Gabelli Funds LLC Has $22.92 Million Stake in Madison Square Garden Entertainment Corp. (NYSE:MSGE)

Gabelli Funds LLC trimmed its position in Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 3.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 584,610 shares of the company’s stock after selling 21,525 shares during the quarter. Gabelli Funds LLC owned 1.42% of Madison Square Garden Entertainment worth $22,923,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Madison Square Garden Entertainment in the first quarter valued at $23,032,000. Norges Bank bought a new stake in Madison Square Garden Entertainment in the fourth quarter valued at $14,980,000. Assenagon Asset Management S.A. bought a new stake in Madison Square Garden Entertainment in the fourth quarter valued at $8,970,000. 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 acquiring an additional 54,918 shares during the period. Finally, Simplicity Solutions LLC grew its position in Madison Square Garden Entertainment by 24.0% in the fourth quarter. Simplicity Solutions LLC now owns 76,235 shares of the company’s stock valued at $2,424,000 after acquiring an additional 14,734 shares during the period. 96.86% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group upgraded Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and upped their price target for the company from $41.00 to $45.00 in a research report on Wednesday. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Madison Square Garden Entertainment presently has a consensus rating of “Moderate Buy” and an average price target of $40.20.

Madison Square Garden Entertainment Price Performance

Shares of MSGE stock traded up $0.25 during trading hours on Friday, hitting $38.91. 333,029 shares of the company’s stock were exchanged, compared to its average volume of 324,175. The stock’s 50-day moving average is $35.42 and its 200-day moving average is $36.57. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of 32.97, a price-to-earnings-growth ratio of 4.01 and a beta of 0.18. Madison Square Garden Entertainment Corp. has a 52 week low of $27.55 and a 52 week high of $41.58.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its earnings results on Thursday, May 9th. The company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.05 by $0.01. The company had revenue of $228.30 million for the quarter, compared to analysts’ expectations of $227.63 million. Madison Square Garden Entertainment had a negative return on equity of 53.05% and a net margin of 5.74%. The business’s revenue for the quarter was up 13.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.42 earnings per share. Equities research analysts forecast that Madison Square Garden Entertainment Corp. will post 1.23 earnings per share for the current fiscal year.

Madison Square Garden Entertainment 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.