Madison Square Garden Entertainment Corp. (NYSE:MSGE) Shares Sold by Clearbridge Investments LLC

Clearbridge Investments LLC lowered its holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 2.5% in the second quarter, Holdings Channel.com reports. The firm owned 997,293 shares of the company’s stock after selling 26,088 shares during the period. Clearbridge Investments LLC’s holdings in Madison Square Garden Entertainment were worth $34,137,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Quent Capital LLC grew its stake in shares of Madison Square Garden Entertainment by 1,838.2% during the 1st 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. acquired a new position in Madison Square Garden Entertainment in the first quarter valued at $205,000. DekaBank Deutsche Girozentrale grew its position in Madison Square Garden Entertainment by 101.6% during the first quarter. DekaBank Deutsche Girozentrale now owns 5,236 shares of the company’s stock valued at $207,000 after acquiring an additional 2,639 shares during the period. OFI Invest Asset Management acquired a new stake in Madison Square Garden Entertainment during the second quarter worth about $251,000. Finally, Marshall Wace LLP raised its holdings in shares of Madison Square Garden Entertainment by 5.8% in the 2nd quarter. Marshall Wace LLP now owns 7,800 shares of the company’s stock worth $267,000 after purchasing an additional 426 shares during the period. 96.86% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Madison Square Garden Entertainment

In related news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $42.43, for a total value of $254,580.00. Following the completion of the transaction, the executive vice president now owns 12,192 shares in the company, valued at approximately $517,306.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 18.72% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

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

Madison Square Garden Entertainment Trading Down 2.0 %

Shares of MSGE opened at $41.39 on Friday. The stock has a 50 day moving average of $40.17 and a 200-day moving average of $38.09. Madison Square Garden Entertainment Corp. has a 52 week low of $27.55 and a 52 week high of $42.99. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of 35.07, a PEG ratio of 3.64 and a beta of 0.13.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings data on Friday, August 16th. The company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of ($0.56) by $1.97. Madison Square Garden Entertainment had a negative return on equity of 138.81% and a net margin of 15.04%. The firm had revenue of $186.10 million during the quarter, compared to the consensus estimate of $173.26 million. During the same period in the prior year, the business earned ($0.47) EPS. The firm’s revenue was up 25.8% on a year-over-year basis. On average, sell-side analysts predict that Madison Square Garden Entertainment Corp. will post 1.64 earnings per share for the current fiscal year.

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.