Bank of New York Mellon Corp Makes New Investment in Madison Square Garden Entertainment Corp. $MSGE

Key Points

• Bank of New York Mellon acquired 117,411 shares of Madison Square Garden Entertainment worth approximately $9.5 million, giving it a 0.29% stake. Institutional investors and hedge funds collectively own 96.86% of MSGE.
• Analyst sentiment is broadly positive: MSGE has an average “Moderate Buy” rating and a consensus price target of $91.62, with BTIG Research and Guggenheim recently raising their targets to $100 and $103, respectively.
• MSGE beat quarterly expectations, reporting a loss of $0.21 per share versus the projected $0.44 loss and revenue of $196.32 million, up 27.4% year over year. Shares opened at $77.35, within a 12-month range of $40.11 to $90.41.

Bank of New York Mellon Corp acquired a new stake in Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 117,411 shares of the company's stock, valued at approximately $9,497,000. Bank of New York Mellon Corp owned 0.29% of Madison Square Garden Entertainment as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in MSGE. Deutsche Bank AG increased its holdings in shares of Madison Square Garden Entertainment by 0.6% during the 4th quarter. Deutsche Bank AG now owns 32,473 shares of the company's stock worth $1,750,000 after acquiring an additional 181 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Madison Square Garden Entertainment by 1.2% during the 1st quarter. The Manufacturers Life Insurance Company now owns 17,519 shares of the company's stock valued at $1,032,000 after purchasing an additional 212 shares during the last quarter. CWM LLC boosted its position in 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 purchasing an additional 226 shares during the period. Orion Porfolio Solutions LLC boosted its position in Madison Square Garden Entertainment by 1.9% during the second quarter. Orion Porfolio Solutions LLC now owns 22,667 shares of the company's stock worth $906,000 after purchasing an additional 418 shares during the period. Finally, XTX Topco Ltd boosted its position in Madison Square Garden Entertainment by 5.2% during the fourth quarter. XTX Topco Ltd now owns 8,681 shares of the company's stock worth $468,000 after purchasing an additional 427 shares during the period. 96.86% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently commented on MSGE. BTIG Research lifted their target price on shares of Madison Square Garden Entertainment from $86.00 to $100.00 and gave the stock a "buy" rating in a report on Friday, August 14th. Seaport Research Partners reissued a "neutral" rating on shares of Madison Square Garden Entertainment in a report on Monday, June 29th. Zacks Research upgraded Madison Square Garden Entertainment from a "hold" rating to a "strong-buy" rating in a report on Monday, August 17th. Guggenheim boosted their price objective on Madison Square Garden Entertainment from $82.00 to $103.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $82.00 target price (up from $72.00) on shares of Madison Square Garden Entertainment in a research report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $91.62.

Madison Square Garden Entertainment Stock Performance

Shares of NYSE:MSGE opened at $77.35 on Thursday. The company's 50 day moving average price is $78.26 and its two-hundred day moving average price is $69.36. Madison Square Garden Entertainment Corp. has a 12-month low of $40.11 and a 12-month high of $90.41. The firm has a market cap of $3.13 billion, a PE ratio of 56.05 and a beta of 0.56. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 11.80.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($0.21) earnings per share for the quarter, beating analysts' consensus estimates of ($0.44) by $0.23. The company had revenue of $196.32 million during the quarter, compared to the consensus estimate of $166.62 million. Madison Square Garden Entertainment had a net margin of 6.24% and a return on equity of 480.83%. The firm's quarterly revenue was up 27.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.57) earnings per share. Equities research analysts predict that Madison Square Garden Entertainment Corp. will post 2.5 earnings per share for the current year.

Insider Buying and Selling

In other Madison Square Garden Entertainment news, EVP Philip Gerard D'ambrosio sold 9,907 shares of the firm's stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $74.48, for a total transaction of $737,873.36. Following the transaction, the executive vice president owned 15,772 shares in the company, valued at $1,174,698.56. This trade represents a 38.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 16.41% of the stock is currently owned by company insiders.

Madison Square Garden Entertainment Company Profile

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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