Madison Square Garden Entertainment Corp. (NYSE:MSGE) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) have been given an average recommendation of “Moderate Buy” by the eight analysts that are covering the firm, MarketBeat reports. Four equities research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $67.50.

Several brokerages recently issued reports on MSGE. JPMorgan Chase & Co. lifted their target price on Madison Square Garden Entertainment from $63.00 to $67.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. Susquehanna raised their price objective on Madison Square Garden Entertainment from $77.00 to $80.00 and gave the company a “positive” rating in a research note on Thursday, May 28th. Guggenheim increased their target price on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Weiss Ratings lowered shares of Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 4th. 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.

Madison Square Garden Entertainment Trading Up 2.3%

Shares of Madison Square Garden Entertainment stock opened at $74.45 on Friday. 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 $74.94. The stock has a 50 day moving average price of $66.11 and a two-hundred day moving average price of $60.18. The stock has a market capitalization of $3.01 billion, a PE ratio of 72.99 and a beta of 0.61.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.11 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 firm had revenue of $246.26 million during the quarter, compared to analyst estimates of $242.99 million. During the same period last year, the business posted $0.17 EPS. The company’s revenue was up 1.5% on a year-over-year basis. As a group, equities analysts anticipate that Madison Square Garden Entertainment will post 1.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MSGE. Bank of America Corp DE raised its stake in shares of Madison Square Garden Entertainment by 27.7% in the first quarter. Bank of America Corp DE now owns 223,411 shares of the company’s stock valued at $13,161,000 after buying an additional 48,453 shares during the period. California State Teachers Retirement System raised its stake in shares of Madison Square Garden Entertainment by 27.8% in the first quarter. California State Teachers Retirement System now owns 46,216 shares of the company’s stock valued at $2,723,000 after buying an additional 10,064 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Madison Square Garden Entertainment by 1.2% in the first quarter. The Manufacturers Life Insurance Company now owns 17,519 shares of the company’s stock valued at $1,032,000 after buying an additional 212 shares during the period. Quantinno Capital Management LP raised its stake in shares of Madison Square Garden Entertainment by 63.5% in the first quarter. Quantinno Capital Management LP now owns 13,322 shares of the company’s stock valued at $785,000 after buying an additional 5,174 shares during the period. Finally, Lazard Asset Management LLC raised its stake in shares of Madison Square Garden Entertainment by 299.4% in the first quarter. Lazard Asset Management LLC now owns 41,326 shares of the company’s stock valued at $2,435,000 after buying an additional 30,979 shares during the period. 96.86% of the stock is owned by 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.