Guggenheim Cuts 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 report published on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research analysts have also recently weighed in on the company. Morgan Stanley reduced their target price on Madison Square Garden Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a report on Monday. Macquarie reduced 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 report on Monday. The Goldman Sachs Group raised shares of Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and raised their target price for the company from $41.00 to $45.00 in a research note on Wednesday, July 24th. Finally, Bank of America increased their price target on 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 given a buy rating to the stock. According to MarketBeat.com, Madison Square Garden Entertainment has an average rating of “Moderate Buy” and a consensus target price of $46.00.

Madison Square Garden Entertainment Price Performance

MSGE opened at $35.81 on Tuesday. Madison Square Garden Entertainment has a 12 month low of $29.27 and a 12 month high of $44.14. The business has a 50-day moving average of $41.35 and a two-hundred day moving average of $38.62. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of 9.78, a price-to-earnings-growth ratio of 3.73 and a beta of 0.17.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings results on Friday, November 8th. The company reported ($0.40) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.39. The firm had revenue of $138.70 million during the quarter, compared to analyst estimates of $139.46 million. Madison Square Garden Entertainment had a net margin of 18.38% and a negative return on equity of 261.70%. Madison Square Garden Entertainment’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.73) earnings per share. Equities research analysts anticipate that Madison Square Garden Entertainment will post 1.42 earnings per share for the current year.

Insider Activity

In other news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the stock in a transaction that occurred on 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 in the company, valued at approximately $517,306.56. This represents a 32.98 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 17.85% of the company’s stock.

Institutional Trading of Madison Square Garden Entertainment

Institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. raised its stake in shares of Madison Square Garden Entertainment by 110.7% in the 1st 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. ProShare Advisors LLC lifted its holdings in Madison Square Garden Entertainment by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 7,143 shares of the company’s stock worth $280,000 after buying an additional 561 shares during the last quarter. Entropy Technologies LP acquired a new position in shares of Madison Square Garden Entertainment in the 1st quarter worth approximately $287,000. Seven Eight Capital LP acquired a new stake in shares of Madison Square Garden Entertainment during the 1st quarter valued at approximately $533,000. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Madison Square Garden Entertainment during the 1st quarter valued at approximately $23,032,000. 96.86% of the stock is 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.