Madison Square Garden Entertainment Corp. $MSGE Shares Sold by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors reduced its MSGE stake by 3.3% in the first quarter, selling 27,660 shares and retaining 810,201 shares worth approximately $47.7 million. Institutional investors and hedge funds collectively own 96.86% of the company.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $79.83; targets were recently raised by Morgan Stanley, Guggenheim and JPMorgan.
• MSGE shares opened at $77.15, near their 52-week high, while the latest quarterly results showed revenue of $246.26 million—slightly above estimates—but EPS of $0.11 missed the $0.14 consensus.

Dimensional Fund Advisors LP lessened its stake in Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 3.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 810,201 shares of the company's stock after selling 27,660 shares during the period. Dimensional Fund Advisors LP owned about 2.00% of Madison Square Garden Entertainment worth $47,721,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in MSGE. Allspring Global Investments Holdings LLC bought a new position in Madison Square Garden Entertainment during the 1st quarter valued at $304,000. Sanctuary Advisors LLC grew its holdings in Madison Square Garden Entertainment by 22.1% during the 1st quarter. Sanctuary Advisors LLC now owns 6,877 shares of the company's stock worth $405,000 after acquiring an additional 1,245 shares in the last quarter. Hillsdale Investment Management Inc. bought a new stake in shares of Madison Square Garden Entertainment in the 1st quarter worth about $285,000. Bleakley Financial Group LLC increased its position in shares of Madison Square Garden Entertainment by 23.9% in the 1st quarter. Bleakley Financial Group LLC now owns 38,826 shares of the company's stock worth $2,287,000 after purchasing an additional 7,499 shares during the last quarter. Finally, Principal Financial Group Inc. acquired a new stake in shares of Madison Square Garden Entertainment in the 1st quarter valued at about $3,076,000. 96.86% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently commented on MSGE. Seaport Research Partners reaffirmed a "neutral" rating on shares of Madison Square Garden Entertainment in a research report on Monday, June 29th. Weiss Ratings lowered Madison Square Garden Entertainment from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, May 4th. Morgan Stanley boosted their price objective 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. Guggenheim upped their price objective on Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Finally, JPMorgan Chase & Co. increased their target price on Madison Square Garden Entertainment from $67.00 to $75.00 and gave the stock a "neutral" rating in a report on Tuesday, July 21st. Three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Madison Square Garden Entertainment presently has a consensus rating of "Hold" and an average target price of $79.83.

Insiders Place Their Bets

In related news, EVP Philip Gerard D'ambrosio sold 9,907 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $74.48, for a total transaction of $737,873.36. Following the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 16.41% of the stock is currently owned by company insiders.

Madison Square Garden Entertainment Stock Down 0.1%

Shares of NYSE:MSGE opened at $77.15 on Monday. The stock has a market capitalization of $3.12 billion, a price-to-earnings ratio of 75.64 and a beta of 0.56. Madison Square Garden Entertainment Corp. has a 1-year low of $35.31 and a 1-year high of $82.79. The company's fifty day moving average is $74.94 and its two-hundred day moving average is $66.17. The company has a debt-to-equity ratio of 11.40, a quick ratio of 0.72 and a current ratio of 0.72.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $246.26 million during the quarter, compared to the consensus estimate of $242.99 million. During the same quarter in the previous year, the business posted $0.17 earnings per share. The company's quarterly revenue was up 1.5% compared to the same quarter last year. Equities analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.35 EPS for the current 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.