HighTower Advisors LLC Sells 379 Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE)

HighTower Advisors LLC cut its holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 2.4% in the third quarter, HoldingsChannel reports. The firm owned 15,179 shares of the company’s stock after selling 379 shares during the quarter. HighTower Advisors LLC’s holdings in Madison Square Garden Entertainment were worth $643,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. SG Americas Securities LLC bought a new stake in Madison Square Garden Entertainment during the second quarter worth approximately $354,000. Bank of New York Mellon Corp increased its position in shares of Madison Square Garden Entertainment by 11.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 167,073 shares of the company’s stock valued at $5,719,000 after purchasing an additional 17,793 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Madison Square Garden Entertainment by 10.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,540 shares of the company’s stock valued at $292,000 after buying an additional 805 shares during the period. Panagora Asset Management Inc. lifted its position in Madison Square Garden Entertainment by 7.8% in the second quarter. Panagora Asset Management Inc. now owns 20,706 shares of the company’s stock worth $709,000 after buying an additional 1,491 shares during the last quarter. Finally, Rhumbline Advisers lifted its position in Madison Square Garden Entertainment by 10.6% in the second quarter. Rhumbline Advisers now owns 67,303 shares of the company’s stock worth $2,304,000 after buying an additional 6,466 shares during the last quarter. Institutional investors own 96.86% of the company’s stock.

Madison Square Garden Entertainment Trading Up 0.5 %

Shares of MSGE opened at $33.22 on Friday. The firm has a market capitalization of $1.60 billion, a P/E ratio of 9.08, a P/E/G ratio of 3.20 and a beta of -0.04. Madison Square Garden Entertainment Corp. has a 12-month low of $30.10 and a 12-month high of $44.14. The firm has a fifty day moving average price of $38.74 and a 200-day moving average price of $38.39.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its earnings results on Friday, November 8th. The company reported ($0.40) EPS for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.39. Madison Square Garden Entertainment had a net margin of 18.38% and a negative return on equity of 261.70%. The business had revenue of $138.70 million for the quarter, compared to the consensus estimate of $139.46 million. During the same period in the prior year, the firm earned ($0.73) EPS. The company’s revenue for the quarter was down 2.5% compared to the same quarter last year. Analysts predict that Madison Square Garden Entertainment Corp. will post 1.58 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Macquarie reduced their target price on shares of Madison Square Garden Entertainment from $47.00 to $45.00 and set an “outperform” rating on the stock in a research note on Monday, November 11th. Guggenheim cut their price target on shares of Madison Square Garden Entertainment from $49.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. Finally, Morgan Stanley decreased their price objective on shares of Madison Square Garden Entertainment from $45.00 to $44.00 and set an “equal weight” rating for the company in a research note on Monday, November 11th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $46.00.

Insider Buying and Selling

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 completion of the sale, the executive vice president now directly owns 12,192 shares in the company, valued at $517,306.56. The trade was a 32.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 17.85% of the stock is owned by insiders.

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.