Madison Square Garden Entertainment Corp. (NYSE:MSGE) Stock Has Average Price Target of $90.50

Key Points

• Analyst sentiment is neutral: Seven of 11 covering brokerages rate MSGE Hold and four rate it Buy; the average 12-month price target is $90.50.
• Quarterly results beat estimates: MSGE reported EPS of $0.19 versus consensus expectations for a $0.05 loss, while revenue of $217.13 million topped estimates and rose 37.2% year over year.
• Institutional investors and hedge funds own 96.86% of the stock, with several investors increasing or initiating positions during the third quarter.

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE - Get Free Report) have received an average recommendation of "Hold" from the eleven brokerages that are presently covering the company, Marketbeat reports. Seven investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $90.50.

A number of research firms have recently issued reports on MSGE. JPMorgan Chase & Co. boosted their price target on shares of Madison Square Garden Entertainment from $83.00 to $84.00 and gave the company a "neutral" rating in a report on Thursday. Wall Street Zen cut shares of Madison Square Garden Entertainment from a "buy" rating to a "hold" rating in a research report on Saturday, October 31st. 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 on the stock. Zacks Research downgraded shares of Madison Square Garden Entertainment from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 12th. Finally, Guggenheim increased their target price on Madison Square Garden Entertainment from $82.00 to $103.00 and gave the company a "buy" rating in a report on Wednesday, August 12th.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Russell Investments Group Ltd. raised its holdings in shares of Madison Square Garden Entertainment by 19.1% during the third quarter. Russell Investments Group Ltd. now owns 89,347 shares of the company's stock worth $7,158,000 after acquiring an additional 14,324 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in Madison Square Garden Entertainment by 4.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,655 shares of the company's stock valued at $453,000 after purchasing an additional 227 shares during the last quarter. Ethic Inc. acquired a new stake in Madison Square Garden Entertainment during the third quarter valued at $223,000. Providence First Trust Co purchased a new position in Madison Square Garden Entertainment in the third quarter valued at about $308,000. Finally, Putney Financial Group LLC purchased a new position in Madison Square Garden Entertainment in the third quarter valued at about $69,000. 96.86% of the stock is owned by institutional investors and hedge funds.

Madison Square Garden Entertainment Price Performance

NYSE MSGE opened at $77.27 on Monday. The stock's 50-day moving average price is $79.11 and its two-hundred day moving average price is $70.89. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 44.74. The company has a market cap of $3.13 billion, a PE ratio of 38.07 and a beta of 0.56. Madison Square Garden Entertainment has a 1 year low of $44.29 and a 1 year high of $90.41.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last posted its quarterly earnings data on Wednesday, November 4th. The company reported $0.19 EPS for the quarter, beating analysts' consensus estimates of ($0.05) by $0.24. The company had revenue of $217.13 million during the quarter, compared to analyst estimates of $208.11 million. Madison Square Garden Entertainment had a net margin of 8.64% and a return on equity of 303.42%. The business's quarterly revenue was up 37.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.46) earnings per share. On average, analysts predict that Madison Square Garden Entertainment will post 2.58 EPS for the current year.

About Madison Square Garden Entertainment

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

The company's activities include hosting concerts, comedy shows, family attractions and other events. It also produces the annual Christmas Spectacular Starring the Radio City Rockettes and related live entertainment experiences.

Madison Square Garden Entertainment became a standalone publicly traded company in 2020 after separating from Madison Square Garden Company.

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