Madison Square Garden Entertainment Corp. (NYSE:MSGE) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) have earned a consensus rating of “Moderate Buy” from the eight research firms that are currently covering the company, MarketBeat.com reports. Four analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokers that have covered the stock in the last year is $73.50.

Several brokerages have recently weighed in on MSGE. Seaport Research Partners reiterated a “neutral” rating on shares of Madison Square Garden Entertainment in a research report on Monday, June 29th. Morgan Stanley lifted their target price on Madison Square Garden Entertainment from $70.00 to $80.00 and gave the company an “equal weight” rating in a report on Tuesday, June 23rd. Susquehanna upped their price target on Madison Square Garden Entertainment from $77.00 to $80.00 and gave the company a “positive” rating in a research report on Thursday, May 28th. Guggenheim increased 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 report on Thursday, April 16th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Madison Square Garden Entertainment from $63.00 to $67.00 and gave the company a “neutral” rating in a research report on Friday, May 8th.

Madison Square Garden Entertainment Stock Performance

Shares of MSGE stock traded down $0.02 during trading on Tuesday, reaching $75.85. 146,780 shares of the company’s stock traded hands, compared to its average volume of 404,724. The firm’s 50-day moving average is $71.46 and its 200 day moving average is $63.24. The company has a market capitalization of $3.07 billion, a P/E ratio of 74.53 and a beta of 0.54. Madison Square Garden Entertainment has a 1 year low of $35.31 and a 1 year high of $82.79. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 11.40.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.03). The business had revenue of $246.26 million during the quarter, compared to analysts’ expectations of $242.99 million. Madison Square Garden Entertainment had a net margin of 4.81% and a return on equity of 4,795.27%. The firm’s quarterly revenue was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.17 earnings per share. Equities research analysts expect that Madison Square Garden Entertainment will post 1.34 EPS for the current year.

Insider Buying and Selling

In other news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $74.48, for a total transaction of $737,873.36. Following the completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 16.41% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Several large investors have recently added to or reduced their stakes in MSGE. First Horizon Corp bought a new position in Madison Square Garden Entertainment in the 4th quarter worth about $37,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Madison Square Garden Entertainment during the 4th quarter valued at about $45,000. Atlantic Edge Private Wealth Management LLC purchased a new position in shares of Madison Square Garden Entertainment during the fourth quarter worth about $47,000. State of Wyoming purchased a new position in shares of Madison Square Garden Entertainment during the second quarter worth about $62,000. Finally, CIBC Private Wealth Group LLC increased its position 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 worth $67,000 after purchasing an additional 1,202 shares during the last quarter. Institutional investors own 96.86% of the company’s stock.

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.