Madison Square Garden Entertainment Corp. $MSGE Stock Bought by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Madison Square Garden Entertainment stake by 42.4% in the third quarter, acquiring 366,218 additional shares and bringing its ownership to 3.04%. Institutional investors collectively own 96.86% of MSGE.
• Analyst sentiment remains cautious, with a consensus “Hold” rating from 11 analysts and an average price target of $91.62. JPMorgan and Morgan Stanley recently raised their price targets, but maintained neutral or equal-weight ratings.
• MSGE reported stronger-than-expected quarterly results, posting a loss of $0.21 per share versus the $0.44 expected loss and revenue of $196.32 million, up 27.4% year over year.

Assenagon Asset Management S.A. grew its holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 42.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,229,680 shares of the company's stock after acquiring an additional 366,218 shares during the quarter. Assenagon Asset Management S.A. owned 3.04% of Madison Square Garden Entertainment worth $98,510,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. State of Alaska Department of Revenue lifted its position in Madison Square Garden Entertainment by 30.8% in the 3rd quarter. State of Alaska Department of Revenue now owns 1,713 shares of the company's stock valued at $137,000 after acquiring an additional 403 shares in the last quarter. B. Riley Wealth Advisors Inc. bought a new stake in shares of Madison Square Garden Entertainment in the third quarter valued at about $545,000. GK Wealth Management LLC bought a new position in shares of Madison Square Garden Entertainment during the third quarter worth about $73,000. Congress Asset Management Co. bought a new position in shares of Madison Square Garden Entertainment during the third quarter worth about $24,280,000. Finally, Scholtz & Company LLC raised its position in Madison Square Garden Entertainment by 67.8% in the 2nd quarter. Scholtz & Company LLC now owns 62,037 shares of the company's stock valued at $5,018,000 after buying an additional 25,066 shares during the last quarter. Institutional investors and hedge funds own 96.86% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. upped their price target on Madison Square Garden Entertainment from $75.00 to $83.00 and gave the stock a "neutral" rating in a research report on Thursday, August 13th. Zacks Research cut shares of Madison Square Garden Entertainment from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 12th. Seaport Research Partners restated a "neutral" rating on shares of Madison Square Garden Entertainment in a research note on Monday, June 29th. 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 report on Tuesday, June 23rd. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Madison Square Garden Entertainment in a research report on Friday, July 31st. Four research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $91.62.

Madison Square Garden Entertainment Stock Performance

NYSE MSGE opened at $77.52 on Friday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 11.80. The company has a market capitalization of $3.14 billion, a P/E ratio of 56.18 and a beta of 0.55. Madison Square Garden Entertainment Corp. has a 12-month low of $43.33 and a 12-month high of $90.41. The firm has a 50-day moving average price of $79.86 and a two-hundred day moving average price of $73.74.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $196.32 million during the quarter, compared to analysts' expectations of $166.62 million. During the same period in the previous year, the company posted ($0.57) earnings per share. The firm's revenue for the quarter was up 27.4% compared to the same quarter last year. Analysts anticipate that Madison Square Garden Entertainment Corp. will post 2.50 earnings per share for the current year.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. NYSE: MSGE is a live entertainment company that owns, operates and produces experiences at prominent venues. Its portfolio includes Madison Square Garden and Radio City Music Hall in New York City, the Beacon Theatre in New York, and The Chicago Theatre in Chicago.

The company presents concerts, comedy shows, family entertainment, theatrical productions and other cultural events. It is also known for producing the Radio City Christmas Spectacular, featuring the Rockettes, and for developing original entertainment and hospitality experiences connected with its venues.

Madison Square Garden Entertainment was established as an independent public company following the separation of the entertainment businesses from Madison Square Garden Sports Corp.

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.