Guggenheim Lowers Madison Square Garden Entertainment (NYSE:MSGE) Price Target to $48.00

Madison Square Garden Entertainment (NYSE:MSGE) had its target price trimmed by Guggenheim from $49.00 to $48.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

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

Madison Square Garden Entertainment Stock Down 2.9 %

Shares of Madison Square Garden Entertainment stock opened at $37.68 on Tuesday. Madison Square Garden Entertainment has a 52-week low of $28.54 and a 52-week high of $44.14. The company has a 50 day moving average of $41.53 and a 200 day moving average of $38.66. The company has a market capitalization of $1.81 billion, a P/E ratio of 10.30, a P/E/G ratio of 3.39 and a beta of 0.17.

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 firm had revenue of $138.70 million during the quarter, compared to the consensus estimate of $139.46 million. During the same quarter in the previous year, the firm posted ($0.73) earnings per share. The company’s revenue was down 2.5% compared to the same quarter last year. As a group, research analysts anticipate that Madison Square Garden Entertainment will post 1.65 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 Madison Square Garden Entertainment stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $42.43, for a total value of $254,580.00. Following the transaction, the executive vice president now directly owns 12,192 shares in the company, valued at approximately $517,306.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 17.85% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Hedge funds have recently modified their holdings of the stock. Quent Capital LLC lifted its stake in shares of Madison Square Garden Entertainment by 913.8% in the 3rd quarter. Quent Capital LLC now owns 659 shares of the company’s stock worth $28,000 after acquiring an additional 594 shares during the period. DekaBank Deutsche Girozentrale boosted its holdings in 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 in the last quarter. OFI Invest Asset Management acquired a new position in Madison Square Garden Entertainment during the 2nd quarter worth approximately $251,000. Cannon Global Investment Management LLC purchased a new position in shares of Madison Square Garden Entertainment during the 3rd quarter worth approximately $259,000. Finally, Marshall Wace LLP lifted its holdings in shares of Madison Square Garden Entertainment by 5.8% in the 2nd quarter. Marshall Wace LLP now owns 7,800 shares of the company’s stock valued at $267,000 after buying an additional 426 shares during the period. 96.86% of the stock is owned by institutional investors and hedge funds.

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.