The Manufacturers Life Insurance Company Has $462,000 Stock Position in Sphere Entertainment Co. (NYSE:SPHR)

The Manufacturers Life Insurance Company increased its stake in shares of Sphere Entertainment Co. (NYSE:SPHR) by 2.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,177 shares of the company’s stock after buying an additional 359 shares during the period. The Manufacturers Life Insurance Company’s holdings in Sphere Entertainment were worth $462,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Swiss National Bank lifted its position in Sphere Entertainment by 1.6% during the 1st quarter. Swiss National Bank now owns 50,159 shares of the company’s stock worth $2,462,000 after buying an additional 800 shares in the last quarter. QRG Capital Management Inc. acquired a new position in Sphere Entertainment during the 1st quarter worth about $203,000. Vanguard Group Inc. lifted its position in Sphere Entertainment by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 2,807,395 shares of the company’s stock worth $137,787,000 after buying an additional 17,613 shares in the last quarter. Empowered Funds LLC lifted its position in Sphere Entertainment by 14.9% during the 1st quarter. Empowered Funds LLC now owns 150,637 shares of the company’s stock worth $7,393,000 after buying an additional 19,539 shares in the last quarter. Finally, Evergreen Capital Management LLC acquired a new position in Sphere Entertainment during the 2nd quarter worth about $1,397,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Sphere Entertainment Stock Performance

Shares of NYSE:SPHR opened at $47.67 on Thursday. The company has a market capitalization of $1.68 billion, a price-to-earnings ratio of 4.38 and a beta of 1.41. The firm’s 50 day simple moving average is $44.45 and its 200 day simple moving average is $41.27. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.63 and a quick ratio of 0.63. Sphere Entertainment Co. has a fifty-two week low of $27.02 and a fifty-two week high of $51.83.

Sphere Entertainment (NYSE:SPHR) last posted its earnings results on Wednesday, August 14th. The company reported ($2.00) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.47) by $0.47. Sphere Entertainment had a negative return on equity of 9.02% and a negative net margin of 19.54%. The business had revenue of $273.40 million during the quarter, compared to analysts’ expectations of $271.28 million. During the same period in the prior year, the business earned $15.43 EPS. Sphere Entertainment’s revenue for the quarter was up 111.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Sphere Entertainment Co. will post -9.6 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on SPHR shares. Morgan Stanley upped their target price on shares of Sphere Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, July 11th. Guggenheim upped their target price on shares of Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and upped their target price for the company from $37.00 to $57.00 in a research report on Friday, August 16th. Macquarie upped their target price on shares of Sphere Entertainment from $38.00 to $47.00 and gave the company a “neutral” rating in a research report on Friday, August 16th. Finally, Benchmark restated a “sell” rating and set a $40.00 target price on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $50.71.

About Sphere Entertainment

Sphere Entertainment Co engages in the entertainment business. It produces, presents, or hosts various live entertainment events, including concerts, family shows, and special events, as well as sporting events, such as professional boxing, college basketball and hockey, professional bull riding, mixed martial arts, and esports and wrestling in its venues, including The Garden, Hulu Theater, Radio City Music Hall, and the Beacon Theatre in New York City; and The Chicago Theatre.