.86% of the stock is currently owned by institutional investors and hedge funds.

Madison Square Garden Entertainment Stock Performance

NYSE MSGE opened at $75.46 on Friday. 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 firm’s fifty day moving average price is $67.00 and its two-hundred day moving average price is $60.73. Madison Square Garden Entertainment has a 1 year low of $35.31 and a 1 year high of $75.70. The firm has a market capitalization of $3.05 billion, a P/E ratio of 73.98 and a beta of 0.61.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its quarterly 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 for the quarter, compared to the consensus estimate of $242.99 million. During the same period last year, the company posted $0.17 earnings per share. The business’s revenue was up 1.5% compared to the same quarter last year. As a group, research analysts anticipate that Madison Square Garden Entertainment will post 1.28 EPS for the current year.

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.