Madison Square Garden Entertainment (NYSE:MSGE) Reaches New 12-Month High at $43.00

Madison Square Garden Entertainment Corp. (NYSE:MSGE) shares reached a new 52-week high on Friday . The company traded as high as $43.00 and last traded at $43.00, with a volume of 109 shares. The stock had previously closed at $42.00.

Wall Street Analyst Weigh In

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

Madison Square Garden Entertainment Stock Performance

The firm has a market cap of $1.77 billion, a price-to-earnings ratio of 35.59, a P/E/G ratio of 3.46 and a beta of 0.13. The firm has a fifty day simple moving average of $39.33 and a 200-day simple moving average of $37.79.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its earnings results on Friday, August 16th. The company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.56) by $1.97. The company 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 firm’s quarterly revenue was up 25.8% compared to the same quarter last year. During the same quarter last year, the company earned ($0.47) earnings per share. Analysts expect that Madison Square Garden Entertainment Corp. will post 1.64 earnings per share for the current fiscal year.

Institutional Trading of Madison Square Garden Entertainment

Institutional investors have recently bought and sold shares of the business. Quent Capital LLC boosted its stake in shares of Madison Square Garden Entertainment by 1,838.2% in the first quarter. Quent Capital LLC now owns 659 shares of the company’s stock valued at $26,000 after buying an additional 625 shares during the period. Principal Financial Group Inc. bought a new stake in Madison Square Garden Entertainment during the first quarter worth $205,000. DekaBank Deutsche Girozentrale boosted its holdings in shares of Madison Square Garden Entertainment by 101.6% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 5,236 shares of the company’s stock valued at $207,000 after purchasing an additional 2,639 shares in the last quarter. OFI Invest Asset Management bought a new position in shares of Madison Square Garden Entertainment in the 2nd quarter valued at $251,000. Finally, Marshall Wace LLP boosted its stake in Madison Square Garden Entertainment by 5.8% in the second quarter. Marshall Wace LLP now owns 7,800 shares of the company’s stock valued at $267,000 after buying an additional 426 shares in the last quarter. Institutional investors own 96.86% of the company’s stock.

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.