Scholtz & Company LLC Has $5.02 Million Stock Position in Madison Square Garden Entertainment Corp. $MSGE

Key Points

• Scholtz & Company LLC increased its MSGE position by 67.8% in the second quarter, holding 62,037 shares worth approximately $5.02 million. Institutional investors and hedge funds collectively own 96.86% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $91.62, compared with MSGE’s reported share price of $76.28.
• MSGE exceeded quarterly expectations, reporting a loss of $0.21 per share versus the expected $0.44 loss and revenue of $196.32 million, up 27.4% year over year.

Scholtz & Company LLC increased its holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 67.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 62,037 shares of the company's stock after acquiring an additional 25,066 shares during the period. Madison Square Garden Entertainment comprises about 2.5% of Scholtz & Company LLC's holdings, making the stock its 15th largest holding. Scholtz & Company LLC owned approximately 0.15% of Madison Square Garden Entertainment worth $5,018,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Madison Square Garden Entertainment by 5.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,679 shares of the company's stock valued at $775,000 after purchasing an additional 1,193 shares during the period. Millennium Management LLC acquired a new stake in shares of Madison Square Garden Entertainment during the first quarter worth approximately $4,994,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Madison Square Garden Entertainment during the first quarter worth approximately $210,000. Jane Street Group LLC purchased a new position in Madison Square Garden Entertainment during the first quarter valued at approximately $1,468,000. Finally, JPMorgan Chase & Co. grew its position in Madison Square Garden Entertainment by 53.5% during the second quarter. JPMorgan Chase & Co. now owns 102,307 shares of the company's stock valued at $4,089,000 after purchasing an additional 35,678 shares in the last quarter. 96.86% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MSGE. 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. Morgan Stanley boosted their price target on shares of Madison Square Garden Entertainment from $70.00 to $80.00 and gave the company an "equal weight" rating in a report on Tuesday, June 23rd. 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 research note on Thursday, August 13th. Piper Sandler assumed coverage on Madison Square Garden Entertainment in a research report on Thursday, August 20th. They set a "neutral" rating and a $86.00 price objective for the company. Finally, Bank of America boosted their target price on Madison Square Garden Entertainment from $80.00 to $96.00 and gave the company a "buy" rating in a research note on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, Madison Square Garden Entertainment currently has a consensus rating of "Moderate Buy" and an average target price of $91.62.

Madison Square Garden Entertainment Stock Performance

MSGE stock opened at $76.28 on Thursday. 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 company has a market capitalization of $3.08 billion, a price-to-earnings ratio of 55.28 and a beta of 0.56. Madison Square Garden Entertainment Corp. has a 12 month low of $41.02 and a 12 month high of $90.41. The firm has a 50 day moving average of $77.96 and a two-hundred day moving average of $69.86.

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