Madison Square Garden Entertainment (NYSE:MSGE) Cut to Hold at Wall Street Zen

Key Points

• Wall Street Zen downgraded Madison Square Garden Entertainment to “hold” from “buy.” Despite the downgrade, analysts’ overall consensus remains “Moderate Buy,” with a consensus price target of $91.62.
• MSGE shares opened at $79.01, up 2.4%, with a market capitalization of $3.2 billion. The stock has traded between $41.65 and $90.41 over the past year.
• The company beat quarterly expectations, reporting an adjusted loss of $0.21 per share versus the $0.44 expected and revenue of $196.32 million, up 27.4% year over year. Institutional investors own approximately 96.86% of the company’s shares.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued on Saturday, Wall Street Zen reports.

MSGE has been the topic of a number of other reports. Seaport Research Partners restated a "neutral" rating on shares of Madison Square Garden Entertainment in a report on Monday, June 29th. The Goldman Sachs Group restated a "neutral" rating and issued a $82.00 target price (up from $72.00) on shares of Madison Square Garden Entertainment in a research note on Thursday, July 9th. Morgan Stanley raised 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 report on Tuesday, June 23rd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Madison Square Garden Entertainment in a research note on Friday, July 31st. Finally, Bank of America boosted their price target on Madison Square Garden Entertainment from $80.00 to $96.00 and gave the company a "buy" rating in a report on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $91.62.

Madison Square Garden Entertainment Trading Up 2.4%

MSGE opened at $79.01 on Friday. The stock has a market cap of $3.20 billion, a price-to-earnings ratio of 57.25 and a beta of 0.56. The stock's 50 day moving average price is $78.37 and its 200-day moving average price is $70.62. Madison Square Garden Entertainment has a one year low of $41.65 and a one year high of $90.41. 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 (NYSE:MSGE - Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.44) by $0.23. Madison Square Garden Entertainment had a return on equity of 480.83% and a net margin of 6.24%.The company had revenue of $196.32 million during the quarter, compared to analysts' expectations of $166.62 million. During the same quarter in the previous year, the business earned ($0.57) EPS. Madison Square Garden Entertainment's revenue was up 27.4% compared to the same quarter last year. On average, equities analysts forecast that Madison Square Garden Entertainment will post 2.5 EPS for the current year.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Several institutional investors have recently bought and sold shares of the business. Nykredit A S purchased a new position in shares of Madison Square Garden Entertainment in the 2nd quarter valued at $46,000. Fifth Third Bancorp purchased a new stake in shares of Madison Square Garden Entertainment during the first quarter valued at about $113,000. State of Wyoming bought a new stake in shares of Madison Square Garden Entertainment in the 1st quarter valued at about $131,000. IFP Advisors Inc boosted its holdings in shares of Madison Square Garden Entertainment by 11,791.7% in the 4th quarter. IFP Advisors Inc now owns 2,854 shares of the company's stock valued at $154,000 after buying an additional 2,830 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Madison Square Garden Entertainment in the 2nd quarter worth approximately $202,000. 96.86% of the stock is owned by hedge funds and other institutional investors.

Madison Square Garden Entertainment Company Profile

Madison Square Garden Entertainment Corp. is a live entertainment company that owns, operates and produces events at prominent venues in the United States. Its portfolio includes Madison Square Garden and Radio City Music Hall in New York City, as well as the Beacon Theatre in New York and The Chicago Theatre in Illinois.

The company presents concerts, comedy shows, family entertainment, sporting events and other live performances. Its productions include the annual Christmas Spectacular Starring the Radio City Rockettes, along with original entertainment and special events.

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