Y Intercept Hong Kong Ltd Raises Holdings in Madison Square Garden Entertainment Corp. $MSGE

Key Points

• Y Intercept Hong Kong Ltd boosted its Madison Square Garden Entertainment stake by 483.5% in the first quarter, ending with 46,855 shares valued at about $2.76 million.
• Institutional ownership remains very high, with 96.86% of MSGE shares held by institutions and hedge funds; several other investors also increased or initiated positions recently.
• Analysts are generally constructive on the stock, with a consensus rating of “Moderate Buy” and an average price target of $73.50, even as the company recently reported earnings that missed EPS expectations by $0.03.

Y Intercept Hong Kong Ltd increased its stake in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 483.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 46,855 shares of the company's stock after acquiring an additional 38,825 shares during the period. Y Intercept Hong Kong Ltd owned about 0.12% of Madison Square Garden Entertainment worth $2,760,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of MSGE. Pictet Asset Management Holding SA grew its stake in shares of Madison Square Garden Entertainment by 19.6% during the 1st quarter. Pictet Asset Management Holding SA now owns 5,619 shares of the company's stock worth $331,000 after purchasing an additional 921 shares during the period. Pinnacle Wealth Management Advisory Group LLC purchased a new stake in Madison Square Garden Entertainment during the first quarter worth $209,000. Assenagon Asset Management S.A. grew its position in Madison Square Garden Entertainment by 13.1% during the first quarter. Assenagon Asset Management S.A. now owns 1,210,718 shares of the company's stock valued at $71,323,000 after buying an additional 140,581 shares during the period. Corient Private Wealth LLC grew its position in Madison Square Garden Entertainment by 276.5% during the fourth quarter. Corient Private Wealth LLC now owns 16,875 shares of the company's stock valued at $909,000 after buying an additional 12,393 shares during the period. Finally, Aristides Capital LLC purchased a new position in Madison Square Garden Entertainment in the fourth quarter valued at $211,000. 96.86% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. increased their target price on shares of Madison Square Garden Entertainment from $63.00 to $67.00 and gave the stock a "neutral" rating in a research note on Friday, May 8th. Susquehanna raised their price objective on Madison Square Garden Entertainment from $77.00 to $80.00 and gave the company a "positive" rating in a report on Thursday, May 28th. Morgan Stanley boosted their price objective on Madison Square Garden Entertainment from $70.00 to $80.00 and gave the company an "equal weight" rating in a research report on Tuesday, June 23rd. Weiss Ratings downgraded Madison Square Garden Entertainment from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday, May 4th. Finally, Guggenheim lifted their price target on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Madison Square Garden Entertainment presently has a consensus rating of "Moderate Buy" and an average target price of $73.50.

Madison Square Garden Entertainment Trading Down 1.2%

Shares of MSGE stock opened at $74.97 on Wednesday. Madison Square Garden Entertainment Corp. has a fifty-two week low of $35.31 and a fifty-two week high of $82.79. 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 stock's fifty day moving average is $71.69 and its two-hundred day moving average is $63.40. The firm has a market capitalization of $3.03 billion, a P/E ratio of 73.50 and a beta of 0.54.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.11 EPS for the quarter, missing analysts' consensus estimates of $0.14 by ($0.03). The business had revenue of $246.26 million during the quarter, compared to analyst estimates of $242.99 million. Madison Square Garden Entertainment had a net margin of 4.81% and a return on equity of 4,795.27%. Madison Square Garden Entertainment's quarterly revenue was up 1.5% on a year-over-year basis. During the same quarter last year, the company earned $0.17 earnings per share. Research analysts expect that Madison Square Garden Entertainment Corp. will post 1.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Madison Square Garden Entertainment news, EVP Philip Gerard D'ambrosio sold 9,907 shares of the firm'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 value of $737,873.36. Following the transaction, the executive vice president directly owned 15,772 shares of the company's stock, valued at $1,174,698.56. This trade represents a 38.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 16.41% of the stock is owned by company insiders.

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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