Madison Square Garden Entertainment (NYSE:MSGE) Price Target Raised to $83.00

Madison Square Garden Entertainment (NYSE:MSGE) had its price target raised by JPMorgan Chase & Co. from $75.00 to $83.00 in a research note released on Thursday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other research firms also recently commented on MSGE. Weiss Ratings reiterated a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Friday, July 31st. Morgan Stanley boosted their price target 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. Wall Street Zen downgraded Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Seaport Research Partners reaffirmed a “neutral” rating on shares of Madison Square Garden Entertainment in a research note on Monday, June 29th. Finally, Guggenheim raised their price objective on shares of Madison Square Garden Entertainment from $82.00 to $103.00 and gave the company a “buy” rating in a report on Wednesday. Four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, Madison Square Garden Entertainment currently has a consensus rating of “Hold” and an average target price of $92.43.

Madison Square Garden Entertainment Stock Up 1.3%

Shares of MSGE opened at $85.38 on Thursday. Madison Square Garden Entertainment has a 52 week low of $36.05 and a 52 week high of $90.41. The stock has a market capitalization of $3.45 billion, a price-to-earnings ratio of 61.87 and a beta of 0.56. The company has a debt-to-equity ratio of 11.80, a quick ratio of 0.72 and a current ratio of 0.70. The stock has a fifty day moving average of $76.76 and a 200-day moving average of $67.54.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.23. The company had revenue of $196.32 million for the quarter, compared to the consensus estimate of $166.62 million. Madison Square Garden Entertainment had a return on equity of 480.83% and a net margin of 6.24%.Madison Square Garden Entertainment’s revenue for the quarter was up 27.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.57) EPS. As a group, sell-side analysts anticipate that Madison Square Garden Entertainment will post 2.42 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was 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 of the company’s stock, valued at $1,174,698.56. This trade represents a 38.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 16.41% of the stock is owned by insiders.

Institutional Investors Weigh In On Madison Square Garden Entertainment

A number of institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp acquired a new stake in shares of Madison Square Garden Entertainment in the second quarter valued at about $9,497,000. Handelsbanken Fonder AB lifted its stake in shares of Madison Square Garden Entertainment by 23.9% in the second quarter. Handelsbanken Fonder AB now owns 11,400 shares of the company’s stock worth $922,000 after acquiring an additional 2,200 shares during the period. Bank of America Corp DE lifted its stake in shares of Madison Square Garden Entertainment by 27.7% in the first quarter. Bank of America Corp DE now owns 223,411 shares of the company’s stock worth $13,161,000 after acquiring an additional 48,453 shares during the period. California State Teachers Retirement System boosted its holdings in Madison Square Garden Entertainment by 27.8% in the first quarter. California State Teachers Retirement System now owns 46,216 shares of the company’s stock valued at $2,723,000 after acquiring an additional 10,064 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Madison Square Garden Entertainment by 1.2% in the first quarter. The Manufacturers Life Insurance Company now owns 17,519 shares of the company’s stock valued at $1,032,000 after acquiring an additional 212 shares during the last quarter. Institutional investors own 96.86% of the company’s stock.

About Madison Square Garden Entertainment

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.