Madison Square Garden Entertainment Corp. $MSGE Shares Acquired by Bank of America Corp DE

Bank of America Corp DE boosted its holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 27.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 223,411 shares of the company's stock after purchasing an additional 48,453 shares during the quarter. Bank of America Corp DE owned about 0.55% of Madison Square Garden Entertainment worth $13,161,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. First Horizon Corp acquired a new position in Madison Square Garden Entertainment in the fourth quarter valued at $37,000. Aster Capital Management DIFC Ltd purchased a new stake in Madison Square Garden Entertainment during the 4th quarter valued at approximately $45,000. State of Wyoming acquired a new stake in Madison Square Garden Entertainment during the 2nd quarter worth approximately $62,000. CIBC Private Wealth Group LLC lifted its position in Madison Square Garden Entertainment by 3,248.6% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,239 shares of the company's stock worth $67,000 after acquiring an additional 1,202 shares during the period. Finally, CWM LLC grew its stake in shares of Madison Square Garden Entertainment by 15.1% in the 4th quarter. CWM LLC now owns 1,723 shares of the company's stock valued at $93,000 after purchasing an additional 226 shares during the last quarter. 96.86% of the stock is owned by hedge funds and other institutional investors.

Madison Square Garden Entertainment Stock Performance

Shares of NYSE MSGE opened at $79.99 on Friday. Madison Square Garden Entertainment Corp. has a 1 year low of $37.86 and a 1 year high of $90.41. The firm has a market cap of $3.23 billion, a P/E ratio of 57.96 and a beta of 0.56. The stock has a fifty day moving average price of $77.63 and a two-hundred day moving average price of $68.27. The company has a debt-to-equity ratio of 11.80, a quick ratio of 0.70 and a current ratio of 0.70.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($0.21) EPS for the quarter, topping analysts' consensus estimates of ($0.44) by $0.23. Madison Square Garden Entertainment had a return on equity of 480.83% and a net margin of 6.24%.The company had revenue of $196.32 million for the quarter, compared to the consensus estimate of $166.62 million. During the same quarter in the previous year, the business earned ($0.57) EPS. The company's quarterly revenue was up 27.4% compared to the same quarter last year. Research analysts forecast that Madison Square Garden Entertainment Corp. will post 2.48 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have issued reports on MSGE. Bank of America boosted their price objective on shares of Madison Square Garden Entertainment from $80.00 to $96.00 and gave the company a "buy" rating in a research note on Friday, August 14th. Wall Street Zen raised shares of Madison Square Garden Entertainment from a "hold" rating to a "buy" rating in a report on Saturday, August 15th. JPMorgan Chase & Co. upped their price objective on Madison Square Garden Entertainment from $75.00 to $83.00 and gave the stock a "neutral" rating in a report on Thursday, August 13th. Morgan Stanley raised their target price on Madison Square Garden Entertainment from $70.00 to $80.00 and gave the company an "equal weight" rating in a report on Tuesday, June 23rd. Finally, Piper Sandler began coverage on Madison Square Garden Entertainment in a research note on Thursday. They issued a "neutral" rating and a $86.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $91.62.

Insider Activity

In other news, EVP Philip Gerard D'ambrosio sold 9,907 shares of the company's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $74.48, for a total value of $737,873.36. Following the transaction, the executive vice president owned 15,772 shares in the company, valued at $1,174,698.56. This represents a 38.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 16.41% of the stock is owned by company insiders.

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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