Principal Financial Group Inc. Purchases New Stake in Sphere Entertainment Co. $SPHR

Key Points

• Principal Financial Group opened a new position in Sphere Entertainment during the first quarter, buying 129,439 shares valued at about $15.2 million. The stake represented 0.36% of the company at the end of the reporting period.
• Sphere Entertainment’s latest quarter beat expectations, with EPS of -$0.04 versus an expected -$0.31 and revenue of $386.4 million versus $313.4 million forecast. Revenue rose 37.7% year over year, though the company still faces an expected full-year loss.
• Analyst sentiment remains bullish overall, with several firms raising price targets and the stock carrying a Moderate Buy consensus rating and average target of $163.08. Institutional ownership is also high, with hedge funds and other institutions holding 92.03% of shares.

Principal Financial Group Inc. acquired a new position in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 129,439 shares of the company's stock, valued at approximately $15,196,000. Principal Financial Group Inc. owned 0.36% of Sphere Entertainment at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the business. Gables Capital Management Inc. purchased a new stake in shares of Sphere Entertainment during the 1st quarter worth $117,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in shares of Sphere Entertainment during the 1st quarter worth $773,000. Fifth Third Bancorp purchased a new position in shares of Sphere Entertainment in the 1st quarter valued at about $702,000. Hsbc Holdings PLC increased its holdings in shares of Sphere Entertainment by 198.9% in the 1st quarter. Hsbc Holdings PLC now owns 10,445 shares of the company's stock valued at $1,204,000 after purchasing an additional 6,950 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund acquired a new stake in shares of Sphere Entertainment in the first quarter valued at about $716,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

Sphere Entertainment Stock Down 3.2%

Shares of NYSE SPHR opened at $133.82 on Friday. Sphere Entertainment Co. has a 12-month low of $37.89 and a 12-month high of $174.60. The company has a market capitalization of $4.75 billion, a PE ratio of 75.18 and a beta of 1.61. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.22 and a quick ratio of 1.22. The firm's 50-day moving average is $146.75 and its two-hundred day moving average is $125.25.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.31) by $0.27. The firm had revenue of $386.41 million for the quarter, compared to analyst estimates of $313.41 million. Sphere Entertainment had a negative return on equity of 5.07% and a net margin of 8.05%.Sphere Entertainment's revenue was up 37.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($2.27) EPS. Equities analysts anticipate that Sphere Entertainment Co. will post -2.44 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. The Goldman Sachs Group upped their target price on shares of Sphere Entertainment from $150.00 to $189.00 and gave the stock a "buy" rating in a research report on Wednesday, July 8th. Susquehanna boosted their price target on Sphere Entertainment from $159.00 to $182.00 and gave the stock a "positive" rating in a research note on Thursday, June 18th. Bank of America upped their price target on Sphere Entertainment from $110.00 to $132.00 and gave the stock a "neutral" rating in a report on Thursday, April 9th. BTIG Research reaffirmed a "buy" rating and issued a $190.00 price objective on shares of Sphere Entertainment in a research note on Tuesday, May 19th. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $170.00 price objective on shares of Sphere Entertainment in a report on Wednesday, May 6th. Eleven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Sphere Entertainment presently has a consensus rating of "Moderate Buy" and a consensus price target of $163.08.

Sphere Entertainment Profile

Sphere Entertainment Co NYSE: SPHR is a publicly traded company focused on the development and operation of large-scale immersive entertainment venues. Established as a standalone entity in early 2023 following its separation from Madison Square Garden Entertainment, Sphere leverages cutting-edge audiovisual technologies to create next-generation concert, film and cultural experiences. The company’s flagship venue in Las Vegas showcases its core capabilities, while additional projects are in various stages of development around the world.

At the Las Vegas Sphere, Sphere Entertainment has installed one of the largest LED display surfaces on the planet, wrapping audiences in 16K resolution imagery and spatial audio powered by proprietary sound systems.

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.