Assenagon Asset Management S.A. Sells 146,992 Shares of Madison Square Garden Entertainment Corp. $MSGE

Key Points

• Assenagon Asset Management S.A. reduced its stake in Madison Square Garden Entertainment Corp. by 15%, selling 146,992 shares and now holding approximately 2.06% of the company.
• Madison Square Garden's stock price performance includes a recent opening price of $45.22, with analysts providing a consensus target price of $43.00 and a current average rating of "Moderate Buy."
• In the latest quarterly earnings report, Madison Square Garden missed earnings expectations with a reported ($0.50) earnings per share, while revenue showed a 17.2% decline year-over-year.

Assenagon Asset Management S.A. lowered its position in Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 15.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 835,413 shares of the company's stock after selling 146,992 shares during the quarter. Assenagon Asset Management S.A. owned 2.06% of Madison Square Garden Entertainment worth $33,391,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. KBC Group NV acquired a new stake in Madison Square Garden Entertainment during the 1st quarter valued at approximately $31,000. SG Americas Securities LLC acquired a new stake in Madison Square Garden Entertainment during the 1st quarter valued at approximately $556,000. Maverick Capital Ltd. increased its position in Madison Square Garden Entertainment by 119.7% during the 1st quarter. Maverick Capital Ltd. now owns 18,003 shares of the company's stock valued at $589,000 after purchasing an additional 9,808 shares during the period. Long Pond Capital LP acquired a new stake in Madison Square Garden Entertainment during the 1st quarter valued at approximately $13,630,000. Finally, Nuveen LLC acquired a new stake in Madison Square Garden Entertainment during the 1st quarter valued at approximately $5,055,000. Institutional investors and hedge funds own 96.86% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on MSGE. Morgan Stanley increased their target price on shares of Madison Square Garden Entertainment from $41.00 to $44.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 12th. Wall Street Zen cut Madison Square Garden Entertainment from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Madison Square Garden Entertainment has a consensus rating of "Moderate Buy" and a consensus price target of $43.00.

Madison Square Garden Entertainment Stock Up 1.4%

Shares of MSGE stock traded up $0.62 on Monday, hitting $45.77. The stock had a trading volume of 320,752 shares, compared to its average volume of 385,763. Madison Square Garden Entertainment Corp. has a 12-month low of $28.29 and a 12-month high of $46.18. The business has a 50 day moving average of $40.19 and a 200 day moving average of $36.93. The company has a debt-to-equity ratio of 60.61, a current ratio of 0.47 and a quick ratio of 0.47. The stock has a market cap of $2.17 billion, a price-to-earnings ratio of 60.22 and a beta of 0.44.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last posted its earnings results on Wednesday, August 13th. The company reported ($0.50) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.03). Madison Square Garden Entertainment had a negative return on equity of 458.14% and a net margin of 3.97%.The firm had revenue of $154.14 million for the quarter, compared to the consensus estimate of $151.17 million. During the same period in the prior year, the business earned $1.41 EPS. Madison Square Garden Entertainment's quarterly revenue was down 17.2% compared to the same quarter last year. As a group, analysts expect that Madison Square Garden Entertainment Corp. will post 1.04 EPS for the current year.

Madison Square Garden Entertainment Profile

Madison Square Garden Entertainment Corp. engages in the provision of entertainment services. Its portfolio of venues includes The Garden, Radio City Music Hall, the Beacon Theatre, The Theater at Madison Square, and The Chicago Theatre. The company was founded in 1879 and is headquartered in New York, NY.