Primecap Management Co. CA Cuts Stock Position in Madison Square Garden Entertainment Corp. (NYSE:MSGE)

Primecap Management Co. CA trimmed its position in Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 1.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 76,100 shares of the company’s stock after selling 1,100 shares during the period. Primecap Management Co. CA owned approximately 0.18% of Madison Square Garden Entertainment worth $2,605,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of MSGE. Quent Capital LLC lifted its stake in shares of Madison Square Garden Entertainment by 1,838.2% in the 1st quarter. Quent Capital LLC now owns 659 shares of the company’s stock worth $26,000 after acquiring an additional 625 shares during the period. Principal Financial Group Inc. purchased a new stake in Madison Square Garden Entertainment in the 1st quarter valued at approximately $205,000. DekaBank Deutsche Girozentrale increased its position in Madison Square Garden Entertainment by 101.6% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 5,236 shares of the company’s stock worth $207,000 after purchasing an additional 2,639 shares during the period. OFI Invest Asset Management purchased a new position in shares of Madison Square Garden Entertainment during the 2nd quarter worth approximately $251,000. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Madison Square Garden Entertainment by 5.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 8,521 shares of the company’s stock valued at $271,000 after buying an additional 450 shares during the period. 96.86% of the stock is owned by institutional investors and hedge funds.

Madison Square Garden Entertainment Trading Down 1.5 %

Shares of NYSE MSGE opened at $40.90 on Thursday. The stock has a market cap of $1.68 billion, a price-to-earnings ratio of 34.66, a PEG ratio of 3.46 and a beta of 0.13. The company’s 50-day moving average price is $39.33 and its 200 day moving average price is $37.79. Madison Square Garden Entertainment Corp. has a 52 week low of $27.55 and a 52 week high of $42.99.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings data 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. Madison Square Garden Entertainment had a net margin of 15.04% and a negative return on equity of 138.81%. The business had revenue of $186.10 million during the quarter, compared to analysts’ expectations of $173.26 million. During the same period last year, the company posted ($0.47) EPS. The company’s revenue was up 25.8% on a year-over-year basis. As a group, research analysts expect that Madison Square Garden Entertainment Corp. will post 1.64 earnings per share for the current year.

Wall Street Analyst Weigh In

MSGE has been the subject of several research analyst reports. Morgan Stanley increased their price objective on Madison Square Garden Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Monday, August 19th. Bank of America raised their price objective on shares of Madison Square Garden Entertainment from $43.00 to $48.00 and gave the company a “buy” rating in a research note on Monday, August 19th. The Goldman Sachs Group raised shares of Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and increased their target price for the company from $41.00 to $45.00 in a report on Wednesday, July 24th. Finally, Macquarie boosted their price target on 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 research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Madison Square Garden Entertainment has an average rating of “Moderate Buy” and an average price target of $44.20.

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.