Madison Square Garden Entertainment Corp. $MSGE Shares Purchased by Sei Investments Co.

Key Points

• Institutional ownership increased: Sei Investments raised its Madison Square Garden Entertainment stake by 83.2% to 43,582 shares, while other major investors also expanded their positions. Institutions and hedge funds own 96.86% of MSGE.
• Analysts remain cautious: Analysts lifted price targets to an average of $79.83, but the consensus rating remains “Hold,” with three Buy ratings and five Hold ratings.
• Stock and earnings update: MSGE shares opened at $76.44, near their 52-week high of $82.79. The company slightly missed quarterly EPS expectations at $0.11 versus $0.14, although revenue of $246.26 million exceeded estimates and rose 1.5% year over year.

Sei Investments Co. boosted its position in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 83.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 43,582 shares of the company's stock after acquiring an additional 19,787 shares during the quarter. Sei Investments Co. owned 0.11% of Madison Square Garden Entertainment worth $2,567,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Jericho Capital Asset Management L.P. increased its stake in Madison Square Garden Entertainment by 26.9% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company's stock worth $197,384,000 after purchasing an additional 777,000 shares during the period. Millennium Management LLC grew its holdings in shares of Madison Square Garden Entertainment by 2,037.6% in the third quarter. Millennium Management LLC now owns 589,096 shares of the company's stock valued at $26,651,000 after purchasing an additional 561,537 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Madison Square Garden Entertainment by 324.8% in the second quarter. Bank of America Corp DE now owns 667,248 shares of the company's stock valued at $26,670,000 after purchasing an additional 510,191 shares in the last quarter. Nuveen LLC increased its stake in Madison Square Garden Entertainment by 86.4% during the 4th quarter. Nuveen LLC now owns 724,467 shares of the company's stock worth $39,042,000 after buying an additional 335,890 shares during the period. Finally, Lord Abbett & CO. LLC purchased a new stake in Madison Square Garden Entertainment during the 4th quarter worth approximately $13,473,000. 96.86% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on MSGE shares. JPMorgan Chase & Co. increased their target price on shares of Madison Square Garden Entertainment from $67.00 to $75.00 and gave the stock a "neutral" rating in a report on Tuesday, July 21st. Susquehanna upped their price objective on Madison Square Garden Entertainment from $77.00 to $80.00 and gave the stock a "positive" rating in a research report on Thursday, May 28th. Weiss Ratings reiterated a "hold (c)" rating on shares of Madison Square Garden Entertainment in a research note on Friday, July 31st. Morgan Stanley lifted 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, The Goldman Sachs Group reissued a "neutral" rating and set a $82.00 target price (up from $72.00) on shares of Madison Square Garden Entertainment in a research note on Thursday, July 9th. Three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $79.83.

Insider Activity at Madison Square Garden Entertainment

In related news, EVP Philip Gerard D'ambrosio sold 9,907 shares of the stock in a transaction on 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 of the company's stock, valued at $1,174,698.56. This represents a 38.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 16.41% of the company's stock.

Madison Square Garden Entertainment Stock Down 0.3%

Shares of Madison Square Garden Entertainment stock opened at $76.44 on Friday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 11.40. Madison Square Garden Entertainment Corp. has a 52-week low of $35.31 and a 52-week high of $82.79. The company has a market capitalization of $3.09 billion, a P/E ratio of 74.94 and a beta of 0.56. The company has a 50 day moving average of $75.64 and a 200 day moving average of $66.73.

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

Madison Square Garden Entertainment Company 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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