Morgan Stanley Cuts Madison Square Garden Entertainment (NYSE:MSGE) Price Target to $44.00

Madison Square Garden Entertainment (NYSE:MSGE) had its price objective trimmed by Morgan Stanley from $45.00 to $44.00 in a report released on Monday,Benzinga reports. The firm currently has an equal weight rating on the stock.

MSGE has been the topic of several other research reports. Bank of America upped their price target on shares of Madison Square Garden Entertainment from $43.00 to $48.00 and gave the stock a “buy” rating in a report on Monday, August 19th. Macquarie upped 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 report on Thursday, August 22nd. Finally, The Goldman Sachs Group raised shares of Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and upped their price target for the stock from $41.00 to $45.00 in a report on Wednesday, July 24th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $46.00.

Madison Square Garden Entertainment Price Performance

Shares of MSGE stock opened at $36.75 on Monday. The company’s fifty day simple moving average is $41.53 and its two-hundred day simple moving average is $38.66. Madison Square Garden Entertainment has a 1 year low of $29.06 and a 1 year high of $44.14. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of 10.19, a PEG ratio of 3.82 and a beta of 0.17.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its earnings results on Friday, November 8th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $139.46 million. During the same quarter in the previous year, the firm posted ($0.73) EPS. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year. Equities research analysts anticipate that Madison Square Garden Entertainment will post 1.42 EPS for the current year.

Insider Buying and Selling

In related news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the company’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $42.43, for a total value 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. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 17.85% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quent Capital LLC boosted its position in Madison Square Garden Entertainment by 913.8% during the third quarter. Quent Capital LLC now owns 659 shares of the company’s stock valued at $28,000 after buying an additional 594 shares during the period. DekaBank Deutsche Girozentrale boosted its holdings in shares of Madison Square Garden Entertainment by 101.6% during the first quarter. DekaBank Deutsche Girozentrale now owns 5,236 shares of the company’s stock worth $207,000 after purchasing an additional 2,639 shares during the period. OFI Invest Asset Management bought a new position in Madison Square Garden Entertainment in the second quarter worth about $251,000. Cannon Global Investment Management LLC bought a new position in Madison Square Garden Entertainment in the third quarter worth about $259,000. Finally, Marshall Wace LLP raised its stake in Madison Square Garden Entertainment by 5.8% in the second quarter. Marshall Wace LLP now owns 7,800 shares of the company’s stock worth $267,000 after buying an additional 426 shares in the last quarter. 96.86% of the stock is currently owned by hedge funds and other institutional investors.

About Madison Square Garden Entertainment

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.