Congress Asset Management Co. Acquires New Holdings in Madison Square Garden Entertainment Corp. $MSGE

Key Points

• Congress Asset Management acquired 303,087 shares of Madison Square Garden Entertainment during the third quarter, valued at roughly $24.28 million and representing a 0.75% stake. Institutional investors and hedge funds collectively own 96.86% of the company.
• Analyst sentiment is generally positive: MSGE has an average rating of “Moderate Buy” and a consensus price target of $91.62, with Bank of America and BTIG Research raising their targets to $96 and $100, respectively.
• Madison Square Garden Entertainment exceeded quarterly expectations, reporting a loss of $0.21 per share versus the $0.44 expected and revenue of $196.32 million, up 27.4% year over year.

Congress Asset Management Co. bought a new stake in Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 303,087 shares of the company's stock, valued at approximately $24,280,000. Congress Asset Management Co. owned 0.75% of Madison Square Garden Entertainment as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Scholtz & Company LLC lifted its position in shares of 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 purchasing an additional 25,066 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Madison Square Garden Entertainment during the 2nd quarter worth about $323,000. Squarepoint Ops LLC acquired a new position in shares of Madison Square Garden Entertainment during the second quarter worth about $4,816,000. Nykredit A S purchased a new stake in shares of Madison Square Garden Entertainment during the second quarter worth approximately $46,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Madison Square Garden Entertainment in the second quarter valued at approximately $202,000. 96.86% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MSGE. Weiss Ratings reiterated a "hold (c)" rating on shares of Madison Square Garden Entertainment in a research note on Friday, July 31st. Bank of America raised their price objective on shares of Madison Square Garden Entertainment from $80.00 to $96.00 and gave the company a "buy" rating in a report on Friday, August 14th. Zacks Research raised shares of Madison Square Garden Entertainment from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 17th. BTIG Research lifted their price objective on shares of Madison Square Garden Entertainment from $86.00 to $100.00 and gave the stock a "buy" rating in a research report on Friday, August 14th. Finally, Seaport Research Partners reiterated a "neutral" rating on shares of Madison Square Garden Entertainment in a research note on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $91.62.

Madison Square Garden Entertainment Price Performance

Shares of NYSE MSGE opened at $80.00 on Wednesday. The stock has a 50 day moving average of $79.40 and a two-hundred day moving average of $72.54. Madison Square Garden Entertainment Corp. has a twelve month low of $41.65 and a twelve month high of $90.41. The stock has a market cap of $3.24 billion, a P/E ratio of 57.97 and a beta of 0.55. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 11.80.

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

Madison Square Garden Entertainment Company Profile

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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