Madison Square Garden Entertainment (NYSE:MSGE) Posts Earnings Results, Misses Expectations By $0.03 EPS

Key Points

• Madison Square Garden Entertainment reported a quarterly earnings per share (EPS) of ($0.50), missing expectations by ($0.03), despite revenue of $154.14 million exceeding estimates.
• The company's revenue declined 17.2% year-over-year, as it posted a negative return on equity of 502.05%.
• Analysts maintain a "Moderate Buy" consensus rating for MSGE, with target prices ranging from $39.00 to $44.00.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) released its quarterly earnings data on Wednesday, August 13th. The company reported ($0.50) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.03), Zacks reports. Madison Square Garden Entertainment had a net margin of 3.97% and a negative return on equity of 458.14%. The business had revenue of $154.14 million for the quarter, compared to the consensus estimate of $151.17 million. During the same quarter last year, the firm earned $1.41 EPS. The company's revenue for the quarter was down 17.2% on a year-over-year basis.

Madison Square Garden Entertainment Stock Down 1.5%

NYSE MSGE traded down $0.5450 during trading on Wednesday, hitting $37.0350. The stock had a trading volume of 2,369 shares, compared to its average volume of 333,884. The company has a market capitalization of $1.76 billion, a PE ratio of 48.73 and a beta of 0.44. The company's 50-day moving average price is $38.73 and its two-hundred day moving average price is $35.92. The company has a debt-to-equity ratio of 60.61, a quick ratio of 0.47 and a current ratio of 0.47. Madison Square Garden Entertainment has a 12 month low of $28.29 and a 12 month high of $44.14.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. The Goldman Sachs Group lifted their price objective on Madison Square Garden Entertainment from $36.00 to $41.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. Morgan Stanley lifted their price objective on Madison Square Garden Entertainment from $41.00 to $44.00 and gave the company an "equal weight" rating in a report on Tuesday, August 12th. Susquehanna assumed coverage on Madison Square Garden Entertainment in a report on Monday, April 28th. They set a "positive" rating and a $39.00 price objective on the stock. Finally, Wall Street Zen cut Madison Square Garden Entertainment from a "hold" rating to a "sell" rating in a report on Saturday. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $43.00.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Several institutional investors have recently bought and sold shares of the company. Bank of America Corp DE lifted its stake in Madison Square Garden Entertainment by 324.8% in the 2nd quarter. Bank of America Corp DE now owns 667,248 shares of the company's stock valued at $26,670,000 after acquiring an additional 510,191 shares in the last quarter. Millennium Management LLC bought a new stake in shares of Madison Square Garden Entertainment during the 1st quarter worth approximately $4,994,000. JPMorgan Chase & Co. raised its stake in shares of Madison Square Garden Entertainment by 53.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 102,307 shares of the company's stock worth $4,089,000 after purchasing an additional 35,678 shares in the last quarter. Lazard Asset Management LLC raised its stake in shares of Madison Square Garden Entertainment by 284.9% during the 2nd quarter. Lazard Asset Management LLC now owns 55,171 shares of the company's stock worth $2,204,000 after purchasing an additional 40,839 shares in the last quarter. Finally, Sandler Capital Management bought a new stake in shares of Madison Square Garden Entertainment during the 2nd quarter worth approximately $1,850,000. Institutional investors own 96.86% of the company's stock.

Madison Square Garden Entertainment Company Profile

Madison Square Garden Entertainment Corp. engages in the provision of entertainment services. Its portfolio of venues includes The Garden, Radio City Music Hall, the Beacon Theatre, The Theater at Madison Square, and The Chicago Theatre. The company was founded in 1879 and is headquartered in New York, NY.