Balyasny Asset Management L.P. Lowers Stake in MSG Entertainment (NYSE:MSGE)

Balyasny Asset Management L.P. trimmed its position in MSG Entertainment (NYSE:MSGE - Free Report) by 16.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 486,722 shares of the company's stock after selling 95,009 shares during the quarter. Balyasny Asset Management L.P. owned 1.01% of MSG Entertainment worth $17,327,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Exchange Traded Concepts LLC grew its holdings in MSG Entertainment by 111.7% during the 4th quarter. Exchange Traded Concepts LLC now owns 29,860 shares of the company's stock worth $1,063,000 after acquiring an additional 15,756 shares in the last quarter. Bleakley Financial Group LLC boosted its stake in shares of MSG Entertainment by 16.5% during the fourth quarter. Bleakley Financial Group LLC now owns 8,320 shares of the company's stock valued at $296,000 after purchasing an additional 1,178 shares in the last quarter. Principal Financial Group Inc. raised its stake in MSG Entertainment by 8.0% in the fourth quarter. Principal Financial Group Inc. now owns 20,011 shares of the company's stock worth $712,000 after buying an additional 1,479 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in MSG Entertainment by 0.6% during the fourth quarter. New York State Common Retirement Fund now owns 472,232 shares of the company's stock worth $16,811,000 after buying an additional 2,971 shares during the period. Finally, Handelsbanken Fonder AB lifted its holdings in MSG Entertainment by 21.1% during the fourth quarter. Handelsbanken Fonder AB now owns 9,200 shares of the company's stock worth $328,000 after buying an additional 1,600 shares during the period. Institutional investors own 96.86% of the company's stock.

Insider Activity at MSG Entertainment

In other news, insider F. Dolan 2009 Revocabl Charles sold 67,143 shares of the business's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $30.96, for a total transaction of $2,078,747.28. Following the transaction, the insider now directly owns 6,015 shares in the company, valued at $186,224.40. The trade was a 91.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 17.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MSGE. The Goldman Sachs Group raised their price objective on MSG Entertainment from $36.00 to $41.00 and gave the company a "buy" rating in a research report on Wednesday. Susquehanna started coverage on shares of MSG Entertainment in a research note on Monday, April 28th. They issued a "positive" rating and a $39.00 target price for the company. Macquarie reiterated an "outperform" rating and set a $45.00 price objective on shares of MSG Entertainment in a report on Monday, February 10th. Finally, Wolfe Research upgraded MSG Entertainment from a "peer perform" rating to an "outperform" rating and set a $46.00 target price on the stock in a research note on Tuesday, March 11th.

MSG Entertainment Stock Performance

MSGE stock traded up $0.03 during midday trading on Friday, reaching $36.14. The stock had a trading volume of 173,492 shares, compared to its average volume of 357,805. The firm has a fifty day simple moving average of $32.33 and a two-hundred day simple moving average of $35.09. MSG Entertainment has a 52-week low of $28.29 and a 52-week high of $44.14. The company has a debt-to-equity ratio of 56.61, a quick ratio of 0.54 and a current ratio of 0.54. The stock has a market cap of $1.47 billion, a PE ratio of 13.74, a P/E/G ratio of 5.09 and a beta of 0.22.

MSG Entertainment (NYSE:MSGE - Get Free Report) last released its earnings results on Thursday, February 6th. The company reported $1.56 EPS for the quarter, missing analysts' consensus estimates of $2.16 by ($0.60). MSG Entertainment had a negative return on equity of 323.63% and a net margin of 13.15%. As a group, equities research analysts anticipate that MSG Entertainment will post 1.04 EPS for the current year.

About MSG Entertainment

Madison Square Garden Entertainment Corp. engages in the provision of entertainment services. Its portfolio of venues includes The Garden, Radio City Music Hall, the Beacon Theatre, The Theater at Madison Square, and The Chicago Theatre. The company was founded in 1879 and is headquartered in New York, NY.