Corient Private Wealth LLC Increases Position in Madison Square Garden Entertainment Corp. $MSGE

Corient Private Wealth LLC lifted its holdings in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 276.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 16,875 shares of the company’s stock after buying an additional 12,393 shares during the period. Corient Private Wealth LLC’s holdings in Madison Square Garden Entertainment were worth $909,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in MSGE. First Horizon Corp acquired a new stake in shares of Madison Square Garden Entertainment during the fourth quarter worth $37,000. Aster Capital Management DIFC Ltd purchased a new position in Madison Square Garden Entertainment during the 4th quarter worth $45,000. Atlantic Edge Private Wealth Management LLC acquired a new stake in shares of Madison Square Garden Entertainment in the 4th quarter worth $47,000. State of Wyoming purchased a new stake in shares of Madison Square Garden Entertainment in the second quarter valued at about $62,000. Finally, CIBC Private Wealth Group LLC increased its stake in shares of Madison Square Garden Entertainment by 3,248.6% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,239 shares of the company’s stock worth $67,000 after acquiring an additional 1,202 shares during the period. Institutional investors and hedge funds own 96.86% of the company’s stock.

Madison Square Garden Entertainment Stock Performance

MSGE opened at $78.36 on Friday. Madison Square Garden Entertainment Corp. has a 1-year low of $35.31 and a 1-year high of $82.79. The stock has a market cap of $3.17 billion, a P/E ratio of 76.83 and a beta of 0.54. The stock’s 50 day simple moving average is $70.84 and its 200 day simple moving average is $62.89. The company has a debt-to-equity ratio of 11.40, a current ratio of 0.72 and a quick ratio of 0.72.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.03). The firm had revenue of $246.26 million for the quarter, compared to analyst estimates of $242.99 million. Madison Square Garden Entertainment had a return on equity of 4,795.27% and a net margin of 4.81%.The business’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.17 earnings per share. As a group, equities analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.34 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have issued reports on MSGE. JPMorgan Chase & Co. boosted their target price on Madison Square Garden Entertainment from $63.00 to $67.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. 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. Guggenheim increased their price objective on 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. Susquehanna raised their target price on Madison Square Garden Entertainment from $77.00 to $80.00 and gave the company a “positive” rating in a report on Thursday, May 28th. Finally, BTIG Research restated a “buy” rating on shares of Madison Square Garden Entertainment in a research report on Thursday, May 21st. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Madison Square Garden Entertainment has a consensus rating of “Moderate Buy” and a consensus price target of $73.50.

Insider Activity

In related news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the business’s stock in a transaction dated 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 in the company, valued at $1,174,698.56. The trade was a 38.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 16.41% of the stock is owned by company insiders.

Madison Square Garden Entertainment 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.