UBS Group AG Buys 66,070 Shares of Madison Square Garden Entertainment Corp. $MSGE

Key Points

• UBS Group AG increased its stake in Madison Square Garden Entertainment by 28.9% in the fourth quarter, buying 66,070 additional shares and bringing its total holding to 294,984 shares worth about $15.9 million.
• Insider selling was also notable, with Director Charles P. Dolan selling 19,311 shares at an average price of $63.76, cutting his ownership by 96.7%.
• MSGE reported mixed quarterly results: EPS of $0.11 missed estimates, while revenue of $246.26 million slightly beat expectations. Analysts currently rate the stock a “Moderate Buy” with a consensus price target of $64.33.

UBS Group AG boosted its stake in Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 28.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 294,984 shares of the company's stock after purchasing an additional 66,070 shares during the quarter. UBS Group AG owned about 0.73% of Madison Square Garden Entertainment worth $15,897,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. CWM LLC increased its holdings in Madison Square Garden Entertainment by 15.1% in the fourth quarter. CWM LLC now owns 1,723 shares of the company's stock valued at $93,000 after purchasing an additional 226 shares during the last quarter. Orion Porfolio Solutions LLC increased its holdings in shares of Madison Square Garden Entertainment by 1.9% in the second quarter. Orion Porfolio Solutions LLC now owns 22,667 shares of the company's stock worth $906,000 after acquiring an additional 418 shares in the last quarter. Sei Investments Co. increased its holdings in shares of Madison Square Garden Entertainment by 6.2% in the third quarter. Sei Investments Co. now owns 7,731 shares of the company's stock worth $350,000 after acquiring an additional 451 shares in the last quarter. First Horizon Corp bought a new stake in shares of Madison Square Garden Entertainment in the fourth quarter worth about $37,000. Finally, Osaic Holdings Inc. increased its holdings in shares of Madison Square Garden Entertainment by 32.0% in the second quarter. Osaic Holdings Inc. now owns 3,138 shares of the company's stock worth $125,000 after acquiring an additional 760 shares in the last quarter. Institutional investors own 96.86% of the company's stock.

Insider Buying and Selling

In related news, Director Charles P. Dolan sold 19,311 shares of the stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $63.76, for a total transaction of $1,231,269.36. Following the completion of the transaction, the director directly owned 660 shares of the company's stock, valued at approximately $42,081.60. This represents a 96.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 16.41% of the company's stock.

Madison Square Garden Entertainment Stock Up 2.5%

NYSE:MSGE opened at $66.21 on Thursday. The company has a debt-to-equity ratio of 11.40, a quick ratio of 0.72 and a current ratio of 0.72. The company has a market cap of $2.68 billion, a PE ratio of 64.91 and a beta of 0.61. Madison Square Garden Entertainment Corp. has a 52-week low of $35.31 and a 52-week high of $69.86. The stock has a 50-day simple moving average of $60.62 and a 200 day simple moving average of $56.53.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.14 by ($0.03). The firm had revenue of $246.26 million for the quarter, compared to the consensus estimate of $242.99 million. Madison Square Garden Entertainment had a return on equity of 4,795.27% and a net margin of 4.81%.The firm's quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.17 earnings per share. On average, sell-side analysts expect that Madison Square Garden Entertainment Corp. will post 1.14 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on MSGE shares. BTIG Research increased their price target on Madison Square Garden Entertainment from $70.00 to $86.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. JPMorgan Chase & Co. increased their price target on Madison Square Garden Entertainment from $63.00 to $67.00 and gave the stock a "neutral" rating in a report on Friday, May 8th. Wall Street Zen downgraded Madison Square Garden Entertainment from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Guggenheim increased their price target on Madison Square Garden Entertainment from $74.00 to $76.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Finally, Weiss Ratings downgraded Madison Square Garden Entertainment from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, Madison Square Garden Entertainment presently has a consensus rating of "Moderate Buy" and a consensus price target of $64.33.

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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