Principal Financial Group Inc. Purchases Shares of 52,210 Madison Square Garden Entertainment Corp. $MSGE

Key Points

• Principal Financial Group purchased 52,210 shares of Madison Square Garden Entertainment, valued at approximately $3.08 million, while institutional investors collectively own 96.86% of MSGE.
• Analysts remain mixed, with a consensus “Hold” rating and an average price target of $79.83; several firms recently raised their targets to between $76 and $82.
• MSGE reported quarterly revenue of $246.26 million, up 1.5% year over year, but earnings per share of $0.11 missed estimates. The stock opened at $76.10, near its 52-week high of $82.79.

Principal Financial Group Inc. purchased a new stake in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 52,210 shares of the company's stock, valued at approximately $3,076,000. Principal Financial Group Inc. owned 0.13% of Madison Square Garden Entertainment as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Fifth Third Bancorp bought a new position in Madison Square Garden Entertainment during the first quarter valued at about $113,000. Hsbc Holdings PLC acquired a new position in Madison Square Garden Entertainment during the first quarter worth about $569,000. Y Intercept Hong Kong Ltd raised its position in Madison Square Garden Entertainment by 483.5% in the first quarter. Y Intercept Hong Kong Ltd now owns 46,855 shares of the company's stock worth $2,760,000 after acquiring an additional 38,825 shares in the last quarter. Pictet Asset Management Holding SA raised its position in Madison Square Garden Entertainment by 19.6% in the first quarter. Pictet Asset Management Holding SA now owns 5,619 shares of the company's stock worth $331,000 after acquiring an additional 921 shares in the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC acquired a new stake in Madison Square Garden Entertainment in the 1st quarter valued at about $209,000. Institutional investors own 96.86% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MSGE. BTIG Research restated a "buy" rating on shares of Madison Square Garden Entertainment in a research report on Thursday, May 21st. The Goldman Sachs Group reiterated a "neutral" rating and issued a $82.00 target price (up from $72.00) on shares of Madison Square Garden Entertainment in a report on Thursday, July 9th. Morgan Stanley increased their target price on shares of Madison Square Garden Entertainment from $70.00 to $80.00 and gave the company an "equal weight" rating in a research note on Tuesday, June 23rd. Susquehanna raised their target price on shares of Madison Square Garden Entertainment from $77.00 to $80.00 and gave the stock a "positive" rating in a report on Thursday, May 28th. Finally, Guggenheim lifted their price target on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Madison Square Garden Entertainment has a consensus rating of "Hold" and a consensus target price of $79.83.

Insider Activity

In other news, EVP Philip Gerard D'ambrosio sold 9,907 shares of the firm's stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $74.48, for a total value of $737,873.36. Following the completion of the sale, the executive vice president owned 15,772 shares of the company's stock, valued at $1,174,698.56. This trade represents a 38.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 16.41% of the stock is owned by insiders.

Madison Square Garden Entertainment Stock Down 1.4%

MSGE stock opened at $76.10 on Thursday. The company has a debt-to-equity ratio of 11.40, a current ratio of 0.72 and a quick ratio of 0.72. The firm has a market capitalization of $3.08 billion, a P/E ratio of 74.61 and a beta of 0.54. Madison Square Garden Entertainment Corp. has a 52-week low of $35.31 and a 52-week high of $82.79. The company's 50 day simple moving average is $74.60 and its 200-day simple moving average is $65.86.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.11 EPS for the quarter, missing analysts' consensus estimates of $0.14 by ($0.03). Madison Square Garden Entertainment had a return on equity of 4,795.27% and a net margin of 4.81%.The firm had revenue of $246.26 million during the quarter, compared to analyst estimates of $242.99 million. During the same period in the prior year, the business posted $0.17 EPS. The company's revenue for the quarter was up 1.5% on a year-over-year basis. As a group, equities research analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.35 EPS for the current year.

About Madison Square Garden Entertainment

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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