Madison Square Garden Entertainment (NYSE:MSGE) Stock Bumped Down to "Hold" by Zacks Research

Key Points

• Zacks Research downgraded Madison Square Garden Entertainment from “strong buy” to “hold.” The broader analyst consensus is also “hold,” with four Buy ratings, seven Hold ratings, and an average price target of $91.62.
• MSGE shares opened at $80.27, compared with a 52-week range of $42.60 to $90.41. The company reported quarterly revenue of $196.32 million, up 27.4% year over year and above analyst estimates, while its loss of $0.21 per share was narrower than expected.
• Institutional investors own 96.86% of the stock. Jericho Capital increased its stake by 26.9%, while several other major investment firms recently initiated or expanded positions.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) was downgraded by analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a note issued to investors on Monday, Zacks reports.

A number of other equities analysts have also recently weighed in on MSGE. BTIG Research lifted their price target on shares of Madison Square Garden Entertainment from $86.00 to $100.00 and gave the stock a "buy" rating in a research report on Friday, August 14th. JPMorgan Chase & Co. upped their target price on shares of Madison Square Garden Entertainment from $75.00 to $83.00 and gave the company a "neutral" rating in a report on Thursday, August 13th. Piper Sandler initiated coverage on shares of Madison Square Garden Entertainment in a research report on Thursday, August 20th. They set a "neutral" rating and a $86.00 price objective for the company. Weiss Ratings reiterated a "hold (c)" rating on shares of Madison Square Garden Entertainment in a research note on Friday, July 31st. Finally, 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 report on Tuesday, June 23rd. Four equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $91.62.

Madison Square Garden Entertainment Stock Performance

Shares of MSGE stock opened at $80.27 on Monday. The company has a debt-to-equity ratio of 11.80, a current ratio of 0.70 and a quick ratio of 0.70. The stock has a market cap of $3.25 billion, a PE ratio of 58.17 and a beta of 0.55. The stock has a 50-day moving average of $79.75 and a 200-day moving average of $73.38. Madison Square Garden Entertainment has a one year low of $42.60 and a one year high of $90.41.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $196.32 million for the quarter, compared to analyst estimates of $166.62 million. During the same quarter last year, the firm earned ($0.57) EPS. Madison Square Garden Entertainment's quarterly revenue was up 27.4% compared to the same quarter last year. As a group, sell-side analysts expect that Madison Square Garden Entertainment will post 2.50 earnings per share for the current year.

Institutional Investors Weigh In On Madison Square Garden Entertainment

A number of large investors have recently bought and sold shares of the stock. Jericho Capital Asset Management L.P. lifted its stake in Madison Square Garden Entertainment by 26.9% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company's stock worth $197,384,000 after acquiring an additional 777,000 shares during the period. Congress Asset Management Co. purchased a new stake in shares of Madison Square Garden Entertainment during the third quarter valued at $24,280,000. Renaissance Technologies LLC bought a new stake in Madison Square Garden Entertainment in the 1st quarter worth approximately $11,181,000. Assenagon Asset Management S.A. boosted its position in 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 purchasing an additional 140,581 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Madison Square Garden Entertainment during the second quarter valued at approximately $9,497,000. 96.86% of the stock is currently owned by institutional investors and hedge funds.

Madison Square Garden Entertainment Company Profile

Madison Square Garden Entertainment Corp. NYSE: MSGE is a live entertainment company that owns, operates and produces experiences at prominent venues. Its portfolio includes Madison Square Garden and Radio City Music Hall in New York City, the Beacon Theatre in New York, and The Chicago Theatre in Chicago.

The company presents concerts, comedy shows, family entertainment, theatrical productions and other cultural events. It is also known for producing the Radio City Christmas Spectacular, featuring the Rockettes, and for developing original entertainment and hospitality experiences connected with its venues.

Madison Square Garden Entertainment was established as an independent public company following the separation of the entertainment businesses from Madison Square Garden Sports Corp.

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