Gabelli Funds LLC Buys 11,746 Shares of Madison Square Garden Entertainment Corp. $MSGE

Gabelli Funds LLC lifted its stake in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 2.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 500,420 shares of the company’s stock after purchasing an additional 11,746 shares during the quarter. Gabelli Funds LLC owned 1.24% of Madison Square Garden Entertainment worth $29,480,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Jericho Capital Asset Management L.P. increased its holdings in Madison Square Garden Entertainment by 26.9% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company’s stock valued at $197,384,000 after buying an additional 777,000 shares during the period. Millennium Management LLC boosted its position in shares of Madison Square Garden Entertainment by 2,037.6% during the 3rd quarter. Millennium Management LLC now owns 589,096 shares of the company’s stock worth $26,651,000 after acquiring an additional 561,537 shares in the last quarter. Bank of America Corp DE increased its stake in Madison Square Garden Entertainment by 324.8% in the second quarter. Bank of America Corp DE now owns 667,248 shares of the company’s stock valued at $26,670,000 after acquiring an additional 510,191 shares during the last quarter. Nuveen LLC increased its stake in Madison Square Garden Entertainment by 86.4% in the fourth quarter. Nuveen LLC now owns 724,467 shares of the company’s stock valued at $39,042,000 after acquiring an additional 335,890 shares during the last quarter. Finally, Lord Abbett & CO. LLC bought a new position in Madison Square Garden Entertainment in the fourth quarter valued at approximately $13,473,000. Institutional investors own 96.86% of the company’s stock.

Madison Square Garden Entertainment Stock Performance

NYSE:MSGE opened at $76.36 on Friday. The stock has a market cap of $3.09 billion, a P/E ratio of 74.87 and a beta of 0.54. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 11.40. The stock’s 50-day moving average is $74.14 and its 200-day moving average is $65.30. Madison Square Garden Entertainment Corp. has a 1-year low of $35.31 and a 1-year high of $82.79.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings data 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 business had revenue of $246.26 million during the quarter, compared to the consensus estimate of $242.99 million. During the same quarter last year, the business earned $0.17 EPS. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. Equities research analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.35 earnings per share for the current year.

Insiders Place Their Bets

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 shares were 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 directly owned 15,772 shares in the company, valued at approximately $1,174,698.56. This represents a 38.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 16.41% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on MSGE shares. Susquehanna upped their target price on Madison Square Garden Entertainment from $77.00 to $80.00 and gave the stock a “positive” rating in a research note on Thursday, May 28th. BTIG Research reiterated a “buy” rating on shares of Madison Square Garden Entertainment in a research note on Thursday, May 21st. JPMorgan Chase & Co. boosted their price target on Madison Square Garden Entertainment from $67.00 to $75.00 and gave the stock a “neutral” rating in a report on Tuesday, July 21st. Seaport Research Partners restated a “neutral” rating on shares of Madison Square Garden Entertainment in a research report on Monday, June 29th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $82.00 price objective (up from $72.00) on shares of Madison Square Garden Entertainment in a research note on Thursday, July 9th. Three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $79.83.

Madison Square Garden Entertainment 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.