JPMorgan Chase & Co. Increases Madison Square Garden Entertainment (NYSE:MSGE) Price Target to $75.00

Madison Square Garden Entertainment (NYSE:MSGE) had its target price hoisted by equities research analysts at JPMorgan Chase & Co. from $67.00 to $75.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential downside of 3.83% from the company’s current price.

A number of other research firms also recently issued reports on MSGE. Morgan Stanley boosted their price target on Madison Square Garden Entertainment from $70.00 to $80.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 23rd. The Goldman Sachs Group restated a “neutral” rating and issued a $82.00 price objective (up from $72.00) on shares of Madison Square Garden Entertainment in a report on Thursday, July 9th. Susquehanna boosted their target price on Madison Square Garden Entertainment from $77.00 to $80.00 and gave the stock a “positive” rating in a report 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 stock a “buy” rating in a research report on Thursday, April 16th. Finally, BTIG Research restated a “buy” rating on shares of Madison Square Garden Entertainment in a report on Thursday, May 21st. Three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Madison Square Garden Entertainment has a consensus rating of “Hold” and an average target price of $79.83.

Madison Square Garden Entertainment Stock Up 2.0%

Shares of MSGE opened at $77.98 on Tuesday. The firm has a market cap of $3.15 billion, a PE ratio of 76.46 and a beta of 0.54. The company’s fifty day moving average is $73.81 and its two-hundred day moving average is $65.07. Madison Square Garden Entertainment has a fifty-two week low of $35.31 and a fifty-two week high of $82.79. 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 released 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). 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 company’s quarterly revenue was up 1.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.17 earnings per share. Analysts forecast that Madison Square Garden Entertainment will post 1.34 earnings per share for the current year.

Insider Buying and Selling

In other Madison Square Garden Entertainment news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the company’s stock in a transaction that occurred 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 transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 16.41% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. First Horizon Corp purchased a new position in shares of Madison Square Garden Entertainment in the fourth quarter valued at $37,000. Aster Capital Management DIFC Ltd purchased a new stake in Madison Square Garden Entertainment during the 4th quarter worth $45,000. Atlantic Edge Private Wealth Management LLC acquired a new position in Madison Square Garden Entertainment in the 4th quarter worth $47,000. CIBC Private Wealth Group LLC boosted its position in 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 valued at $67,000 after buying an additional 1,202 shares during the last quarter. Finally, State of Wyoming purchased a new position in Madison Square Garden Entertainment in the 2nd quarter valued at about $62,000. 96.86% of the stock is owned by institutional investors and hedge funds.

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.