Epoch Investment Partners Inc. Sells 32,996 Shares of Madison Square Garden Entertainment Corp. $MSGE

Key Points

• Epoch Investment Partners cut its Madison Square Garden Entertainment stake by 61.6% in the first quarter, selling 32,996 shares and retaining 20,577 shares valued at approximately $1.21 million.
• Institutional investors own 96.86% of MSGE, while EVP Philip Gerard D’Ambrosio sold 9,907 shares for about $737,873. The stock opened at $76.36 and has traded between $35.31 and $82.79 over the past year.
• MSGE’s latest quarterly earnings missed expectations, with EPS of $0.11 versus $0.14 expected, although revenue rose 1.5% year over year to $246.26 million. Analysts maintain a consensus “Hold” rating with an average price target of $79.83.

Epoch Investment Partners Inc. cut its position in Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 61.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,577 shares of the company's stock after selling 32,996 shares during the period. Epoch Investment Partners Inc. owned 0.05% of Madison Square Garden Entertainment worth $1,212,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. UBS Group AG grew its position in Madison Square Garden Entertainment by 28.9% during the 4th quarter. UBS Group AG now owns 294,984 shares of the company's stock worth $15,897,000 after acquiring an additional 66,070 shares during the last quarter. Y Intercept Hong Kong Ltd raised its position in Madison Square Garden Entertainment by 483.5% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 46,855 shares of the company's stock valued at $2,760,000 after purchasing an additional 38,825 shares during the last quarter. Jericho Capital Asset Management L.P. raised its position in Madison Square Garden Entertainment by 26.9% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company's stock valued at $197,384,000 after purchasing an additional 777,000 shares during the last quarter. IMC Chicago LLC acquired a new position in Madison Square Garden Entertainment in the fourth quarter worth $2,162,000. Finally, AXQ Capital LP acquired a new position in Madison Square Garden Entertainment in the fourth quarter worth $406,000. 96.86% of the stock is owned by institutional investors.

Insider Buying and Selling at Madison Square Garden Entertainment

In other news, EVP Philip Gerard D'ambrosio sold 9,907 shares of the business's stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $74.48, for a total value of $737,873.36. Following the completion of the transaction, the executive vice president owned 15,772 shares of the company's stock, valued at $1,174,698.56. The trade was a 38.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 16.41% of the stock is currently owned by corporate insiders.

Madison Square Garden Entertainment Price Performance

Madison Square Garden Entertainment stock opened at $76.36 on Monday. The business's 50-day simple moving average is $74.14 and its 200 day simple moving average is $65.38. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 11.40. The stock has a market cap of $3.09 billion, a price-to-earnings ratio of 74.87 and a beta of 0.54. Madison Square Garden Entertainment Corp. has a 12-month low of $35.31 and a 12-month high of $82.79.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.11 EPS 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 net margin of 4.81% and a return on equity of 4,795.27%. The business's revenue was up 1.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.17 EPS. As a group, research analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.35 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Seaport Research Partners reaffirmed a "neutral" rating on shares of Madison Square Garden Entertainment in a report on Monday, June 29th. Wall Street Zen lowered shares of Madison Square Garden Entertainment from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Susquehanna raised their price objective on shares of Madison Square Garden Entertainment from $77.00 to $80.00 and gave the company a "positive" rating in a research report on Thursday, May 28th. Guggenheim boosted their target price on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Finally, Morgan Stanley boosted their target price on shares of Madison Square Garden Entertainment from $70.00 to $80.00 and gave the stock an "equal weight" rating in a research note on Tuesday, June 23rd. Three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $79.83.

Madison Square Garden Entertainment 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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