First Trust Advisors LP Acquires 74,159 Shares of Madison Square Garden Entertainment Corp. $MSGE

Key Points

• First Trust Advisors increased its MSGE stake by 130.2% in the first quarter, acquiring 74,159 additional shares for a total holding of 131,119 shares worth approximately $7.7 million. Institutional investors collectively own 96.86% of the company.
• Analyst sentiment remains mixed, with three Buy ratings and five Holds; the consensus rating is Hold with an average price target of $79.83. Recent targets range from $75 to $80.
• MSGE shares opened at $77.15 after a 2.2% decline, while the company’s latest quarterly results showed revenue of $246.26 million—above estimates—but adjusted earnings of $0.11 per share, below the $0.14 consensus.

First Trust Advisors LP boosted its stake in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 130.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 131,119 shares of the company's stock after buying an additional 74,159 shares during the period. First Trust Advisors LP owned approximately 0.32% of Madison Square Garden Entertainment worth $7,724,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of MSGE. UBS Group AG increased its position in shares of Madison Square Garden Entertainment by 28.9% during the fourth 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 in the last quarter. Y Intercept Hong Kong Ltd boosted its position in shares of Madison Square Garden Entertainment by 483.5% during the first quarter. Y Intercept Hong Kong Ltd now owns 46,855 shares of the company's stock worth $2,760,000 after buying an additional 38,825 shares during the period. Jericho Capital Asset Management L.P. boosted its position in Madison Square Garden Entertainment by 26.9% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company's stock worth $197,384,000 after acquiring an additional 777,000 shares during the last quarter. IMC Chicago LLC acquired a new position in Madison Square Garden Entertainment during the fourth quarter worth $2,162,000. Finally, Principal Financial Group Inc. acquired a new position in shares of Madison Square Garden Entertainment during the 1st quarter worth about $3,076,000. Institutional investors own 96.86% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Guggenheim raised their target price on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. JPMorgan Chase & Co. increased their price target on Madison Square Garden Entertainment from $67.00 to $75.00 and gave the company a "neutral" rating in a research note on Tuesday, July 21st. BTIG Research reaffirmed a "buy" rating on shares of Madison Square Garden Entertainment in a report on Thursday, May 21st. Susquehanna raised their price target on Madison Square Garden Entertainment from $77.00 to $80.00 and gave the company a "positive" rating in a report on Thursday, May 28th. Finally, Seaport Research Partners reaffirmed a "neutral" rating on shares of Madison Square Garden Entertainment in a research report on Monday, June 29th. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $79.83.

Insider Transactions at Madison Square Garden Entertainment

In related news, EVP Philip Gerard D'ambrosio sold 9,907 shares of the business's stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $74.48, for a total value of $737,873.36. Following the completion of the sale, the executive vice president directly owned 15,772 shares in the company, valued at $1,174,698.56. The trade was a 38.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 16.41% of the stock is owned by company insiders.

Madison Square Garden Entertainment Trading Down 2.2%

Shares of MSGE stock opened at $77.15 on Friday. The firm has a 50 day moving average price of $74.94 and a two-hundred day moving average price of $66.10. 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 company has a market capitalization of $3.12 billion, a PE ratio of 75.64 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 posted 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 firm had revenue of $246.26 million during the quarter, compared to analyst estimates of $242.99 million. Madison Square Garden Entertainment had a net margin of 4.81% and a return on equity of 4,795.27%. Madison Square Garden Entertainment's revenue for the quarter was up 1.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.17 EPS. As a group, analysts predict that Madison Square Garden Entertainment Corp. will post 1.35 earnings per share for the current year.

About Madison Square Garden Entertainment

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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