Assenagon Asset Management S.A. Increases Holdings in Madison Square Garden Entertainment Corp. $MSGE

Key Points

• Assenagon Asset Management S.A. boosted its stake in Madison Square Garden Entertainment by 13.1% in Q1, bringing its holdings to 1,210,718 shares worth about $71.3 million.
• MSGE shares were up 3.0% and opened at $78.78, near their 52-week high of $79.33, while the stock has also climbed well above its 50-day and 200-day moving averages.
• The company recently reported Q1 EPS of $0.11, missing expectations, though revenue came in slightly ahead of estimates at $246.26 million; analysts currently maintain a Moderate Buy consensus with an average target of $73.50.

Assenagon Asset Management S.A. increased its stake in Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 13.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,210,718 shares of the company's stock after acquiring an additional 140,581 shares during the period. Assenagon Asset Management S.A. owned approximately 3.00% of Madison Square Garden Entertainment worth $71,323,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Deutsche Bank AG raised its holdings in shares of Madison Square Garden Entertainment by 0.6% in the 4th quarter. Deutsche Bank AG now owns 32,473 shares of the company's stock valued at $1,750,000 after purchasing an additional 181 shares in the last quarter. CWM LLC grew its holdings in shares of Madison Square Garden Entertainment by 15.1% during the fourth quarter. CWM LLC now owns 1,723 shares of the company's stock worth $93,000 after buying an additional 226 shares in the last quarter. Orion Porfolio Solutions LLC raised its holdings in Madison Square Garden Entertainment by 1.9% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 22,667 shares of the company's stock valued at $906,000 after acquiring an additional 418 shares during the last quarter. XTX Topco Ltd grew its stake in shares of Madison Square Garden Entertainment by 5.2% in the 4th quarter. XTX Topco Ltd now owns 8,681 shares of the company's stock valued at $468,000 after buying an additional 427 shares during the period. Finally, Sei Investments Co. increased its stake in Madison Square Garden Entertainment by 6.2% during the third quarter. Sei Investments Co. now owns 7,731 shares of the company's stock worth $350,000 after acquiring an additional 451 shares during the last quarter. 96.86% of the stock is owned by hedge funds and other institutional investors.

Madison Square Garden Entertainment Trading Up 3.0%

Madison Square Garden Entertainment stock opened at $78.78 on Friday. The company has a debt-to-equity ratio of 11.40, a quick ratio of 0.72 and a current ratio of 0.72. The firm has a market cap of $3.19 billion, a price-to-earnings ratio of 77.23 and a beta of 0.61. The firm's 50 day moving average price is $69.02 and its two-hundred day moving average price is $61.96. Madison Square Garden Entertainment Corp. has a 1 year low of $35.31 and a 1 year high of $79.33.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.03). The firm had revenue of $246.26 million during the quarter, compared to analyst estimates of $242.99 million. Madison Square Garden Entertainment had a net margin of 4.81% and a return on equity of 4,795.27%. The company's revenue was up 1.5% on a year-over-year basis. During the same period last year, the company earned $0.17 EPS. On average, research analysts predict that Madison Square Garden Entertainment Corp. will post 1.34 EPS for the current fiscal year.

Insider Buying and Selling

In other Madison Square Garden Entertainment news, EVP Philip Gerard D'ambrosio sold 9,907 shares of the business's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $74.48, for a total transaction of $737,873.36. Following the sale, the executive vice president directly owned 15,772 shares of the company's stock, valued at $1,174,698.56. The trade was a 38.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 16.41% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on MSGE shares. Susquehanna lifted their target price on Madison Square Garden Entertainment from $77.00 to $80.00 and gave the company a "positive" rating in a research report on Thursday, May 28th. Guggenheim raised their price target on Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. JPMorgan Chase & Co. upped their price objective on shares of Madison Square Garden Entertainment from $63.00 to $67.00 and gave the company a "neutral" rating in a research note on Friday, May 8th. Wall Street Zen lowered Madison Square Garden Entertainment from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Finally, Morgan Stanley raised their price objective on Madison Square Garden Entertainment from $70.00 to $80.00 and gave the company an "equal weight" rating in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $73.50.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. NYSE: MSGE is a premier live entertainment company focused on producing and hosting a wide range of events across North America. Established as a separate publicly traded entity in April 2020 through a spin-off from Madison Square Garden Company, MSGE owns and operates iconic venues such as Madison Square Garden in New York City, Radio City Music Hall, The Chicago Theatre and Sphere in Las Vegas. These facilities serve as flagship stages for concerts, sports events, family shows and cultural performances.

The company's core business activities center on venue management, event promotion and production services.

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