Madison Square Garden Entertainment (NYSE:MSGE) EVP Philip Gerard D’ambrosio Sells 9,907 Shares of Stock

Madison Square Garden Entertainment Corp. (NYSE:MSGE) EVP Philip Gerard D’ambrosio sold 9,907 shares of the company’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. This represents a 38.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Madison Square Garden Entertainment Stock Up 1.1%

MSGE opened at $74.27 on Tuesday. The business has a 50 day moving average price of $66.70 and a two-hundred day moving average price of $60.54. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 11.40. The company has a market cap of $3.00 billion, a PE ratio of 72.82 and a beta of 0.61. Madison Square Garden Entertainment Corp. has a 52 week low of $35.31 and a 52 week high of $74.94.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its quarterly earnings data 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 analysts’ expectations of $242.99 million. Madison Square Garden Entertainment had a net margin of 4.81% and a return on equity of 4,795.27%. The firm’s revenue was up 1.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.17 earnings per share. As a group, research analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.28 EPS for the current year.

Analyst Ratings Changes

Several research firms have commented on MSGE. BTIG Research reaffirmed a “buy” rating on shares of Madison Square Garden Entertainment in a research note on Thursday, May 21st. JPMorgan Chase & Co. upped their price objective on Madison Square Garden Entertainment from $63.00 to $67.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Susquehanna increased their target price on Madison Square Garden Entertainment from $77.00 to $80.00 and gave the stock a “positive” rating in a research note on Thursday, May 28th. Wall Street Zen downgraded Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Weiss Ratings downgraded Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Madison Square Garden Entertainment currently has an average rating of “Moderate Buy” and a consensus target price of $67.50.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Large investors have recently modified their holdings of the business. First Horizon Corp purchased a new position in shares of Madison Square Garden Entertainment during the 4th quarter worth approximately $37,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Madison Square Garden Entertainment during the 4th quarter worth approximately $45,000. Atlantic Edge Private Wealth Management LLC purchased a new position in shares of Madison Square Garden Entertainment during the 4th quarter worth approximately $47,000. State of Wyoming purchased a new position in shares of Madison Square Garden Entertainment during the 2nd quarter worth approximately $62,000. Finally, CIBC Private Wealth Group LLC raised its stake in shares of Madison Square Garden Entertainment by 3,248.6% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,239 shares of the company’s stock worth $67,000 after buying an additional 1,202 shares in the last quarter. 96.86% of the stock is owned by hedge funds and other institutional investors.

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.