Madison Square Garden Entertainment Corp. $MSGE Shares Sold by Channing Capital Management LLC

Key Points

• Channing Capital Management LLC reduced its stake in Madison Square Garden Entertainment Corp. by 2.7%, now holding 2,226,825 shares, which accounts for 2.2% of its portfolio.
• Despite a decrease in revenue of 17.2% compared to the previous year, Madison Square Garden Entertainment's stock has received a consensus rating of "Moderate Buy" with an average price target of $43.00.
• Madison Square Garden Entertainment's most recent earnings report revealed an EPS of ($0.50), missing analyst expectations by $0.03, while revenue exceeded forecasts at $154.14 million.

Channing Capital Management LLC lessened its holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 2.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,226,825 shares of the company's stock after selling 61,038 shares during the period. Madison Square Garden Entertainment comprises about 2.2% of Channing Capital Management LLC's portfolio, making the stock its 15th largest holding. Channing Capital Management LLC owned 5.49% of Madison Square Garden Entertainment worth $72,906,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Pinnacle Associates Ltd. raised its stake in shares of Madison Square Garden Entertainment by 3.2% during the 1st quarter. Pinnacle Associates Ltd. now owns 12,836 shares of the company's stock worth $420,000 after buying an additional 398 shares during the period. Tower Research Capital LLC TRC grew its stake in Madison Square Garden Entertainment by 26.5% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,405 shares of the company's stock valued at $86,000 after acquiring an additional 504 shares during the period. Ameriprise Financial Inc. increased its holdings in Madison Square Garden Entertainment by 4.3% in the 4th quarter. Ameriprise Financial Inc. now owns 12,431 shares of the company's stock worth $443,000 after acquiring an additional 509 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Madison Square Garden Entertainment by 2.5% in the 1st quarter. Victory Capital Management Inc. now owns 21,313 shares of the company's stock worth $698,000 after acquiring an additional 516 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Madison Square Garden Entertainment by 3.5% in the first quarter. Principal Financial Group Inc. now owns 20,713 shares of the company's stock valued at $678,000 after purchasing an additional 702 shares during the period. Hedge funds and other institutional investors own 96.86% of the company's stock.

Madison Square Garden Entertainment Price Performance

NYSE MSGE traded up $1.6170 during trading hours on Friday, hitting $39.2770. 313,502 shares of the company's stock traded hands, compared to its average volume of 339,375. The company has a market capitalization of $1.86 billion, a PE ratio of 51.68 and a beta of 0.44. The company has a debt-to-equity ratio of 60.61, a current ratio of 0.47 and a quick ratio of 0.47. Madison Square Garden Entertainment Corp. has a 52-week low of $28.29 and a 52-week high of $44.14. The firm's 50-day moving average is $38.81 and its 200-day moving average is $35.97.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. The Goldman Sachs Group raised their price target 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. Susquehanna assumed coverage on Madison Square Garden Entertainment in a report on Monday, April 28th. They set a "positive" rating and a $39.00 target price for the company. Morgan Stanley raised their target price on Madison Square Garden Entertainment from $41.00 to $44.00 and gave the company an "equal weight" rating in a research 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 assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $43.00.

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.