Madison Square Garden Entertainment (NYSE:MSGE) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Madison Square Garden Entertainment from “hold” to “buy.” The broader analyst consensus is “Moderate Buy,” with an average price target of $91.62.
• MSGE shares opened at $79.94, compared with a 52-week range of $41.65 to $90.41. Recent targets include $96 from Bank of America and $103 from Susquehanna.
• The company exceeded quarterly expectations, reporting a loss of $0.21 per share versus the $0.44 consensus loss and revenue of $196.32 million, up 27.4% year over year. Institutional investors own 96.86% of the stock.

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

Other research analysts also recently issued reports about the company. Bank of America upped their price target on Madison Square Garden Entertainment from $80.00 to $96.00 and gave the stock a "buy" rating in a research note on Friday, August 14th. Susquehanna raised their price objective on shares of Madison Square Garden Entertainment from $80.00 to $103.00 and gave the company a "positive" rating in a research note on Thursday, August 13th. Seaport Research Partners reiterated a "neutral" rating on shares of Madison Square Garden Entertainment in a report on Monday, June 29th. Morgan Stanley upped 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. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Madison Square Garden Entertainment in a research report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $91.62.

Madison Square Garden Entertainment Price Performance

Shares of MSGE opened at $79.94 on Friday. The business has a 50-day moving average of $79.29 and a 200-day moving average of $72.12. 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 company has a market capitalization of $3.23 billion, a price-to-earnings ratio of 57.93 and a beta of 0.55. Madison Square Garden Entertainment has a 1 year low of $41.65 and a 1 year high of $90.41.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last released its earnings results on Wednesday, August 12th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.23. The business had revenue of $196.32 million for the quarter, compared to analyst estimates of $166.62 million. Madison Square Garden Entertainment had a net margin of 6.24% and a return on equity of 480.83%. Madison Square Garden Entertainment's revenue for the quarter was up 27.4% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.57) earnings per share. As a group, equities research analysts anticipate that Madison Square Garden Entertainment will post 2.5 earnings per share for the current year.

Institutional Trading of Madison Square Garden Entertainment

A number of institutional investors and hedge funds have recently modified their holdings of MSGE. The Manufacturers Life Insurance Company raised its position 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 worth $1,032,000 after acquiring an additional 212 shares during the period. Nykredit A S purchased a new position in Madison Square Garden Entertainment in the second quarter valued at approximately $46,000. Pictet Asset Management Holding SA lifted its stake in Madison Square Garden Entertainment by 19.6% in the first quarter. Pictet Asset Management Holding SA now owns 5,619 shares of the company's stock valued at $331,000 after purchasing an additional 921 shares during the last quarter. Sanctuary Advisors LLC grew its holdings in Madison Square Garden Entertainment by 22.1% during the first quarter. Sanctuary Advisors LLC now owns 6,877 shares of the company's stock valued at $405,000 after purchasing an additional 1,245 shares during the period. Finally, Fifth Third Bancorp purchased a new stake in Madison Square Garden Entertainment in the first quarter worth $113,000. 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. 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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