Madison Square Garden Entertainment's (MSGE) "Neutral" Rating Reiterated at The Goldman Sachs Group

Key Points

• Goldman Sachs reiterated its Neutral rating on Madison Square Garden Entertainment and raised its price target to $82 from $72, implying about 10% upside from the prior close.
• Other analysts remain mixed on MSGE, with recent target increases from firms like Morgan Stanley, Guggenheim, and Susquehanna; overall, the stock carries a Hold consensus with an average price target of $78.50.
• The company recently reported Q3 earnings of $0.11 EPS, missing estimates, while revenue came in at $246.26 million and rose 1.5% year over year.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report)'s stock had its "neutral" rating reissued by equities researchers at The Goldman Sachs Group in a report released on Thursday,Benzinga reports. They currently have a $82.00 price objective on the stock, up from their prior price objective of $72.00. The Goldman Sachs Group's price objective would suggest a potential upside of 10.06% from the company's previous close.

Other equities research analysts also recently issued reports about the stock. Morgan Stanley raised their target price on shares of Madison Square Garden Entertainment from $70.00 to $80.00 and gave the company an "equal weight" rating in a research note on Tuesday, June 23rd. Guggenheim boosted their price target on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Susquehanna increased their price target on shares of Madison Square Garden Entertainment from $77.00 to $80.00 and gave the stock a "positive" rating in a report on Thursday, May 28th. 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. Finally, BTIG Research reiterated a "buy" rating on shares of Madison Square Garden Entertainment in a research report on Thursday, May 21st. Three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, Madison Square Garden Entertainment has a consensus rating of "Hold" and an average price target of $78.50.

Madison Square Garden Entertainment Price Performance

Shares of NYSE MSGE opened at $74.51 on Thursday. The stock's 50-day simple moving average is $71.89 and its two-hundred day simple moving average is $63.56. Madison Square Garden Entertainment has a twelve month low of $35.31 and a twelve month high of $82.79. The firm has a market capitalization of $3.01 billion, a P/E ratio of 73.05 and a beta of 0.54. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 11.40.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.14 by ($0.03). Madison Square Garden Entertainment had a net margin of 4.81% and a return on equity of 4,795.27%. The business had revenue of $246.26 million for the quarter, compared to the consensus estimate of $242.99 million. During the same quarter last year, the business posted $0.17 EPS. The business's revenue was up 1.5% compared to the same quarter last year. As a group, equities analysts anticipate that Madison Square Garden Entertainment will post 1.34 EPS 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 that occurred 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 trade represents a 38.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 16.41% of the stock is owned by insiders.

Institutional Investors Weigh In On Madison Square Garden Entertainment

A number of institutional investors have recently made changes to their positions in MSGE. First Horizon Corp bought a new position in shares of Madison Square Garden Entertainment during the fourth quarter valued at about $37,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Madison Square Garden Entertainment during the fourth quarter valued at approximately $45,000. Atlantic Edge Private Wealth Management LLC purchased a new stake in shares of Madison Square Garden Entertainment during the fourth quarter valued at approximately $47,000. CIBC Private Wealth Group LLC grew its holdings in shares of Madison Square Garden Entertainment by 3,248.6% in the fourth 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 during the last quarter. Finally, State of Wyoming purchased a new position in shares of Madison Square Garden Entertainment in the second quarter worth $62,000. Hedge funds and other institutional investors own 96.86% of the company's stock.

About Madison Square Garden Entertainment

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.