Madison Square Garden Entertainment (NYSE:MSGE) Downgraded to “Hold” Rating by The Goldman Sachs Group

The Goldman Sachs Group cut shares of Madison Square Garden Entertainment (NYSE:MSGE) from a strong-buy rating to a hold rating in a research report report published on Wednesday,Zacks.com reports.

Other research analysts also recently issued reports about the company. Susquehanna boosted their price target on Madison Square Garden Entertainment from $77.00 to $80.00 and gave the company a “positive” rating in a report on Thursday, May 28th. JPMorgan Chase & Co. raised their price target 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. Wall Street Zen downgraded shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Morgan Stanley increased their target price on shares of Madison Square Garden Entertainment from $70.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 23rd. Finally, BTIG Research restated a “buy” rating on shares of Madison Square Garden Entertainment in a research report on Thursday, May 21st. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $78.50.

Madison Square Garden Entertainment Price Performance

Shares of MSGE opened at $74.59 on Wednesday. The business’s 50-day moving average is $72.08 and its two-hundred day moving average is $63.72. The company has a market capitalization of $3.02 billion, a P/E ratio of 73.13 and a beta of 0.54. The company has a debt-to-equity ratio of 11.40, a quick ratio of 0.72 and a current ratio of 0.72. Madison Square Garden Entertainment has a fifty-two week low of $35.31 and a fifty-two week high of $82.79.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings data 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 net margin of 4.81% and a return on equity of 4,795.27%. The company had revenue of $246.26 million during the quarter, compared to analyst estimates of $242.99 million. During the same period last year, the firm earned $0.17 EPS. The business’s quarterly revenue was up 1.5% compared to the same quarter last year. Research analysts predict that Madison Square Garden Entertainment will post 1.34 earnings per share for the current year.

Insiders Place Their Bets

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 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 approximately $1,174,698.56. This represents a 38.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 16.41% of the company’s stock.

Institutional Trading of Madison Square Garden Entertainment

A number of institutional investors and hedge funds have recently modified their holdings of MSGE. First Horizon Corp purchased a new position in Madison Square Garden Entertainment in the 4th quarter valued at about $37,000. Aster Capital Management DIFC Ltd purchased a new stake in Madison Square Garden Entertainment during the 4th quarter worth approximately $45,000. Atlantic Edge Private Wealth Management LLC purchased a new stake in Madison Square Garden Entertainment during the 4th quarter worth approximately $47,000. State of Wyoming acquired a new position in shares of Madison Square Garden Entertainment during the second quarter valued at approximately $62,000. Finally, CIBC Private Wealth Group LLC lifted 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 valued at $67,000 after acquiring an additional 1,202 shares in the last quarter. Hedge funds and other 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.