Gabelli Funds LLC Has $16.33 Million Position in Madison Square Garden Entertainment Corp. $MSGE

Key Points

• Gabelli Funds LLC has reduced its stake in Madison Square Garden Entertainment Corp. (MSGE) by 3.1%, now owning approximately 1.23% of the company, valued at $16.33 million.
• Wall Street analysts have mixed outlooks on MSGE, with Goldman Sachs raising its price target to $41 and maintaining a "buy" rating, while Wall Street Zen downgraded it to "sell".
• Madison Square Garden Entertainment reported a $0.50 loss per share in its latest earnings results, missing projections and showing a year-over-year revenue decline of 17.2%.

Gabelli Funds LLC cut its stake in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 3.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 498,774 shares of the company's stock after selling 16,140 shares during the quarter. Gabelli Funds LLC owned approximately 1.23% of Madison Square Garden Entertainment worth $16,330,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. KBC Group NV acquired a new position in shares of Madison Square Garden Entertainment in the 1st quarter valued at about $31,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Madison Square Garden Entertainment in the 1st quarter valued at about $40,000. NBC Securities Inc. lifted its stake in shares of Madison Square Garden Entertainment by 136,900.0% in the 1st quarter. NBC Securities Inc. now owns 1,370 shares of the company's stock valued at $44,000 after purchasing an additional 1,369 shares during the period. GAMMA Investing LLC lifted its stake in shares of Madison Square Garden Entertainment by 1,632.3% in the 1st quarter. GAMMA Investing LLC now owns 2,685 shares of the company's stock valued at $82,000 after purchasing an additional 2,530 shares during the period. Finally, Tower Research Capital LLC TRC lifted its stake in shares of Madison Square Garden Entertainment by 26.5% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,405 shares of the company's stock valued at $86,000 after purchasing an additional 504 shares during the period. 96.86% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on MSGE shares. The Goldman Sachs Group boosted their price objective on Madison Square Garden Entertainment from $36.00 to $41.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. Wall Street Zen downgraded Madison Square Garden Entertainment from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Finally, Morgan Stanley boosted their price objective on Madison Square Garden Entertainment from $41.00 to $44.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 12th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $43.00.

Madison Square Garden Entertainment Stock Performance

Shares of Madison Square Garden Entertainment stock opened at $39.89 on Wednesday. Madison Square Garden Entertainment Corp. has a one year low of $28.29 and a one year high of $44.14. The firm has a market capitalization of $1.89 billion, a price-to-earnings ratio of 52.48 and a beta of 0.44. The business has a 50-day simple moving average of $38.92 and a 200 day simple moving average of $36.01. The company has a debt-to-equity ratio of 60.61, a current ratio of 0.47 and a quick ratio of 0.47.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last issued its earnings results on Wednesday, August 13th. The company reported ($0.50) EPS for the quarter, missing analysts' consensus estimates of ($0.47) by ($0.03). Madison Square Garden Entertainment had a net margin of 3.97% and a negative return on equity of 458.14%. The firm had revenue of $154.14 million during the quarter, compared to the consensus estimate of $151.17 million. During the same period in the previous year, the firm earned $1.41 earnings per share. The business's quarterly revenue was down 17.2% on a year-over-year basis. On average, research analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.04 earnings per share for the current fiscal year.

Madison Square Garden Entertainment Profile

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.

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