NBC Securities Inc. Sells 1,065 Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE)

NBC Securities Inc. lowered its stake in Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 29.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,520 shares of the company’s stock after selling 1,065 shares during the quarter. NBC Securities Inc.’s holdings in Madison Square Garden Entertainment were worth $107,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Madison Square Garden Entertainment during the first quarter worth about $23,032,000. Long Pond Capital LP bought a new position in Madison Square Garden Entertainment during the 2nd quarter worth approximately $12,407,000. Epoch Investment Partners Inc. acquired a new position in Madison Square Garden Entertainment during the first quarter valued at approximately $13,076,000. Jacobs Levy Equity Management Inc. increased its stake in Madison Square Garden Entertainment by 4,353.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 284,639 shares of the company’s stock valued at $11,161,000 after purchasing an additional 278,247 shares in the last quarter. Finally, Federated Hermes Inc. raised its holdings in Madison Square Garden Entertainment by 48.6% in the second quarter. Federated Hermes Inc. now owns 569,884 shares of the company’s stock worth $19,507,000 after purchasing an additional 186,475 shares during the period. 96.86% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Morgan Stanley boosted their price target 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. The Goldman Sachs Group upgraded Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and increased their price target for the stock from $41.00 to $45.00 in a report 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 stock a “buy” rating in a research report on Monday, August 19th. Finally, Macquarie upped their price target on shares of Madison Square Garden Entertainment from $46.00 to $47.00 and gave the company an “outperform” rating in a report on Thursday, August 22nd. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $44.20.

Insider Buying and Selling at Madison Square Garden Entertainment

In related news, EVP Philip Gerard D’ambrosio sold 6,000 shares of Madison Square Garden Entertainment stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $42.43, for a total value of $254,580.00. Following the sale, the executive vice president now owns 12,192 shares of the company’s stock, valued at approximately $517,306.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 18.72% of the company’s stock.

Madison Square Garden Entertainment Stock Performance

NYSE:MSGE opened at $43.32 on Friday. The stock has a 50-day simple moving average of $41.25 and a 200 day simple moving average of $38.38. Madison Square Garden Entertainment Corp. has a 52-week low of $27.55 and a 52-week high of $44.04. The company has a market cap of $1.78 billion, a PE ratio of 36.71, a PEG ratio of 3.70 and a beta of 0.13.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings results on Friday, August 16th. The company reported $1.41 earnings per share for the quarter, topping the consensus estimate of ($0.56) by $1.97. The company had revenue of $186.10 million during the quarter, compared to analysts’ expectations of $173.26 million. Madison Square Garden Entertainment had a net margin of 15.04% and a negative return on equity of 138.81%. The business’s quarterly revenue was up 25.8% on a year-over-year basis. During the same period last year, the business earned ($0.47) EPS. On average, research analysts predict that Madison Square Garden Entertainment Corp. will post 1.66 earnings per share for the current fiscal year.

Madison Square Garden Entertainment Company Profile

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.