Northern Trust Corp Acquires 154,888 Shares of Madison Square Garden Entertainment Corp. $MSGE

Key Points

• Northern Trust Corp increased its stake in Madison Square Garden Entertainment Corp. by 30.0%, acquiring an additional 154,888 shares, bringing its total ownership to 1.65% of the company, valued at approximately $21.97 million.
• Madison Square Garden reported a net loss of ($0.50) earnings per share for the quarter, falling short of the consensus estimate, while also experiencing a 17.2% decline in quarterly revenue compared to the previous year.
• Analysts have mixed ratings on Madison Square Garden, with four analysts giving a Buy rating, while Morgan Stanley raised its target price from $41.00 to $44.00, reflecting a cautious outlook for the stock.

Northern Trust Corp increased its stake in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 30.0% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 670,883 shares of the company's stock after acquiring an additional 154,888 shares during the period. Northern Trust Corp owned 1.65% of Madison Square Garden Entertainment worth $21,965,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in MSGE. Dimensional Fund Advisors LP lifted its holdings in Madison Square Garden Entertainment by 0.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,018,657 shares of the company's stock worth $36,265,000 after purchasing an additional 4,573 shares during the last quarter. MetLife Investment Management LLC raised its position in shares of Madison Square Garden Entertainment by 4.8% in the fourth quarter. MetLife Investment Management LLC now owns 23,940 shares of the company's stock valued at $852,000 after purchasing an additional 1,107 shares during the period. Tower Research Capital LLC TRC lifted its stake in shares of Madison Square Garden Entertainment by 26.5% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,405 shares of the company's stock worth $86,000 after buying an additional 504 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Madison Square Garden Entertainment by 9.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,373 shares of the company's stock worth $1,153,000 after buying an additional 2,830 shares during the period. Finally, Freestone Grove Partners LP bought a new stake in shares of Madison Square Garden Entertainment during the 4th quarter worth $233,000. 96.86% of the stock is owned by institutional investors.

Analysts Set New Price Targets

MSGE has been the subject of several research analyst reports. 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 lifted their price target on Madison Square Garden Entertainment from $41.00 to $44.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 12th. Finally, The Goldman Sachs Group upped their price target on Madison Square Garden Entertainment from $36.00 to $41.00 and gave the stock a "buy" rating in a report on Wednesday, May 7th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, Madison Square Garden Entertainment currently has an average rating of "Moderate Buy" and an average price target of $43.00.

Madison Square Garden Entertainment Stock Performance

Shares of MSGE stock traded up $0.29 during mid-day trading on Thursday, reaching $40.71. The stock had a trading volume of 95,312 shares, compared to its average volume of 337,285. Madison Square Garden Entertainment Corp. has a one year low of $28.29 and a one year high of $44.14. The firm has a market cap of $1.93 billion, a PE ratio of 53.56 and a beta of 0.44. The firm's 50 day simple moving average is $39.07 and its 200 day simple moving average is $36.13. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 60.61.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last posted its earnings results on Wednesday, August 13th. The company reported ($0.50) EPS for the quarter, missing the consensus estimate 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 company had revenue of $154.14 million for the quarter, compared to the consensus estimate of $151.17 million. During the same quarter last year, the business earned $1.41 EPS. Madison Square Garden Entertainment's quarterly revenue was down 17.2% compared to the same quarter last year. On average, analysts forecast 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.