Madison Square Garden Entertainment (NYSE:MSGE) Hits New 12-Month High - Should You Buy?

Key Points

• New 52-week high: MSGE reached a mid-day high of $68.52, and analysts show a consensus of "Moderate Buy" after several upgrades and price-target increases (highest cited $76, average target $61).
• Mixed fundamentals: Q-quarter revenue rose 12.9% y/y to $459.94M but EPS missed estimates ($1.94 vs. $2.35), and the stock trades at a high P/E of ~61.7 with a market cap around $2.68B.
• Insider and institutional positioning: Director Charles P. Dolan sold 19,311 shares (~$1.23M) in February; insiders own 16.41% of the company while institutional investors reportedly hold 96.86%.

Madison Square Garden Entertainment Corp. (NYSE:MSGE - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $68.52 and last traded at $67.2870, with a volume of 533136 shares traded. The stock had previously closed at $67.66.

Analyst Ratings Changes

Several equities analysts have recently issued reports on MSGE shares. Wall Street Zen upgraded Madison Square Garden Entertainment from a "hold" rating to a "buy" rating in a research report on Saturday, February 28th. The Goldman Sachs Group restated a "conviction-buy" rating on shares of Madison Square Garden Entertainment in a research report on Monday, January 5th. BTIG Research began coverage on Madison Square Garden Entertainment in a research report on Tuesday, April 7th. They issued a "buy" rating and a $70.00 price objective for the company. JPMorgan Chase & Co. boosted their price objective on Madison Square Garden Entertainment from $60.00 to $63.00 and gave the company a "neutral" rating in a research report on Wednesday, February 4th. Finally, Guggenheim boosted their price objective 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. One investment analyst has rated the stock with a Strong Buy rating, three have given 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 $61.00.

Madison Square Garden Entertainment Price Performance

The company has a debt-to-equity ratio of 15.40, a quick ratio of 0.68 and a current ratio of 0.68. The company has a 50-day moving average of $60.11 and a 200-day moving average of $55.51. The firm has a market capitalization of $2.68 billion, a price-to-earnings ratio of 61.71 and a beta of 0.61.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last issued its quarterly earnings data on Tuesday, February 3rd. The company reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.35 by ($0.41). Madison Square Garden Entertainment had a net margin of 5.12% and a negative return on equity of 748.04%. The business had revenue of $459.94 million during the quarter, compared to analyst estimates of $448.21 million. During the same quarter in the prior year, the firm posted $1.56 earnings per share. Madison Square Garden Entertainment's revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, research analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.16 EPS for the current fiscal year.

Insider Buying and Selling

In other Madison Square Garden Entertainment news, Director Charles P. Dolan sold 19,311 shares of the business's stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $63.76, for a total value of $1,231,269.36. Following the sale, the director owned 660 shares in the company, valued at approximately $42,081.60. The trade was a 96.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 16.41% of the company's stock.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Institutional investors have recently bought and sold shares of the company. Citigroup Inc. lifted its stake in Madison Square Garden Entertainment by 220.9% in the 3rd quarter. Citigroup Inc. now owns 59,436 shares of the company's stock valued at $2,689,000 after acquiring an additional 40,917 shares in the last quarter. Harbour Capital Advisors LLC bought a new stake in Madison Square Garden Entertainment in the 4th quarter valued at approximately $1,075,000. Northern Right Capital Management L.P. lifted its stake in Madison Square Garden Entertainment by 20.0% in the 3rd quarter. Northern Right Capital Management L.P. now owns 475,942 shares of the company's stock valued at $21,532,000 after acquiring an additional 79,399 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in Madison Square Garden Entertainment by 3.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,070,137 shares of the company's stock valued at $57,670,000 after acquiring an additional 36,363 shares in the last quarter. Finally, IMC Chicago LLC bought a new stake in Madison Square Garden Entertainment in the 4th quarter valued at approximately $2,162,000. Institutional investors 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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