Madison Square Garden Entertainment Corp. $MSGE Stock Position Reduced by HighTower Advisors LLC

Key Points

• HighTower Advisors LLC reduced its stake in Madison Square Garden Entertainment Corp. by 41.6%, selling 10,386 shares and bringing its total holdings to 14,572 shares valued at $477,000.
• Madison Square Garden Entertainment reported a quarterly loss of ($0.50) earnings per share, missing analysts' expectations, while experiencing a 17.2% year-over-year decline in revenue.
• Despite mixed analyst ratings, with some upgrades and a recent downgrade to a "sell" rating, the stock has a consensus target price of $43.00 and a current price of around $40.63.

HighTower Advisors LLC reduced its holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 41.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,572 shares of the company's stock after selling 10,386 shares during the period. HighTower Advisors LLC's holdings in Madison Square Garden Entertainment were worth $477,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Ariel Investments LLC raised its position in shares of Madison Square Garden Entertainment by 14.5% in the fourth quarter. Ariel Investments LLC now owns 7,604,543 shares of the company's stock valued at $270,722,000 after buying an additional 964,657 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Madison Square Garden Entertainment by 0.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,018,657 shares of the company's stock worth $36,265,000 after acquiring an additional 4,573 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of Madison Square Garden Entertainment by 14.9% during the first quarter. Assenagon Asset Management S.A. now owns 982,405 shares of the company's stock worth $32,164,000 after purchasing an additional 127,700 shares in the last quarter. Systematic Financial Management LP grew its position in shares of Madison Square Garden Entertainment by 3.1% during the fourth quarter. Systematic Financial Management LP now owns 919,477 shares of the company's stock worth $32,733,000 after acquiring an additional 27,984 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in Madison Square Garden Entertainment by 1.5% during the fourth quarter. Bank of America Corp DE now owns 585,638 shares of the company's stock worth $20,849,000 after purchasing an additional 8,592 shares in the last quarter. 96.86% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MSGE has been the topic of a number of analyst reports. Wall Street Zen lowered Madison Square Garden Entertainment from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. The Goldman Sachs Group upped their target price on shares of 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. Finally, Morgan Stanley boosted their price target on Madison Square Garden Entertainment from $41.00 to $44.00 and gave the company an "equal weight" rating in a report on Tuesday, August 12th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. 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 Price Performance

Shares of Madison Square Garden Entertainment stock remained flat at $40.40 during trading on Wednesday. The stock had a trading volume of 92,649 shares, compared to its average volume of 336,007. Madison Square Garden Entertainment Corp. has a twelve month low of $28.29 and a twelve month high of $44.14. The company has a debt-to-equity ratio of 60.61, a quick ratio of 0.47 and a current ratio of 0.47. The firm's fifty day simple moving average is $39.06 and its two-hundred day simple moving average is $36.10. The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of 53.10 and a beta of 0.44.

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