Madison Square Garden Entertainment (NYSE:MSGE) Given New $75.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. raised its price target on Madison Square Garden Entertainment from $67 to $75 while keeping a neutral rating, implying a slight downside from the current share price.
• Other analysts have also adjusted views on MSGE, including higher targets from Susquehanna, Guggenheim, and Goldman Sachs, but the overall consensus remains Hold with a consensus target price of $79.83.
• The stock recently traded at $76.01, near its 52-week high, while the company reported quarterly earnings of $0.11 per share, missing estimates even as revenue came in slightly above expectations.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) had its target price hoisted by stock analysts at JPMorgan Chase & Co. from $67.00 to $75.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s target price suggests a potential downside of 1.33% from the stock's current price.

MSGE has been the topic of a number of other research reports. Susquehanna lifted their price target 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. Wall Street Zen lowered Madison Square Garden Entertainment from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Guggenheim raised their target price on Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $82.00 target price (up from $72.00) on shares of Madison Square Garden Entertainment in a research note on Thursday, July 9th. Finally, Seaport Research Partners reiterated a "neutral" rating on shares of Madison Square Garden Entertainment in a research report on Monday, June 29th. Three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $79.83.

Madison Square Garden Entertainment Stock Performance

MSGE stock traded down $0.63 during mid-day trading on Tuesday, reaching $76.01. The company had a trading volume of 79,432 shares, compared to its average volume of 405,253. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 11.40. The stock has a market capitalization of $3.07 billion, a P/E ratio of 74.62 and a beta of 0.54. Madison Square Garden Entertainment has a one year low of $35.31 and a one year high of $82.79. The stock's 50-day simple moving average is $73.34 and its two-hundred day simple moving average is $64.74.

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

Insider Buying and Selling

In related news, EVP Philip Gerard D'ambrosio sold 9,907 shares of the business's stock in a transaction that occurred on Thursday, June 11th. The stock was 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 of the company's stock, valued at $1,174,698.56. The trade was a 38.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 16.41% of the stock is currently owned by insiders.

Institutional Trading of Madison Square Garden Entertainment

Several institutional investors have recently modified their holdings of MSGE. First Horizon Corp acquired a new stake in Madison Square Garden Entertainment in the 4th quarter valued at about $37,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Madison Square Garden Entertainment in the 4th quarter worth approximately $45,000. Atlantic Edge Private Wealth Management LLC acquired a new position in shares of Madison Square Garden Entertainment in the 4th quarter worth approximately $47,000. State of Wyoming bought a new stake in shares of Madison Square Garden Entertainment in the 2nd quarter worth approximately $62,000. Finally, CIBC Private Wealth Group LLC raised its holdings in shares of Madison Square Garden Entertainment by 3,248.6% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,239 shares of the company's stock worth $67,000 after purchasing an additional 1,202 shares in the last quarter. Institutional investors and hedge funds own 96.86% of the company's stock.

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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