Madison Square Garden Entertainment Corp. (NYSE:MSGE) Stock Has Consensus Target Price of $91.62 According to Brokerages

Key Points

• Analysts maintain a “Hold” consensus on Madison Square Garden Entertainment, with seven hold ratings and four buys. The average 12-month price target is $91.62 versus the reported share price of $79.00.
• Institutional investors hold 96.86% of MSGE’s shares, with several funds recently initiating or increasing positions, including Congress Asset Management, which bought a stake valued at approximately $24.28 million.
• MSGE exceeded quarterly expectations, reporting an adjusted loss of $0.21 per share versus the anticipated $0.44 loss and revenue of $196.32 million versus $166.62 million expected. Revenue increased 27.4% year over year.

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE - Get Free Report) have been given a consensus rating of "Hold" by the eleven analysts that are currently covering the stock, 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 12-month price target among analysts that have issued a report on the stock in the last year is $91.62.

A number of research firms have issued reports on MSGE. Piper Sandler began coverage on Madison Square Garden Entertainment in a report on Thursday, August 20th. They set a "neutral" rating and a $86.00 price target on the stock. Zacks Research lowered shares of Madison Square Garden Entertainment from a "strong-buy" rating to a "hold" rating in a research note on Monday. Weiss Ratings reiterated a "hold (c)" rating on shares of Madison Square Garden Entertainment in a research note on Friday, July 31st. Morgan Stanley raised their price target 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, Guggenheim lifted 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.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in MSGE. B. Riley Wealth Advisors Inc. acquired a new stake in Madison Square Garden Entertainment in the 3rd quarter valued at $545,000. GK Wealth Management LLC purchased a new stake in shares of Madison Square Garden Entertainment in the third quarter worth approximately $73,000. Congress Asset Management Co. purchased a new position in shares of Madison Square Garden Entertainment during the third quarter valued at approximately $24,280,000. Scholtz & Company LLC grew its holdings in Madison Square Garden Entertainment by 67.8% during the second quarter. Scholtz & Company LLC now owns 62,037 shares of the company's stock worth $5,018,000 after buying an additional 25,066 shares in the last quarter. Finally, Integrated Wealth Concepts LLC bought a new position in Madison Square Garden Entertainment during the 2nd quarter valued at $323,000. 96.86% of the stock is owned by institutional investors and hedge funds.

Madison Square Garden Entertainment Stock Performance

Shares of Madison Square Garden Entertainment stock opened at $79.00 on Thursday. The business has a 50-day moving average price of $79.78 and a two-hundred day moving average price of $73.54. Madison Square Garden Entertainment has a 1-year low of $43.33 and a 1-year high of $90.41. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 11.80. The company has a market cap of $3.19 billion, a P/E ratio of 57.25 and a beta of 0.55.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.44) by $0.23. The company had revenue of $196.32 million for the quarter, compared to the consensus estimate of $166.62 million. Madison Square Garden Entertainment had a return on equity of 480.83% and a net margin of 6.24%. The firm's revenue was up 27.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.57) EPS. As a group, analysts anticipate that Madison Square Garden Entertainment will post 2.50 EPS for the current year.

About Madison Square Garden Entertainment

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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