Federated Hermes Inc. Buys 186,475 Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE)

Federated Hermes Inc. lifted its stake in Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 48.6% during the second quarter, Holdings Channel reports. The fund owned 569,884 shares of the company’s stock after acquiring an additional 186,475 shares during the quarter. Federated Hermes Inc.’s holdings in Madison Square Garden Entertainment were worth $19,507,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its stake in shares of Madison Square Garden Entertainment by 75.3% in the second quarter. Victory Capital Management Inc. now owns 15,042 shares of the company’s stock worth $515,000 after buying an additional 6,459 shares during the last quarter. Jackson Creek Investment Advisors LLC bought a new position in Madison Square Garden Entertainment in the 2nd quarter worth $1,086,000. Rhumbline Advisers raised its holdings in Madison Square Garden Entertainment by 10.6% in the 2nd quarter. Rhumbline Advisers now owns 67,303 shares of the company’s stock valued at $2,304,000 after acquiring an additional 6,466 shares in the last quarter. Panagora Asset Management Inc. lifted its position in Madison Square Garden Entertainment by 7.8% in the second quarter. Panagora Asset Management Inc. now owns 20,706 shares of the company’s stock worth $709,000 after purchasing an additional 1,491 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Madison Square Garden Entertainment by 10.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,540 shares of the company’s stock worth $292,000 after acquiring an additional 805 shares during the period. 96.86% of the stock is currently owned by institutional investors and hedge funds.

Madison Square Garden Entertainment Price Performance

MSGE opened at $40.29 on Monday. The stock has a market capitalization of $1.66 billion, a P/E ratio of 34.14, a price-to-earnings-growth ratio of 3.46 and a beta of 0.13. The company’s 50 day simple moving average is $38.92 and its 200-day simple moving average is $37.73. Madison Square Garden Entertainment Corp. has a one year low of $27.55 and a one year high of $42.99.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings data on Friday, August 16th. The company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of ($0.56) by $1.97. The firm had revenue of $186.10 million for the quarter, compared to analyst estimates of $173.26 million. Madison Square Garden Entertainment had a negative return on equity of 138.81% and a net margin of 15.04%. The business’s quarterly revenue was up 25.8% compared to the same quarter last year. During the same period last year, the company earned ($0.47) EPS. As a group, analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.64 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MSGE. Morgan Stanley raised their target price on Madison Square Garden Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Monday, August 19th. The Goldman Sachs Group upgraded shares of Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and lifted their target price for the company from $41.00 to $45.00 in a research note on Wednesday, July 24th. Bank of America raised their price target on Madison Square Garden Entertainment from $43.00 to $48.00 and gave the company a “buy” rating in a report on Monday, August 19th. Finally, Macquarie lifted their price objective on Madison Square Garden Entertainment from $46.00 to $47.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $44.20.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. engages in live entertainment business. The company produces, presents, and hosts live entertainment events, including concerts, sports events, and other live events, such as family shows, performing arts events, and special events. Its operations include a collection of venues, the entertainment and sports bookings business, and the Christmas Spectacular Starring the Radio City Rockettes production.