Envestnet Asset Management Inc. Makes New Investment in Madison Square Garden Entertainment Corp. (NYSE:MSGE)

Key Points

• Envestnet Asset Management Inc. has invested $1.33 million in Madison Square Garden Entertainment Corp. by acquiring 40,754 shares, representing a 0.10% ownership stake.
• Multiple institutional investors, including Ariel Investments and Alliancebernstein, have notably increased their stakes in Madison Square Garden Entertainment, demonstrating strong investor interest.
• Analyst ratings for Madison Square Garden Entertainment have improved, with Goldman Sachs raising their price target from $36.00 to $41.00 and affirming a "buy" rating.

Envestnet Asset Management Inc. purchased a new position in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 40,754 shares of the company's stock, valued at approximately $1,334,000. Envestnet Asset Management Inc. owned about 0.10% of Madison Square Garden Entertainment at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Ariel Investments LLC increased its holdings in Madison Square Garden Entertainment by 14.5% in the 4th quarter. Ariel Investments LLC now owns 7,604,543 shares of the company's stock valued at $270,722,000 after purchasing an additional 964,657 shares during the last quarter. Norges Bank acquired a new stake in Madison Square Garden Entertainment in the 4th quarter valued at approximately $13,454,000. Jericho Capital Asset Management L.P. increased its holdings in Madison Square Garden Entertainment by 10.9% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 2,733,724 shares of the company's stock valued at $97,321,000 after purchasing an additional 268,000 shares during the last quarter. Alliancebernstein L.P. increased its holdings in Madison Square Garden Entertainment by 81.7% in the 4th quarter. Alliancebernstein L.P. now owns 413,042 shares of the company's stock valued at $14,704,000 after purchasing an additional 185,670 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Madison Square Garden Entertainment by 108.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 350,829 shares of the company's stock valued at $12,490,000 after purchasing an additional 182,478 shares during the last quarter. Institutional investors and hedge funds own 96.86% of the company's stock.

Madison Square Garden Entertainment Stock Up 2.6%

Shares of NYSE MSGE traded up $0.96 during mid-day trading on Monday, reaching $37.84. The company had a trading volume of 42,439 shares, compared to its average volume of 333,107. The firm has a 50 day simple moving average of $38.60 and a two-hundred day simple moving average of $35.77. Madison Square Garden Entertainment Corp. has a 52-week low of $28.29 and a 52-week high of $44.14. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 60.61. The stock has a market cap of $1.54 billion, a P/E ratio of 13.81 and a beta of 0.44.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on MSGE. Susquehanna began coverage on shares of Madison Square Garden Entertainment in a report on Monday, April 28th. They issued a "positive" rating and a $39.00 target price for the company. The Goldman Sachs Group lifted their price target on shares of Madison Square Garden Entertainment from $36.00 to $41.00 and gave the stock a "buy" rating in a research note on Wednesday, May 7th.

About Madison Square Garden Entertainment

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.