Madison Square Garden Entertainment (NYSE:MSGE) Price Target Cut to $44.00 by Analysts at Morgan Stanley

Madison Square Garden Entertainment (NYSE:MSGE) had its target price reduced by Morgan Stanley from $45.00 to $44.00 in a research note released on Monday,Benzinga reports. They currently have an equal weight rating on the stock.

MSGE has been the topic of a number of other research reports. Bank of America upped 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 research report on Monday, August 19th. 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. Finally, Macquarie increased their price target 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. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $46.00.

Madison Square Garden Entertainment Trading Down 2.6 %

MSGE stock opened at $35.81 on Monday. The business’s 50-day moving average is $41.45 and its 200 day moving average is $38.64. Madison Square Garden Entertainment has a 12-month low of $29.27 and a 12-month high of $44.14. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of 9.78, a PEG ratio of 3.82 and a beta of 0.17.

Madison Square Garden Entertainment (NYSE:MSGE) last released its earnings results on Friday, November 8th. The company reported ($0.40) earnings per share 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 analyst estimates of $139.46 million. During the same period last year, the company posted ($0.73) EPS. The business’s revenue was down 2.5% on a year-over-year basis. As a group, equities analysts forecast that Madison Square Garden Entertainment will post 1.42 EPS for the current fiscal year.

Insider Activity

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 transaction, the executive vice president now 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 17.85% of the company’s stock.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Several hedge funds and other institutional investors have recently modified their holdings of MSGE. Jericho Capital Asset Management L.P. lifted its stake in shares of Madison Square Garden Entertainment by 7.0% in the 1st quarter. Jericho Capital Asset Management L.P. now owns 2,465,724 shares of the company’s stock valued at $96,681,000 after purchasing an additional 162,000 shares during the period. Assenagon Asset Management S.A. grew its position in Madison Square Garden Entertainment by 1,425.2% in the third quarter. Assenagon Asset Management S.A. now owns 899,614 shares of the company’s stock valued at $38,261,000 after purchasing an additional 840,631 shares in the last quarter. Duquesne Family Office LLC increased its position in shares of Madison Square Garden Entertainment by 8.5% in the second quarter. Duquesne Family Office LLC now owns 694,225 shares of the company’s stock valued at $23,763,000 after acquiring an additional 54,425 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Madison Square Garden Entertainment in the 1st quarter valued at approximately $23,032,000. Finally, Federated Hermes Inc. raised its holdings in shares of Madison Square Garden Entertainment by 48.6% in the 2nd quarter. Federated Hermes Inc. now owns 569,884 shares of the company’s stock valued at $19,507,000 after purchasing an additional 186,475 shares during the period. Institutional investors own 96.86% of the company’s stock.

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.