Federated Hermes Inc. Decreases Stock Holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE)

Key Points

• Federated Hermes Inc. significantly reduced its shares in Madison Square Garden Entertainment Corp. by 79.6%, leaving it with 12,357 shares valued at $405,000.
• Despite Federated's reduction, other institutional investors are increasing their stakes in MSGE, with some showing substantial percentage increases, indicating volatile interest from hedge funds.
• Analysts have mixed opinions, with reports suggesting a buy rating and target price increases from Goldman Sachs and a positive outlook from Susquehanna.

Federated Hermes Inc. decreased its stake in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 79.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,357 shares of the company's stock after selling 48,250 shares during the period. Federated Hermes Inc.'s holdings in Madison Square Garden Entertainment were worth $405,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. Corton Capital Inc. purchased a new position in Madison Square Garden Entertainment during the 1st quarter valued at about $218,000. Pinnacle Associates Ltd. lifted its position in Madison Square Garden Entertainment by 3.2% during the 1st quarter. Pinnacle Associates Ltd. now owns 12,836 shares of the company's stock valued at $420,000 after acquiring an additional 398 shares during the period. Victory Capital Management Inc. lifted its position in Madison Square Garden Entertainment by 2.5% during the 1st quarter. Victory Capital Management Inc. now owns 21,313 shares of the company's stock valued at $698,000 after acquiring an additional 516 shares during the period. Bleakley Financial Group LLC lifted its position in Madison Square Garden Entertainment by 54.9% during the 1st quarter. Bleakley Financial Group LLC now owns 12,891 shares of the company's stock valued at $422,000 after acquiring an additional 4,571 shares during the period. Finally, Envestnet Asset Management Inc. purchased a new position in Madison Square Garden Entertainment during the 1st quarter valued at about $1,334,000. Institutional investors own 96.86% of the company's stock.

Madison Square Garden Entertainment Stock Up 3.6%

Madison Square Garden Entertainment stock traded up $1.42 during trading hours on Tuesday, hitting $40.35. The stock had a trading volume of 188,989 shares, compared to its average volume of 329,086. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 60.61. The stock has a market capitalization of $1.64 billion, a P/E ratio of 14.73 and a beta of 0.44. Madison Square Garden Entertainment Corp. has a 12-month low of $28.29 and a 12-month high of $44.14. The stock's 50-day moving average price is $38.76 and its 200-day moving average price is $35.87.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Morgan Stanley lifted their price target 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. The Goldman Sachs Group lifted their target price on shares of Madison Square Garden Entertainment from $36.00 to $41.00 and gave the stock a "buy" rating in a report on Wednesday, May 7th. Finally, Susquehanna initiated 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. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $43.00.

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.