Odyssean LLC Has $3.27 Million Stock Holdings in Madison Square Garden Entertainment Corp. $MSGE

Key Points

• Odyssean LLC increased its Madison Square Garden Entertainment stake by 60.2% in the second quarter, owning 40,452 shares valued at approximately $3.27 million. Institutional investors and hedge funds collectively hold 96.86% of MSGE’s shares.
• Analyst sentiment is generally positive: MSGE has a consensus rating of “Moderate Buy” and an average price target of $91.62, with Susquehanna recently raising its target to $103.
• MSGE reported better-than-expected quarterly results, with revenue rising 27.4% year over year to $196.32 million and an adjusted loss of $0.21 per share versus expectations of a $0.44 loss. The stock opened at $80.96, compared with a 12-month range of $38.97 to $90.41.

Odyssean LLC grew its stake in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 60.2% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 40,452 shares of the company's stock after acquiring an additional 15,203 shares during the quarter. Madison Square Garden Entertainment comprises about 0.5% of Odyssean LLC's portfolio, making the stock its 19th biggest holding. Odyssean LLC owned approximately 0.10% of Madison Square Garden Entertainment worth $3,272,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Nykredit A S bought a new position in shares of Madison Square Garden Entertainment in the second quarter worth $46,000. Aster Capital Management DIFC Ltd bought a new stake in Madison Square Garden Entertainment during the fourth quarter worth about $45,000. CIBC Private Wealth Group LLC lifted its position in Madison Square Garden Entertainment by 3,248.6% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,239 shares of the company's stock worth $67,000 after purchasing an additional 1,202 shares during the period. State of Wyoming acquired a new stake in Madison Square Garden Entertainment during the second quarter worth about $62,000. Finally, CWM LLC grew its stake in Madison Square Garden Entertainment by 15.1% during the fourth quarter. CWM LLC now owns 1,723 shares of the company's stock worth $93,000 after buying an additional 226 shares in the last quarter. 96.86% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

MSGE has been the subject of several analyst reports. Zacks Research upgraded shares of Madison Square Garden Entertainment from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 17th. Susquehanna upped their price target on shares of Madison Square Garden Entertainment from $80.00 to $103.00 and gave the stock a "positive" rating in a report on Thursday, August 13th. Morgan Stanley increased their price target on shares of Madison Square Garden Entertainment from $70.00 to $80.00 and gave the stock an "equal weight" rating in a research report on Tuesday, June 23rd. Wall Street Zen raised shares of Madison Square Garden Entertainment from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Finally, The Goldman Sachs Group restated a "neutral" rating and set a $82.00 price objective (up from $72.00) on shares of Madison Square Garden Entertainment in a research report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, Madison Square Garden Entertainment presently has a consensus rating of "Moderate Buy" and a consensus target price of $91.62.

Insider Transactions at Madison Square Garden Entertainment

In related news, EVP Philip Gerard D'ambrosio sold 9,907 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $74.48, for a total transaction of $737,873.36. Following the completion of the transaction, the executive vice president directly owned 15,772 shares in the company, valued at $1,174,698.56. This represents a 38.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 16.41% of the stock is currently owned by corporate insiders.

Madison Square Garden Entertainment Stock Performance

Madison Square Garden Entertainment stock opened at $80.96 on Wednesday. Madison Square Garden Entertainment Corp. has a 12-month low of $38.97 and a 12-month high of $90.41. 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 business's 50-day moving average price is $77.85 and its two-hundred day moving average price is $68.60. The stock has a market cap of $3.27 billion, a PE ratio of 58.66 and a beta of 0.56.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last posted its earnings results on Wednesday, August 12th. The company reported ($0.21) EPS for the quarter, topping analysts' consensus estimates of ($0.44) by $0.23. Madison Square Garden Entertainment had a net margin of 6.24% and a return on equity of 480.83%. The firm had revenue of $196.32 million during the quarter, compared to analysts' expectations of $166.62 million. During the same quarter in the prior year, the business earned ($0.57) earnings per share. The business's revenue for the quarter was up 27.4% compared to the same quarter last year. As a group, analysts expect that Madison Square Garden Entertainment Corp. will post 2.5 earnings per share for the current fiscal year.

Madison Square Garden Entertainment 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.

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