Bleakley Financial Group LLC Buys 7,499 Shares of Madison Square Garden Entertainment Corp. $MSGE

Bleakley Financial Group LLC raised its position in Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 23.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 38,826 shares of the company’s stock after purchasing an additional 7,499 shares during the period. Bleakley Financial Group LLC owned 0.10% of Madison Square Garden Entertainment worth $2,287,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MSGE. Jericho Capital Asset Management L.P. grew its holdings in Madison Square Garden Entertainment by 26.9% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company’s stock worth $197,384,000 after purchasing an additional 777,000 shares during the period. Dendur Capital LP boosted its position in shares of Madison Square Garden Entertainment by 8.0% during the 4th quarter. Dendur Capital LP now owns 1,220,000 shares of the company’s stock worth $65,746,000 after purchasing an additional 90,000 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Madison Square Garden Entertainment by 13.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,210,718 shares of the company’s stock valued at $71,323,000 after buying an additional 140,581 shares during the period. Geode Capital Management LLC increased its position in Madison Square Garden Entertainment by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 979,614 shares of the company’s stock valued at $52,800,000 after buying an additional 4,051 shares in the last quarter. Finally, State Street Corp raised its stake in Madison Square Garden Entertainment by 0.9% during the 4th quarter. State Street Corp now owns 894,786 shares of the company’s stock worth $48,220,000 after buying an additional 7,732 shares during the period. 96.86% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on MSGE. Morgan Stanley increased their target price on Madison Square Garden Entertainment from $70.00 to $80.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 23rd. BTIG Research restated a “buy” rating on shares of Madison Square Garden Entertainment in a research note on Thursday, May 21st. The Goldman Sachs Group restated a “neutral” rating and set a $82.00 price objective (up from $72.00) on shares of Madison Square Garden Entertainment in a report on Thursday, July 9th. Wall Street Zen lowered shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, JPMorgan Chase & Co. lifted 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. Three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $78.50.

Madison Square Garden Entertainment Stock Performance

Shares of Madison Square Garden Entertainment stock opened at $73.98 on Friday. The company has a market cap of $2.99 billion, a PE ratio of 72.53 and a beta of 0.54. Madison Square Garden Entertainment Corp. has a 52 week low of $35.31 and a 52 week high of $82.79. The business has a 50 day moving average price of $72.88 and a 200-day moving average price of $64.43. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 11.40.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its earnings results 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). 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 for the quarter, compared to analysts’ expectations of $242.99 million. During the same period in the previous year, the firm earned $0.17 EPS. The firm’s quarterly revenue was up 1.5% on a year-over-year basis. Equities analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Madison Square Garden Entertainment news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $74.48, for a total transaction of $737,873.36. Following the transaction, the executive vice president directly owned 15,772 shares in the company, valued at approximately $1,174,698.56. This trade represents a 38.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 16.41% of the company’s stock.

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.