North Star Investment Management Corp. Cuts Position in Madison Square Garden Entertainment Corp. $MSGE

Key Points

• North Star Investment Management Corp. has decreased its stake in Madison Square Garden Entertainment Corp. by 6.6%, now owning approximately 90,796 shares valued at around $3.63 million.
• Madison Square Garden Entertainment reported a quarterly earnings loss of ($0.50) per share, missing expectations and showing a 17.2% year-over-year revenue decline.
• Wall Street analysts have mixed opinions on MSGE, with four analysts issuing a Buy rating and one downgrading to a Sell rating, reflecting underlying concerns despite a recent target price raise by Morgan Stanley.

North Star Investment Management Corp. lessened its position in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 6.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 90,796 shares of the company's stock after selling 6,400 shares during the quarter. North Star Investment Management Corp. owned about 0.22% of Madison Square Garden Entertainment worth $3,629,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of MSGE. Long Pond Capital LP bought a new stake in shares of Madison Square Garden Entertainment in the 1st quarter valued at approximately $13,630,000. Ariel Investments LLC lifted its stake in shares of Madison Square Garden Entertainment by 2.2% in the 1st quarter. Ariel Investments LLC now owns 7,775,373 shares of the company's stock valued at $254,566,000 after purchasing an additional 170,830 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Madison Square Garden Entertainment by 30.0% in the 1st quarter. Northern Trust Corp now owns 670,883 shares of the company's stock valued at $21,965,000 after purchasing an additional 154,888 shares during the last quarter. Nuveen LLC bought a new stake in shares of Madison Square Garden Entertainment in the 1st quarter valued at approximately $5,055,000. Finally, Millennium Management LLC bought a new stake in shares of Madison Square Garden Entertainment in the 1st quarter valued at approximately $4,994,000. 96.86% of the stock is owned by institutional investors.

Madison Square Garden Entertainment Price Performance

Shares of MSGE stock opened at $45.20 on Thursday. Madison Square Garden Entertainment Corp. has a 52-week low of $28.29 and a 52-week high of $46.74. The company has a debt-to-equity ratio of 60.61, a quick ratio of 0.47 and a current ratio of 0.47. The firm has a market capitalization of $2.15 billion, a P/E ratio of 59.47 and a beta of 0.44. The stock has a 50 day moving average price of $40.41 and a 200 day moving average price of $37.05.

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 for the quarter, compared to the consensus estimate of $151.17 million. During the same period in the prior year, the business posted $1.41 earnings per share. Madison Square Garden Entertainment's revenue was down 17.2% on a year-over-year basis. As a group, sell-side analysts predict that Madison Square Garden Entertainment Corp. will post 1.04 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on MSGE shares. Wall Street Zen lowered Madison Square Garden Entertainment from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Morgan Stanley raised 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. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Madison Square Garden Entertainment has an average rating of "Moderate Buy" and an average target price of $43.00.

Madison Square Garden Entertainment 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.

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