Madison Square Garden Entertainment Corp. (NYSE:MSGE) Receives Average Rating of "Hold" from Brokerages

Key Points

• Analysts maintain a “Hold” consensus on Madison Square Garden Entertainment, with five hold ratings and three buys. The average 12-month price target is $79.83, modestly above the reported $77.15 share price.
• MSGE reported quarterly revenue of $246.26 million, slightly exceeding expectations, but earnings per share of $0.11 fell short of the $0.14 consensus estimate. Revenue increased 1.5% year over year.
• Institutional investors own 96.86% of the stock, while an executive recently sold 9,907 shares at an average price of $74.48. The stock has traded between $35.31 and $82.79 over the past year.

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE - Get Free Report) have been assigned a consensus recommendation of "Hold" from the eight research firms that are currently covering the stock, MarketBeat.com reports. Five analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $79.8333.

MSGE has been the topic of several recent research reports. Wall Street Zen cut shares of Madison Square Garden Entertainment from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Seaport Research Partners restated a "neutral" rating on shares of Madison Square Garden Entertainment in a report on Monday, June 29th. Morgan Stanley lifted 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 research report on Tuesday, June 23rd. Guggenheim upped their price objective on Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Finally, Susquehanna upped 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.

Insider Buying and Selling

In other Madison Square Garden Entertainment news, EVP Philip Gerard D'ambrosio sold 9,907 shares of Madison Square Garden Entertainment 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 sale, the executive vice president owned 15,772 shares in the company, valued at $1,174,698.56. The trade was a 38.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 16.41% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Madison Square Garden Entertainment

A number of hedge funds have recently modified their holdings of the business. Jericho Capital Asset Management L.P. increased its position in shares of Madison Square Garden Entertainment by 26.9% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company's stock worth $197,384,000 after purchasing an additional 777,000 shares during the last quarter. Millennium Management LLC lifted its position in Madison Square Garden Entertainment by 2,037.6% in the third quarter. Millennium Management LLC now owns 589,096 shares of the company's stock valued at $26,651,000 after buying an additional 561,537 shares during the last quarter. Bank of America Corp DE lifted its position in Madison Square Garden Entertainment by 324.8% in the second quarter. Bank of America Corp DE now owns 667,248 shares of the company's stock valued at $26,670,000 after buying an additional 510,191 shares during the last quarter. Nuveen LLC lifted its position in Madison Square Garden Entertainment by 86.4% in the fourth quarter. Nuveen LLC now owns 724,467 shares of the company's stock valued at $39,042,000 after buying an additional 335,890 shares during the last quarter. Finally, Lord Abbett & CO. LLC purchased a new position in Madison Square Garden Entertainment during the fourth quarter worth about $13,473,000. 96.86% of the stock is currently owned by hedge funds and other institutional investors.

Madison Square Garden Entertainment Stock Performance

NYSE MSGE opened at $77.15 on Friday. The stock's fifty day moving average is $74.94 and its two-hundred day moving average is $66.10. The firm has a market capitalization of $3.12 billion, a P/E ratio of 75.64 and a beta of 0.54. The company has a debt-to-equity ratio of 11.40, a quick ratio of 0.72 and a current ratio of 0.72. Madison Square Garden Entertainment has a fifty-two week low of $35.31 and a fifty-two week high of $82.79.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.03). Madison Square Garden Entertainment had a net margin of 4.81% and a return on equity of 4,795.27%. The company had revenue of $246.26 million during the quarter, compared to analysts' expectations of $242.99 million. During the same quarter in the previous year, the company earned $0.17 earnings per share. The firm's quarterly revenue was up 1.5% compared to the same quarter last year. On average, research analysts anticipate that Madison Square Garden Entertainment will post 1.35 earnings per share for the current year.

Madison Square Garden Entertainment Company 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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