Madison Square Garden Entertainment (NYSE:MSGE) Given Neutral Rating at The Goldman Sachs Group

The Goldman Sachs Group reiterated their neutral rating on shares of Madison Square Garden Entertainment (NYSE:MSGE) in a research note issued to investors on Thursday, Marketbeat Ratings reports. They currently have a $82.00 price objective on the stock, up from their prior price objective of $72.00.

MSGE has been the subject of a number of other reports. BTIG Research restated a “buy” rating on shares of Madison Square Garden Entertainment in a report on Thursday, May 21st. Seaport Research Partners reaffirmed a “neutral” rating on shares of Madison Square Garden Entertainment in a report on Monday, June 29th. Guggenheim lifted their target price 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. JPMorgan Chase & Co. boosted their price target on shares of Madison Square Garden Entertainment from $63.00 to $67.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Finally, Wall Street Zen lowered shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Madison Square Garden Entertainment currently has a consensus rating of “Hold” and an average target price of $78.50.

Madison Square Garden Entertainment Stock Down 0.2%

Shares of NYSE:MSGE opened at $74.59 on Thursday. The firm has a market capitalization of $3.02 billion, a PE ratio of 73.13 and a beta of 0.54. 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 has a 52-week low of $35.31 and a 52-week high of $82.79. The firm has a fifty day moving average of $72.08 and a 200 day moving average of $63.72.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.03). The firm 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 company’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.17 EPS. As a group, research analysts anticipate that Madison Square Garden Entertainment will post 1.34 EPS for the current fiscal year.

Insider Activity

In related news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the firm’s stock in a transaction dated Thursday, June 11th. The stock was 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 $1,174,698.56. This trade represents a 38.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 16.41% of the stock is owned by insiders.

Institutional Investors Weigh In On Madison Square Garden Entertainment

A number of large investors have recently made changes to their positions in the business. First Horizon Corp bought a new position in shares of Madison Square Garden Entertainment during the fourth quarter valued at approximately $37,000. Aster Capital Management DIFC Ltd bought a new position in Madison Square Garden Entertainment in the 4th quarter worth $45,000. Atlantic Edge Private Wealth Management LLC bought a new position in Madison Square Garden Entertainment in the 4th quarter worth $47,000. CIBC Private Wealth Group LLC lifted its position in shares of Madison Square Garden Entertainment by 3,248.6% in the 4th 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 period. Finally, State of Wyoming purchased a new stake in shares of Madison Square Garden Entertainment in the 2nd quarter worth about $62,000. 96.86% of the stock is currently owned by institutional investors.

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.