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

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) have earned an average rating of “Moderate Buy” from the eleven ratings firms that are currently covering the company, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $91.6250.

Several equities analysts have weighed in on MSGE shares. Seaport Research Partners reissued a “neutral” rating on shares of Madison Square Garden Entertainment in a report on Monday, June 29th. JPMorgan Chase & Co. boosted their target price on Madison Square Garden Entertainment from $75.00 to $83.00 and gave the company a “neutral” rating in a research note on Thursday, August 13th. Bank of America upped their price target on Madison Square Garden Entertainment from $80.00 to $96.00 and gave the company a “buy” rating in a research report on Friday, August 14th. Morgan Stanley increased their price target on 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, Susquehanna lifted their price objective on Madison Square Garden Entertainment from $80.00 to $103.00 and gave the stock a “positive” rating in a report on Thursday, August 13th.

Madison Square Garden Entertainment Stock Performance

Shares of MSGE stock opened at $78.31 on Wednesday. The firm has a market cap of $3.17 billion, a price-to-earnings ratio of 56.75 and a beta of 0.56. The company has a debt-to-equity ratio of 11.80, a quick ratio of 0.70 and a current ratio of 0.70. Madison Square Garden Entertainment has a 52 week low of $39.85 and a 52 week high of $90.41. The firm’s 50-day simple moving average is $78.17 and its two-hundred day simple moving average is $68.99.

Madison Square Garden Entertainment (NYSE:MSGE) last released its earnings results on Wednesday, August 12th. The company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.23. Madison Square Garden Entertainment had a net margin of 6.24% and a return on equity of 480.83%. The firm had revenue of $196.32 million for the quarter, compared to analysts’ expectations of $166.62 million. During the same period in the previous year, the company earned ($0.57) earnings per share. The company’s quarterly revenue was up 27.4% on a year-over-year basis. As a group, equities analysts forecast that Madison Square Garden Entertainment will post 2.5 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 stock in a transaction dated 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 owned 15,772 shares in the company, valued at $1,174,698.56. This trade represents a 38.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 16.41% of the stock is owned by corporate insiders.

Institutional Trading of Madison Square Garden Entertainment

A number of institutional investors have recently modified their holdings of MSGE. Jericho Capital Asset Management L.P. boosted its holdings in Madison Square Garden Entertainment by 26.9% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company’s stock worth $197,384,000 after buying an additional 777,000 shares during the period. California State Teachers Retirement System raised its holdings in Madison Square Garden Entertainment by 7,444.0% during the 2nd quarter. California State Teachers Retirement System now owns 3,486,521 shares of the company’s stock valued at $282,025,000 after acquiring an additional 3,440,305 shares during the period. Dendur Capital LP lifted its position in shares of Madison Square Garden Entertainment by 8.0% during the fourth quarter. Dendur Capital LP now owns 1,220,000 shares of the company’s stock worth $65,746,000 after acquiring an additional 90,000 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Madison Square Garden Entertainment by 13.1% in the first quarter. Assenagon Asset Management S.A. now owns 1,210,718 shares of the company’s stock worth $71,323,000 after acquiring an additional 140,581 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Madison Square Garden Entertainment by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 979,614 shares of the company’s stock worth $52,800,000 after acquiring an additional 4,051 shares during the period. 96.86% of the stock is currently owned by hedge funds and other institutional investors.

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.