Madison Square Garden Entertainment (NYSE:MSGE) Given New $45.00 Price Target at Macquarie

Madison Square Garden Entertainment (NYSE:MSGE) had its target price cut by Macquarie from $47.00 to $45.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Macquarie’s target price would suggest a potential upside of 19.43% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. Morgan Stanley cut their price objective on shares of Madison Square Garden Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a report on Monday. The Goldman Sachs Group upgraded Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and lifted their price target for the company from $41.00 to $45.00 in a research report on Wednesday, July 24th. Finally, Bank of America increased their price target on shares of Madison Square Garden Entertainment from $43.00 to $48.00 and gave the stock a “buy” rating in a report on Monday, August 19th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.00.

Madison Square Garden Entertainment Stock Performance

Shares of NYSE MSGE opened at $37.68 on Monday. Madison Square Garden Entertainment has a 52-week low of $28.54 and a 52-week high of $44.14. The stock has a 50 day moving average price of $41.58 and a 200 day moving average price of $38.67. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of 10.44, a PEG ratio of 3.39 and a beta of 0.17.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings data on Friday, November 8th. The company reported ($0.40) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.39. Madison Square Garden Entertainment had a net margin of 15.04% and a negative return on equity of 138.81%. The firm had revenue of $138.70 million for the quarter, compared to the consensus estimate of $139.46 million. During the same quarter in the previous year, the firm earned ($0.73) EPS. The company’s quarterly revenue was down 2.5% compared to the same quarter last year. Analysts forecast that Madison Square Garden Entertainment will post 1.66 earnings per share for the current year.

Insider Buying and Selling

In other Madison Square Garden Entertainment news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $42.43, for a total transaction of $254,580.00. Following the completion of the transaction, the executive vice president now owns 12,192 shares of the company’s stock, valued at $517,306.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 18.72% of the company’s stock.

Hedge Funds Weigh In On Madison Square Garden Entertainment

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Assenagon Asset Management S.A. increased its holdings in shares of Madison Square Garden Entertainment by 1,425.2% in the third quarter. Assenagon Asset Management S.A. now owns 899,614 shares of the company’s stock valued at $38,261,000 after purchasing an additional 840,631 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Madison Square Garden Entertainment in the first quarter worth approximately $23,032,000. Long Pond Capital LP purchased a new position in Madison Square Garden Entertainment in the second quarter valued at $12,407,000. Epoch Investment Partners Inc. acquired a new stake in Madison Square Garden Entertainment in the first quarter valued at $13,076,000. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in Madison Square Garden Entertainment by 4,353.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 284,639 shares of the company’s stock worth $11,161,000 after buying an additional 278,247 shares during the last quarter. 96.86% of the stock is currently owned by institutional investors and hedge funds.

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.