Madison Square Garden Entertainment Corp. (NYSE:MSGE) Receives Average Recommendation of "Moderate Buy" from Analysts

Key Points

• Madison Square Garden Entertainment received an average analyst rating of “Moderate Buy” from eight analysts, with a consensus 12-month price target of $73.50.
• The stock recently traded at $75.85, near its 52-week high of $82.79, with a market cap of $3.07 billion and a beta of 0.54.
• In its latest earnings report, MSGE posted $0.11 EPS, missing estimates, while revenue came in slightly above expectations at $246.26 million.

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE - Get Free Report) have been assigned an average rating of "Moderate Buy" from the eight analysts that are covering the stock, Marketbeat reports. Four investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $73.50.

A number of brokerages have issued reports on MSGE. Morgan Stanley boosted their target price 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. Seaport Research Partners reiterated a "neutral" rating on shares of Madison Square Garden Entertainment in a research note on Monday, June 29th. Guggenheim lifted their target price on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company a "buy" rating in a report on Thursday, April 16th. BTIG Research reaffirmed a "buy" rating on shares of Madison Square Garden Entertainment in a report on Thursday, May 21st. Finally, Wall Street Zen downgraded Madison Square Garden Entertainment from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th.

Madison Square Garden Entertainment Stock Performance

Madison Square Garden Entertainment stock traded down $0.02 during midday trading on Tuesday, hitting $75.85. 146,780 shares of the company were exchanged, compared to its average volume of 404,724. 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. The business has a fifty day simple moving average of $71.46 and a two-hundred day simple moving average of $63.24. The firm has a market capitalization of $3.07 billion, a PE ratio of 74.53 and a beta of 0.54.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $246.26 million for the quarter, compared to analysts' expectations 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 business's revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.17 EPS. On average, sell-side analysts forecast that Madison Square Garden Entertainment will post 1.34 earnings per share for the current year.

Insider Buying and Selling at Madison Square Garden Entertainment

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Jericho Capital Asset Management L.P. lifted its stake in Madison Square Garden Entertainment by 26.9% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company's stock valued at $197,384,000 after purchasing an additional 777,000 shares during the last quarter. Dendur Capital LP increased its position in Madison Square Garden Entertainment by 8.0% in the fourth quarter. Dendur Capital LP now owns 1,220,000 shares of the company's stock worth $65,746,000 after buying an additional 90,000 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Madison Square Garden Entertainment by 13.1% during the 1st 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 last quarter. Geode Capital Management LLC grew its stake in shares of Madison Square Garden Entertainment by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 979,614 shares of the company's stock worth $52,800,000 after acquiring an additional 4,051 shares during the period. Finally, State Street Corp increased its holdings in Madison Square Garden Entertainment by 0.9% in the 4th quarter. State Street Corp now owns 894,786 shares of the company's stock worth $48,220,000 after acquiring an additional 7,732 shares during the last quarter. Institutional investors and hedge funds own 96.86% of the company's stock.

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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