Analysts Set Madison Square Garden Entertainment Corp. (NYSE:MSGE) Target Price at $73.50

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) have been given an average recommendation of “Hold” by the eight research firms that are presently covering the firm, MarketBeat reports. Five research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $78.50.

MSGE has been the subject of a number of recent analyst reports. Wall Street Zen lowered Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Susquehanna increased 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. Seaport Research Partners restated a “neutral” rating on shares of Madison Square Garden Entertainment in a research report on Monday, June 29th. BTIG Research reaffirmed a “buy” rating on shares of Madison Square Garden Entertainment in a research note on Thursday, May 21st. Finally, JPMorgan Chase & Co. increased their price objective on shares of Madison Square Garden Entertainment from $63.00 to $67.00 and gave the company a “neutral” rating in a report on Friday, May 8th.

Insider Activity at Madison Square Garden Entertainment

In other news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the company’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $74.48, for a total value of $737,873.36. Following the completion of the sale, the executive vice president owned 15,772 shares in the company, valued at $1,174,698.56. This represents a 38.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 16.41% of the company’s stock.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Institutional investors and hedge funds have recently modified their holdings of the stock. Deutsche Bank AG boosted its position in shares of Madison Square Garden Entertainment by 0.6% in the fourth quarter. Deutsche Bank AG now owns 32,473 shares of the company’s stock worth $1,750,000 after buying an additional 181 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Madison Square Garden Entertainment by 1.2% during the 1st quarter. The Manufacturers Life Insurance Company now owns 17,519 shares of the company’s stock valued at $1,032,000 after acquiring an additional 212 shares in the last quarter. CWM LLC increased its stake in shares of Madison Square Garden Entertainment by 15.1% in the fourth quarter. CWM LLC now owns 1,723 shares of the company’s stock worth $93,000 after acquiring an additional 226 shares during the last quarter. Orion Porfolio Solutions LLC raised its holdings in shares of Madison Square Garden Entertainment by 1.9% during the second quarter. Orion Porfolio Solutions LLC now owns 22,667 shares of the company’s stock worth $906,000 after acquiring an additional 418 shares in the last quarter. Finally, XTX Topco Ltd boosted its position in Madison Square Garden Entertainment by 5.2% during the fourth quarter. XTX Topco Ltd now owns 8,681 shares of the company’s stock valued at $468,000 after purchasing an additional 427 shares during the last quarter. Institutional investors and hedge funds own 96.86% of the company’s stock.

Madison Square Garden Entertainment Stock Performance

MSGE traded down $0.51 during trading on Tuesday, reaching $74.08. 257,838 shares of the company were exchanged, compared to its average volume of 577,555. The stock has a market cap of $3.00 billion, a P/E ratio of 72.63 and a beta of 0.54. The firm has a 50 day moving average of $72.27 and a 200 day moving average of $63.79. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 11.40. Madison Square Garden Entertainment has a 52 week low of $35.31 and a 52 week high of $82.79.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its earnings results on Thursday, May 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.03). Madison Square Garden Entertainment had a net margin of 4.81% and a return on equity of 4,795.27%. The company had revenue of $246.26 million during the quarter, compared to the consensus estimate of $242.99 million. During the same quarter in the previous year, the business posted $0.17 earnings per share. The business’s quarterly revenue was up 1.5% compared to the same quarter last year. On average, sell-side analysts forecast that Madison Square Garden Entertainment will post 1.34 EPS for the current fiscal year.

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.