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

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

A number of other brokerages have also commented on MSGE. Macquarie cut their target price on Madison Square Garden Entertainment from $47.00 to $45.00 and set an “outperform” rating for the company in a research note on Monday. The Goldman Sachs Group raised shares of Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $41.00 to $45.00 in a report on Wednesday, July 24th. 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 note on Monday, August 19th. Finally, Morgan Stanley cut their price target 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. One investment 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 company currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.00.

Madison Square Garden Entertainment Trading Down 2.6 %

Shares of NYSE:MSGE opened at $35.81 on Tuesday. Madison Square Garden Entertainment has a 1 year low of $29.27 and a 1 year high of $44.14. The firm has a fifty day moving average price of $41.35 and a 200 day moving average price of $38.62. The stock has a market capitalization of $1.72 billion, a PE ratio of 9.78, a P/E/G ratio of 3.73 and a beta of 0.17.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its quarterly earnings data 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 negative return on equity of 261.70% and a net margin of 18.38%. The business had revenue of $138.70 million for the quarter, compared to analyst estimates of $139.46 million. During the same period in the previous year, the company posted ($0.73) earnings per share. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. On average, sell-side analysts forecast that Madison Square Garden Entertainment will post 1.42 earnings per share for the current fiscal year.

Insider Transactions at Madison Square Garden Entertainment

In other news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $42.43, for a total transaction of $254,580.00. Following the completion of the transaction, the executive vice president now directly owns 12,192 shares in the company, valued at $517,306.56. This represents a 32.98 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 17.85% of the stock is owned by insiders.

Hedge Funds Weigh In On Madison Square Garden Entertainment

A number of institutional investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. increased its position in 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 buying an additional 840,631 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Madison Square Garden Entertainment during the first quarter worth about $23,032,000. Long Pond Capital LP acquired a new stake in Madison Square Garden Entertainment in the 2nd quarter worth about $12,407,000. Epoch Investment Partners Inc. bought a new stake in Madison Square Garden Entertainment in the 1st quarter valued at about $13,076,000. Finally, Jacobs Levy Equity Management Inc. grew its position in shares of Madison Square Garden Entertainment by 4,353.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 284,639 shares of the company’s stock worth $11,161,000 after purchasing an additional 278,247 shares in the last quarter. Institutional investors and hedge funds 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.