Institute for Wealth Management LLC. Purchases Shares of 5,556 Madison Square Garden Entertainment Corp. $MSGE

Key Points

• Institute for Wealth Management LLC has acquired 5,556 shares of Madison Square Garden Entertainment Corp., totaling approximately $222,000 as part of their new stake.
• Madison Square Garden Entertainment's stock declined by 2.0% and has a market capitalization of $2.21 billion, with earnings per share reported at ($0.50), missing expectations.
• Analysts have varying ratings on the stock, with Goldman Sachs raising their target price to $52.00 and a consensus rating of "Moderate Buy" based on recent evaluations.

Institute for Wealth Management LLC. purchased a new stake in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 5,556 shares of the company's stock, valued at approximately $222,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of MSGE. Long Pond Capital LP acquired a new stake in shares of Madison Square Garden Entertainment during the first quarter worth $13,630,000. Ariel Investments LLC lifted its holdings in shares of Madison Square Garden Entertainment by 2.2% during the first quarter. Ariel Investments LLC now owns 7,775,373 shares of the company's stock worth $254,566,000 after buying an additional 170,830 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Madison Square Garden Entertainment by 30.0% during the first quarter. Northern Trust Corp now owns 670,883 shares of the company's stock worth $21,965,000 after buying an additional 154,888 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Madison Square Garden Entertainment during the first quarter worth $5,055,000. Finally, Millennium Management LLC acquired a new stake in shares of Madison Square Garden Entertainment during the first quarter worth $4,994,000. Institutional investors and hedge funds own 96.86% of the company's stock.

Madison Square Garden Entertainment Stock Down 2.0%

Shares of NYSE MSGE opened at $46.65 on Friday. The company has a debt-to-equity ratio of 60.61, a quick ratio of 0.47 and a current ratio of 0.47. Madison Square Garden Entertainment Corp. has a 52 week low of $28.29 and a 52 week high of $48.09. The stock has a market capitalization of $2.21 billion, a P/E ratio of 61.38 and a beta of 0.49. The stock's fifty day moving average is $41.06 and its 200 day moving average is $37.65.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last issued its quarterly 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 negative return on equity of 458.14% and a net margin of 3.97%.The company had revenue of $154.14 million during the quarter, compared to the consensus estimate of $151.17 million. During the same quarter in the previous year, the business posted $1.41 EPS. The firm's revenue for the quarter was down 17.2% on a year-over-year basis. Sell-side analysts forecast that Madison Square Garden Entertainment Corp. will post 1.04 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. The Goldman Sachs Group lifted their target price on Madison Square Garden Entertainment from $42.00 to $52.00 and gave the stock a "buy" rating in a report on Wednesday. Morgan Stanley lifted their target price on Madison Square Garden Entertainment from $41.00 to $44.00 and gave the stock an "equal weight" rating in a report on Tuesday, August 12th. Finally, Wall Street Zen cut Madison Square Garden Entertainment from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Madison Square Garden Entertainment presently has an average rating of "Moderate Buy" and an average price target of $45.20.

Madison Square Garden Entertainment Company 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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