Madison Square Garden Entertainment (NYSE:MSGE) Rating Lowered to Hold at The Goldman Sachs Group

Key Points

• Goldman Sachs downgraded Madison Square Garden Entertainment (NYSE: MSGE) from strong-buy to hold, adding to a mixed analyst picture that now shows an overall Hold consensus and a $78.50 target price.
• The company’s latest quarter missed EPS estimates at $0.11 versus $0.14 expected, though revenue came in slightly above forecasts at $246.26 million and rose 1.5% year over year.
• Shares traded around $74.59, near the stock’s recent range, while insiders and institutions remain active; EVP Philip Gerard D’Ambrosio sold nearly 9,907 shares, and institutional ownership stands at 96.86%.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) was downgraded by investment analysts at The Goldman Sachs Group from a "strong-buy" rating to a "hold" rating in a note issued to investors on Wednesday,Zacks.com reports.

Other research analysts have also recently issued reports about the stock. Morgan Stanley boosted their target price on shares of Madison Square Garden Entertainment from $70.00 to $80.00 and gave the stock an "equal weight" rating in a research report on Tuesday, June 23rd. Guggenheim raised their price target 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. JPMorgan Chase & Co. lifted their price target on shares of Madison Square Garden Entertainment from $63.00 to $67.00 and gave the stock a "neutral" rating in a research note on Friday, May 8th. BTIG Research reiterated a "buy" rating on shares of Madison Square Garden Entertainment in a report on Thursday, May 21st. Finally, Weiss Ratings cut shares of Madison Square Garden Entertainment from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, May 4th. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $78.50.

Madison Square Garden Entertainment Price Performance

MSGE stock opened at $74.59 on Wednesday. The firm has a market cap of $3.02 billion, a P/E ratio of 73.13 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 1 year low of $35.31 and a 1 year high of $82.79. The stock has a 50-day simple moving average of $72.08 and a 200-day simple moving average of $63.72.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.03). The company had revenue of $246.26 million for the quarter, compared to analyst estimates 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 was up 1.5% on a year-over-year basis. During the same period last year, the firm posted $0.17 earnings per share. On average, equities analysts predict that Madison Square Garden Entertainment will post 1.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Madison Square Garden Entertainment news, EVP Philip Gerard D'ambrosio sold 9,907 shares of the stock in a transaction 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 transaction, the executive vice president directly owned 15,772 shares in the company, valued at $1,174,698.56. This represents a 38.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 16.41% of the stock is owned by company insiders.

Institutional Investors Weigh In On Madison Square Garden Entertainment

A number of institutional investors have recently modified their holdings of MSGE. Jericho Capital Asset Management L.P. grew 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 worth $197,384,000 after purchasing an additional 777,000 shares in the last quarter. Millennium Management LLC grew its position in shares of Madison Square Garden Entertainment by 2,037.6% in the 3rd quarter. Millennium Management LLC now owns 589,096 shares of the company's stock worth $26,651,000 after acquiring an additional 561,537 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of 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 during the last quarter. Nuveen LLC raised its position in shares of Madison Square Garden Entertainment by 86.4% during the 4th quarter. Nuveen LLC now owns 724,467 shares of the company's stock valued at $39,042,000 after acquiring an additional 335,890 shares in the last quarter. Finally, Lord Abbett & CO. LLC bought a new position in Madison Square Garden Entertainment during the fourth quarter worth $13,473,000. 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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