Madison Square Garden Entertainment Corp. $MSGE Stock Holdings Raised by Northern Right Capital Management L.P.

Key Points

• Northern Right Capital Management L.P. increased its stake in Madison Square Garden Entertainment Corp. by 16.4%, making it the firm's 4th largest position with ownership of 478,256 shares valued at approximately $15.7 million.
• The company reported a loss of ($0.50) earnings per share for the last quarter, missing the consensus estimate, with revenue down 17.2% year-over-year at $154.14 million.
• Stock analysts have mixed ratings for Madison Square Garden Entertainment, with an average rating of "Moderate Buy" and a consensus price target of $43.00, despite a recent downgrade to "sell" by Wall Street Zen.

Northern Right Capital Management L.P. lifted its stake in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 16.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 478,256 shares of the company's stock after purchasing an additional 67,228 shares during the quarter. Madison Square Garden Entertainment comprises approximately 6.4% of Northern Right Capital Management L.P.'s portfolio, making the stock its 4th biggest position. Northern Right Capital Management L.P. owned about 1.18% of Madison Square Garden Entertainment worth $15,658,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Ariel Investments LLC raised its position in Madison Square Garden Entertainment by 14.5% in the fourth quarter. Ariel Investments LLC now owns 7,604,543 shares of the company's stock worth $270,722,000 after acquiring an additional 964,657 shares in the last quarter. Long Pond Capital LP purchased a new position in shares of Madison Square Garden Entertainment in the first quarter valued at $13,630,000. Northern Trust Corp increased its position in shares of Madison Square Garden Entertainment by 30.0% in the first quarter. Northern Trust Corp now owns 670,883 shares of the company's stock valued at $21,965,000 after buying an additional 154,888 shares in the last quarter. Nuveen LLC purchased a new position in shares of Madison Square Garden Entertainment in the first quarter valued at $5,055,000. Finally, Assenagon Asset Management S.A. increased its position in shares of Madison Square Garden Entertainment by 14.9% in the first quarter. Assenagon Asset Management S.A. now owns 982,405 shares of the company's stock valued at $32,164,000 after buying an additional 127,700 shares in the last quarter. Hedge funds and other institutional investors own 96.86% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on MSGE. Wall Street Zen cut Madison Square Garden Entertainment from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Morgan Stanley increased their price objective on Madison Square Garden Entertainment from $41.00 to $44.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 12th. Finally, The Goldman Sachs Group increased their price objective on 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. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, Madison Square Garden Entertainment currently has a consensus rating of "Moderate Buy" and a consensus price target of $43.00.

Madison Square Garden Entertainment Trading Up 0.4%

NYSE:MSGE traded up $0.15 during mid-day trading on Thursday, reaching $40.57. The company's stock had a trading volume of 338,516 shares, compared to its average volume of 338,773. The company's fifty day simple moving average is $39.07 and its two-hundred day simple moving average is $36.13. 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 twelve month low of $28.29 and a twelve month high of $44.14. The stock has a market cap of $1.93 billion, a P/E ratio of 53.38 and a beta of 0.44.

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

About Madison Square Garden Entertainment

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.