Macquarie Lowers Madison Square Garden Entertainment (NYSE:MSGE) Price Target to $45.00

Madison Square Garden Entertainment (NYSE:MSGE) had its price objective reduced by Macquarie from $47.00 to $45.00 in a research report released on Monday morning,Benzinga reports. Macquarie currently has an outperform rating on the stock.

A number of other equities analysts have also weighed in on MSGE. Bank of America lifted their price objective on 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. Morgan Stanley cut their price target on 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. Finally, 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 note on Wednesday, July 24th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $46.00.

Madison Square Garden Entertainment Stock Performance

NYSE MSGE opened at $36.75 on Monday. The stock has a 50-day simple moving average of $41.53 and a two-hundred day simple moving average of $38.66. The firm has a market capitalization of $1.77 billion, a P/E ratio of 10.19, a PEG ratio of 3.82 and a beta of 0.17. Madison Square Garden Entertainment has a fifty-two week low of $29.06 and a fifty-two week high of $44.14.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings data on Friday, November 8th. The company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.39. The business had revenue of $138.70 million during the quarter, compared to analyst estimates of $139.46 million. Madison Square Garden Entertainment had a negative return on equity of 261.70% and a net margin of 18.38%. The company’s revenue was down 2.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.73) EPS. As a group, analysts forecast that Madison Square Garden Entertainment will post 1.42 earnings per share for the current year.

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 sale, the executive vice president now directly owns 12,192 shares in the company, valued at approximately $517,306.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 17.85% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Jericho Capital Asset Management L.P. boosted its holdings in shares of Madison Square Garden Entertainment by 7.0% during the 1st quarter. Jericho Capital Asset Management L.P. now owns 2,465,724 shares of the company’s stock worth $96,681,000 after purchasing an additional 162,000 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Madison Square Garden Entertainment by 1,425.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 899,614 shares of the company’s stock worth $38,261,000 after purchasing an additional 840,631 shares during the last quarter. Duquesne Family Office LLC boosted its holdings in shares of Madison Square Garden Entertainment by 8.5% during the 2nd quarter. Duquesne Family Office LLC now owns 694,225 shares of the company’s stock worth $23,763,000 after purchasing an additional 54,425 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Madison Square Garden Entertainment during the 1st quarter worth approximately $23,032,000. Finally, Federated Hermes Inc. boosted its holdings in shares of Madison Square Garden Entertainment by 48.6% during the 2nd quarter. Federated Hermes Inc. now owns 569,884 shares of the company’s stock worth $19,507,000 after purchasing an additional 186,475 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.