Madison Square Garden Entertainment (NYSE:MSGE) Upgraded by Wall Street Zen to "Buy" Rating

Key Points

• Wall Street Zen upgraded Madison Square Garden Entertainment to “Buy” from “Hold,” while Bank of America and BTIG Research also raised their price targets to $96 and $100, respectively. Despite the upgrades, the broader analyst consensus remains “Hold,” with a $92.43 target price.
• MSGE reported stronger-than-expected quarterly results, with revenue of $196.32 million—up 27.4% year over year—and an adjusted loss of $0.21 per share versus the expected $0.44 loss.
• The stock opened at $85.38, near its 12-month high of $90.41, while hedge funds and institutional investors increased their positions; institutions now own approximately 96.86% of the company.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Saturday.

Several other analysts have also commented on MSGE. Bank of America lifted their price target on shares of Madison Square Garden Entertainment from $80.00 to $96.00 and gave the company a "buy" rating in a research report on Friday. BTIG Research increased their price objective on Madison Square Garden Entertainment from $86.00 to $100.00 and gave the stock a "buy" rating in a research report on Friday. Seaport Research Partners reissued a "neutral" rating on shares of Madison Square Garden Entertainment in a research note on Monday, June 29th. JPMorgan Chase & Co. lifted their target price on Madison Square Garden Entertainment from $75.00 to $83.00 and gave the company a "neutral" rating in a research report on Thursday. Finally, Morgan Stanley lifted 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. Four equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $92.43.

Madison Square Garden Entertainment Price Performance

Madison Square Garden Entertainment stock opened at $85.38 on Friday. The company has a current ratio of 0.70, a quick ratio of 0.72 and a debt-to-equity ratio of 11.80. The company has a 50-day moving average price of $76.76 and a 200 day moving average price of $67.54. Madison Square Garden Entertainment has a 12-month low of $36.05 and a 12-month high of $90.41. The stock has a market cap of $3.45 billion, a P/E ratio of 61.87 and a beta of 0.56.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last posted its earnings results on Wednesday, August 12th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.23. Madison Square Garden Entertainment had a net margin of 6.24% and a return on equity of 480.83%. The company had revenue of $196.32 million for the quarter, compared to analyst estimates of $166.62 million. During the same period in the previous year, the business posted ($0.57) EPS. Madison Square Garden Entertainment's revenue was up 27.4% on a year-over-year basis. Sell-side analysts anticipate that Madison Square Garden Entertainment will post 2.39 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 the business's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $74.48, for a total value of $737,873.36. Following the sale, the executive vice president directly owned 15,772 shares of the company's stock, valued at approximately $1,174,698.56. The trade was a 38.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 16.41% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Hedge funds have recently made changes to their positions in the stock. UBS Group AG lifted its stake in Madison Square Garden Entertainment by 28.9% during the fourth quarter. UBS Group AG now owns 294,984 shares of the company's stock worth $15,897,000 after purchasing an additional 66,070 shares in the last quarter. Jericho Capital Asset Management L.P. boosted its position in shares of Madison Square Garden Entertainment by 26.9% during 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 buying an additional 777,000 shares during the period. Y Intercept Hong Kong Ltd boosted its position in shares of Madison Square Garden Entertainment by 483.5% during the first quarter. Y Intercept Hong Kong Ltd now owns 46,855 shares of the company's stock worth $2,760,000 after buying an additional 38,825 shares during the period. First Trust Advisors LP grew its stake in shares of Madison Square Garden Entertainment by 130.2% in the first quarter. First Trust Advisors LP now owns 131,119 shares of the company's stock valued at $7,724,000 after buying an additional 74,159 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Madison Square Garden Entertainment in the first quarter valued at $943,000. Hedge funds and other 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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