Morgan Stanley Forecasts Strong Price Appreciation for Madison Square Garden Entertainment (NYSE:MSGE) Stock

Key Points

• Morgan Stanley raised its target price for Madison Square Garden Entertainment (NYSE:MSGE) from $41.00 to $44.00, indicating a potential upside of 12.84%.
• Other analysts have also expressed optimism, with Susquehanna giving a "positive" rating and a $39.00 target, while Goldman Sachs boosted its target to $41.00 and assigned a "buy" rating.
• Madison Square Garden Entertainment recently saw its stock trading up 2.6%, with 96.86% of shares owned by institutional investors.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) had its price target lifted by equities research analysts at Morgan Stanley from $41.00 to $44.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Morgan Stanley's target price indicates a potential upside of 19.86% from the company's previous close.

MSGE has been the topic of a number of other research reports. The Goldman Sachs Group increased their price target on Madison Square Garden Entertainment from $36.00 to $41.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Susquehanna initiated coverage on Madison Square Garden Entertainment in a research note on Monday, April 28th. They set a "positive" rating and a $39.00 target price for the company. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Madison Square Garden Entertainment currently has an average rating of "Moderate Buy" and a consensus target price of $43.00.

Madison Square Garden Entertainment Price Performance

NYSE:MSGE traded up $0.38 during trading hours on Tuesday, reaching $36.71. 485,621 shares of the company were exchanged, compared to its average volume of 309,349. The company has a market capitalization of $1.49 billion, a P/E ratio of 48.30 and a beta of 0.44. Madison Square Garden Entertainment has a 1-year low of $28.29 and a 1-year high of $44.14. The company has a debt-to-equity ratio of 60.61, a current ratio of 0.47 and a quick ratio of 0.57. The business has a 50 day moving average of $38.76 and a 200 day moving average of $35.91.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last issued its quarterly earnings results on Wednesday, August 13th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.47) by ($0.03). The company had revenue of $154.14 million for the quarter, compared to analyst estimates of $151.17 million. Madison Square Garden Entertainment had a negative return on equity of 458.14% and a net margin of 3.97%. The company's quarterly revenue was down 17.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.41 EPS. Research analysts forecast that Madison Square Garden Entertainment will post 1.04 EPS for the current year.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ariel Investments LLC lifted its stake in shares of Madison Square Garden Entertainment by 1.6% in the 2nd quarter. Ariel Investments LLC now owns 7,896,008 shares of the company's stock valued at $315,603,000 after acquiring an additional 120,635 shares during the last quarter. Jericho Capital Asset Management L.P. lifted its stake in shares of Madison Square Garden Entertainment by 5.6% in the 1st quarter. Jericho Capital Asset Management L.P. now owns 2,885,724 shares of the company's stock valued at $94,479,000 after acquiring an additional 152,000 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Madison Square Garden Entertainment by 0.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,018,657 shares of the company's stock valued at $36,265,000 after acquiring an additional 4,573 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Madison Square Garden Entertainment by 14.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 982,405 shares of the company's stock valued at $32,164,000 after acquiring an additional 127,700 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Madison Square Garden Entertainment by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 943,475 shares of the company's stock valued at $33,596,000 after acquiring an additional 5,012 shares during the last quarter. 96.86% of the stock is currently owned by institutional investors.

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.