Clearbridge Investments LLC Sells 108,328 Shares of Madison Square Garden Entertainment Corp. $MSGE

Clearbridge Investments LLC decreased its stake in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 11.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 865,363 shares of the company’s stock after selling 108,328 shares during the period. Clearbridge Investments LLC owned approximately 2.14% of Madison Square Garden Entertainment worth $46,634,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in MSGE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Madison Square Garden Entertainment by 5.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,679 shares of the company’s stock worth $775,000 after acquiring an additional 1,193 shares in the last quarter. Millennium Management LLC bought a new stake in shares of Madison Square Garden Entertainment during the first quarter worth $4,994,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Madison Square Garden Entertainment during the first quarter worth $210,000. Jane Street Group LLC bought a new stake in shares of Madison Square Garden Entertainment during the first quarter worth $1,468,000. Finally, JPMorgan Chase & Co. increased its position in shares of Madison Square Garden Entertainment by 53.5% during the second quarter. JPMorgan Chase & Co. now owns 102,307 shares of the company’s stock worth $4,089,000 after acquiring an additional 35,678 shares in the last quarter. Institutional investors own 96.86% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on MSGE shares. Wall Street Zen downgraded shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Guggenheim increased their price objective on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Weiss Ratings downgraded shares of Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 4th. BTIG Research reaffirmed a “buy” rating on shares of Madison Square Garden Entertainment in a research report on Thursday, May 21st. Finally, Susquehanna raised their target price on shares of Madison Square Garden Entertainment from $77.00 to $80.00 and gave the company a “positive” rating in a research report on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Madison Square Garden Entertainment has a consensus rating of “Moderate Buy” and a consensus price target of $67.50.

Madison Square Garden Entertainment Price Performance

NYSE:MSGE opened at $72.52 on Wednesday. Madison Square Garden Entertainment Corp. has a 52 week low of $35.31 and a 52 week high of $73.74. The firm has a market cap of $2.93 billion, a price-to-earnings ratio of 71.10 and a beta of 0.61. The firm’s 50-day simple moving average is $65.47 and its 200 day simple moving average is $59.81. 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 (NYSE:MSGE) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.03). Madison Square Garden Entertainment had a return on equity of 4,795.27% and a net margin of 4.81%.The business had revenue of $246.26 million for the quarter, compared to the consensus estimate of $242.99 million. During the same period in the prior year, the business posted $0.17 earnings per share. Madison Square Garden Entertainment’s revenue was up 1.5% compared to the same quarter last year. As a group, sell-side analysts predict that Madison Square Garden Entertainment Corp. will post 1.28 earnings per share for the current year.

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.