Handelsbanken Fonder AB Makes New $323,000 Investment in Madison Square Garden Entertainment Corp. (NYSE:MSGE)

Handelsbanken Fonder AB bought a new stake in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 7,600 shares of the company’s stock, valued at approximately $323,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Quent Capital LLC lifted its holdings in Madison Square Garden Entertainment by 1,838.2% in the first quarter. Quent Capital LLC now owns 659 shares of the company’s stock worth $26,000 after buying an additional 625 shares during the period. Principal Financial Group Inc. bought a new position in shares of Madison Square Garden Entertainment in the 1st quarter worth approximately $205,000. DekaBank Deutsche Girozentrale lifted its stake in shares of Madison Square Garden Entertainment by 101.6% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 5,236 shares of the company’s stock valued at $207,000 after purchasing an additional 2,639 shares during the period. OFI Invest Asset Management bought a new stake in shares of Madison Square Garden Entertainment during the second quarter valued at approximately $251,000. Finally, Marshall Wace LLP grew its stake in Madison Square Garden Entertainment by 5.8% in the second 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. Hedge funds and other institutional investors own 96.86% of the company’s stock.

Madison Square Garden Entertainment Stock Performance

Shares of NYSE MSGE opened at $43.06 on Tuesday. The firm’s 50 day moving average price is $40.73 and its 200-day moving average price is $38.26. Madison Square Garden Entertainment Corp. has a 52-week low of $27.55 and a 52-week high of $43.82. The company has a market cap of $1.77 billion, a PE ratio of 36.49, a P/E/G ratio of 3.70 and a beta of 0.13.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings data on Friday, August 16th. The company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $186.10 million for the quarter, compared to analysts’ expectations of $173.26 million. During the same period in the prior year, the firm posted ($0.47) EPS. The firm’s quarterly revenue was up 25.8% on a year-over-year basis. On average, analysts forecast that Madison Square Garden Entertainment Corp. will post 1.66 earnings per share for the current fiscal year.

Insider Activity at Madison Square Garden Entertainment

In other Madison Square Garden Entertainment news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the business’s 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 completion of the transaction, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 18.72% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Bank of America boosted their target price on shares of Madison Square Garden Entertainment from $43.00 to $48.00 and gave the company a “buy” rating in a report on Monday, August 19th. Macquarie boosted their price objective 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. The Goldman Sachs Group upgraded shares of Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and lifted their target price for the company from $41.00 to $45.00 in a report on Wednesday, July 24th. Finally, Morgan Stanley upped their price target on 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. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $44.20.

Madison Square Garden Entertainment 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.