Assenagon Asset Management S.A. lowered its holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 28.7% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 863,462 shares of the company's stock after selling 347,256 shares during the quarter. Assenagon Asset Management S.A. owned 2.14% of Madison Square Garden Entertainment worth $69,845,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Madison Square Garden Entertainment by 5.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,679 shares of the company's stock worth $775,000 after buying an additional 1,193 shares in the last quarter. Millennium Management LLC acquired a new stake in shares of Madison Square Garden Entertainment during the 1st quarter valued at about $4,994,000. Dynamic Technology Lab Private Ltd bought a new position in Madison Square Garden Entertainment during the first quarter worth about $210,000. Jane Street Group LLC acquired a new stake in Madison Square Garden Entertainment during the first quarter valued at approximately $1,468,000. Finally, JPMorgan Chase & Co. grew its stake in shares of Madison Square Garden Entertainment by 53.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 102,307 shares of the company's stock valued at $4,089,000 after purchasing an additional 35,678 shares during the period. 96.86% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
MSGE has been the topic of several recent analyst reports. Morgan Stanley boosted their target price on shares of Madison Square Garden Entertainment from $70.00 to $80.00 and gave the company an "equal weight" rating in a research note on Tuesday, June 23rd. BTIG Research reiterated a "buy" rating on shares of Madison Square Garden Entertainment in a research report on Thursday, May 21st. Susquehanna lifted their price target on shares of Madison Square Garden Entertainment from $77.00 to $80.00 and gave the company a "positive" rating in a report on Thursday, May 28th. Guggenheim boosted their price target on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Finally, Seaport Research Partners reaffirmed a "neutral" rating on shares of Madison Square Garden Entertainment in a research note on Monday, June 29th. Three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, Madison Square Garden Entertainment presently has an average rating of "Hold" and an average target price of $79.83.
View Our Latest Research Report on Madison Square Garden Entertainment
Madison Square Garden Entertainment Stock Down 0.3%
Shares of Madison Square Garden Entertainment stock opened at $76.44 on Friday. The firm has a market cap of $3.09 billion, a PE ratio of 74.94 and a beta of 0.56. The business's 50 day simple moving average is $75.64 and its 200 day simple moving average is $66.73. The company has a debt-to-equity ratio of 11.40, a quick ratio of 0.72 and a current ratio of 0.72. Madison Square Garden Entertainment Corp. has a 52-week low of $35.31 and a 52-week high of $82.79.
Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.03). The business had revenue of $246.26 million for the quarter, compared to the consensus estimate of $242.99 million. Madison Square Garden Entertainment had a return on equity of 4,795.27% and a net margin of 4.81%.Madison Square Garden Entertainment's revenue was up 1.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.17 earnings per share. On average, analysts predict that Madison Square Garden Entertainment Corp. will post 1.35 earnings per share for the current fiscal year.
Insider Buying and Selling at Madison Square Garden Entertainment
In related news, EVP Philip Gerard D'ambrosio sold 9,907 shares of Madison Square Garden Entertainment stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $74.48, for a total value of $737,873.36. Following the sale, the executive vice president owned 15,772 shares of the company's stock, valued at approximately $1,174,698.56. The trade was a 38.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 16.41% of the stock is owned by insiders.
About Madison Square Garden Entertainment
(
Free Report)
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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