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

Key Points

• Analysts give MSGE a “Moderate Buy” consensus: Of 11 analysts, six rate the stock a hold, four recommend buying, and one gives it a strong-buy rating. The average 12-month price target is $91.63 versus a recent price of $79.01.
• Recent financial results exceeded expectations: Madison Square Garden Entertainment reported a quarterly loss of $0.21 per share, better than the $0.44 loss analysts expected, while revenue rose 27.4% year over year to $196.32 million.
• Institutional ownership remains very high: Institutional investors own 96.86% of the company, with several major funds recently increasing their positions, including Jericho Capital Asset Management and First Trust Advisors.

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the eleven analysts that are presently covering the firm, Marketbeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $91.6250.

A number of equities analysts have commented on the stock. Seaport Research Partners reaffirmed a "neutral" rating on shares of Madison Square Garden Entertainment in a research report on Monday, June 29th. Susquehanna raised their target price on shares of Madison Square Garden Entertainment from $80.00 to $103.00 and gave the stock a "positive" rating in a research note on Thursday, August 13th. Bank of America lifted their target price on shares of Madison Square Garden Entertainment from $80.00 to $96.00 and gave the stock a "buy" rating in a report on Friday, August 14th. Guggenheim upped their price target on shares of Madison Square Garden Entertainment from $82.00 to $103.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. Finally, Zacks Research raised shares of Madison Square Garden Entertainment from a "hold" rating to a "strong-buy" rating in a report on Monday, August 17th.

Madison Square Garden Entertainment Trading Up 2.4%

Madison Square Garden Entertainment stock opened at $79.01 on Friday. The stock has a 50-day simple moving average of $78.37 and a 200 day simple moving average of $70.62. The stock has a market capitalization of $3.20 billion, a P/E ratio of 57.25 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 $41.65 and a 52 week 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 (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $196.32 million for the quarter, compared to analyst estimates of $166.62 million. During the same quarter in the prior year, the company earned ($0.57) earnings per share. The business's revenue for the quarter was up 27.4% compared to the same quarter last year. Analysts expect that Madison Square Garden Entertainment will post 2.5 earnings per share for the current year.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Large investors have recently made changes to their positions in the company. Bank of America Corp DE boosted its stake in Madison Square Garden Entertainment by 27.7% in the 1st quarter. Bank of America Corp DE now owns 223,411 shares of the company's stock valued at $13,161,000 after purchasing an additional 48,453 shares during the period. First Trust Advisors LP grew its holdings in Madison Square Garden Entertainment by 130.2% in the 1st quarter. First Trust Advisors LP now owns 131,119 shares of the company's stock valued at $7,724,000 after buying an additional 74,159 shares in the last quarter. Jericho Capital Asset Management L.P. increased its position in Madison Square Garden Entertainment by 26.9% during 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. Y Intercept Hong Kong Ltd increased its position in Madison Square Garden Entertainment by 483.5% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 46,855 shares of the company's stock worth $2,760,000 after buying an additional 38,825 shares during the period. Finally, Group One Trading LLC lifted its holdings in shares of Madison Square Garden Entertainment by 39,604.0% during the first quarter. Group One Trading LLC now owns 40,101 shares of the company's stock worth $2,362,000 after buying an additional 40,000 shares in the last quarter. Institutional investors own 96.86% of the company's stock.

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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