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

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

MSGE has been the topic of a number of other reports. 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 on the stock in a research report on Monday. The Goldman Sachs Group upgraded shares of Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and increased their target price for the stock from $41.00 to $45.00 in a report on Wednesday, July 24th. Finally, Bank of America boosted their price target on shares of Madison Square Garden Entertainment from $43.00 to $48.00 and gave the company a “buy” rating in a report on Monday, August 19th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $46.00.

Madison Square Garden Entertainment Price Performance

Shares of NYSE MSGE opened at $35.81 on Monday. Madison Square Garden Entertainment has a fifty-two week low of $29.27 and a fifty-two week high of $44.14. The firm has a market capitalization of $1.72 billion, a P/E ratio of 9.78, a P/E/G ratio of 3.82 and a beta of 0.17. The company’s 50 day simple moving average is $41.45 and its 200 day simple moving average is $38.64.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its quarterly earnings results on Friday, November 8th. The company reported ($0.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.39. The business had revenue of $138.70 million for 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 firm’s revenue was down 2.5% on a year-over-year basis. During the same period last year, the company earned ($0.73) EPS. Sell-side analysts expect that Madison Square Garden Entertainment will post 1.42 EPS 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 company’s stock in a transaction dated Monday, September 30th. The stock was 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 of the company’s stock, valued at $517,306.56. This represents a 32.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 17.85% of the stock is owned by insiders.

Hedge Funds Weigh In On Madison Square Garden Entertainment

A number of large investors have recently bought and sold shares of MSGE. Russell Investments Group Ltd. grew its position in Madison Square Garden Entertainment by 110.7% in the first quarter. Russell Investments Group Ltd. now owns 104,538 shares of the company’s stock valued at $4,099,000 after purchasing an additional 54,918 shares in the last quarter. Maverick Capital Ltd. acquired a new stake in shares of Madison Square Garden Entertainment in the second quarter valued at about $1,494,000. Epoch Investment Partners Inc. bought a new stake in Madison Square Garden Entertainment during the first quarter worth about $13,076,000. Bank of New York Mellon Corp boosted its position in Madison Square Garden Entertainment by 11.9% during the second 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. Finally, Lazard Asset Management LLC grew its stake in Madison Square Garden Entertainment by 1,569.2% in the first quarter. Lazard Asset Management LLC now owns 43,348 shares of the company’s stock valued at $1,699,000 after purchasing an additional 40,751 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.