Lazard Asset Management LLC Acquires 30,979 Shares of Madison Square Garden Entertainment Corp. $MSGE

Key Points

• Lazard Asset Management increased its MSGE stake by 299.4% in the first quarter, adding 30,979 shares to hold 41,326 shares worth approximately $2.44 million. Institutional investors collectively own 96.86% of the company.
• Analysts remain cautious, with three Buy ratings and five Holds producing a consensus “Hold” rating and an average price target of $79.83. Recent targets range from $75 to $82.
• MSGE reported quarterly revenue of $246.26 million, ahead of expectations, but earnings per share of $0.11 missed the $0.14 consensus estimate. The stock opened at $77.15 and trades near its 12-month high of $82.79.

Lazard Asset Management LLC boosted its stake in Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 299.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 41,326 shares of the company's stock after acquiring an additional 30,979 shares during the period. Lazard Asset Management LLC owned 0.10% of Madison Square Garden Entertainment worth $2,435,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Deutsche Bank AG lifted its position in shares of Madison Square Garden Entertainment by 0.6% in the 4th quarter. Deutsche Bank AG now owns 32,473 shares of the company's stock worth $1,750,000 after purchasing an additional 181 shares during the period. CWM LLC increased its position in shares of Madison Square Garden Entertainment by 15.1% during the fourth quarter. CWM LLC now owns 1,723 shares of the company's stock valued at $93,000 after buying an additional 226 shares during the period. Orion Porfolio Solutions LLC raised its stake in Madison Square Garden Entertainment by 1.9% in the second quarter. Orion Porfolio Solutions LLC now owns 22,667 shares of the company's stock worth $906,000 after buying an additional 418 shares in the last quarter. XTX Topco Ltd raised its stake in Madison Square Garden Entertainment by 5.2% in the fourth quarter. XTX Topco Ltd now owns 8,681 shares of the company's stock worth $468,000 after buying an additional 427 shares in the last quarter. Finally, Sei Investments Co. lifted its holdings in Madison Square Garden Entertainment by 6.2% in the third quarter. Sei Investments Co. now owns 7,731 shares of the company's stock worth $350,000 after buying an additional 451 shares during the period. 96.86% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Philip Gerard D'ambrosio sold 9,907 shares of the stock in a transaction on Thursday, June 11th. The shares were 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 of the company's stock, valued at $1,174,698.56. This represents a 38.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 16.41% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on MSGE shares. JPMorgan Chase & Co. lifted their price objective on Madison Square Garden Entertainment from $67.00 to $75.00 and gave the company a "neutral" rating in a research report on Tuesday, July 21st. Seaport Research Partners reissued a "neutral" rating on shares of Madison Square Garden Entertainment in a research report on Monday, June 29th. Wall Street Zen cut Madison Square Garden Entertainment from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $82.00 price objective (up from $72.00) on shares of Madison Square Garden Entertainment in a report on Thursday, July 9th. Finally, Morgan Stanley raised their price objective on Madison Square Garden Entertainment from $70.00 to $80.00 and gave the company an "equal weight" rating in a research report on Tuesday, June 23rd. Three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $79.83.

Madison Square Garden Entertainment Stock Performance

MSGE stock opened at $77.15 on Monday. The stock has a market capitalization of $3.12 billion, a PE ratio of 75.64 and a beta of 0.56. The stock's 50 day simple moving average is $74.94 and its 200 day simple moving average is $66.17. Madison Square Garden Entertainment Corp. has a 12-month low of $35.31 and a 12-month high of $82.79. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 11.40.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.03). Madison Square Garden Entertainment had a return on equity of 4,795.27% and a net margin of 4.81%.The company had revenue of $246.26 million during the quarter, compared to analysts' expectations of $242.99 million. During the same quarter in the prior year, the business posted $0.17 EPS. The company's revenue for the quarter was up 1.5% compared to the same quarter last year. As a group, research analysts forecast that Madison Square Garden Entertainment Corp. will post 1.35 earnings per share for the current fiscal year.

Madison Square Garden Entertainment Profile

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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