Maverick Capital Ltd. Trims Stock Position in Madison Square Garden Entertainment Corp. (NYSE:MSGE)

Maverick Capital Ltd. cut its stake in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 2.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 42,775 shares of the company’s stock after selling 876 shares during the period. Maverick Capital Ltd. owned approximately 0.09% of Madison Square Garden Entertainment worth $1,819,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MSGE. Verition Fund Management LLC purchased a new position in shares of Madison Square Garden Entertainment during the 3rd quarter worth approximately $423,000. Captrust Financial Advisors purchased a new position in shares of Madison Square Garden Entertainment during the 3rd quarter worth approximately $227,000. FORA Capital LLC purchased a new position in shares of Madison Square Garden Entertainment during the 3rd quarter worth approximately $311,000. FMR LLC raised its stake in shares of Madison Square Garden Entertainment by 76.3% during the 3rd quarter. FMR LLC now owns 110,035 shares of the company’s stock worth $4,680,000 after buying an additional 47,635 shares in the last quarter. Finally, Horizon Kinetics Asset Management LLC raised its stake in shares of Madison Square Garden Entertainment by 5.1% during the 3rd quarter. Horizon Kinetics Asset Management LLC now owns 49,417 shares of the company’s stock worth $2,102,000 after buying an additional 2,407 shares in the last quarter. 96.86% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on MSGE shares. Guggenheim cut their target price on Madison Square Garden Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. 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, November 11th. Morgan Stanley cut their target price on 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, November 11th. Finally, Bank of America increased their target price on Madison Square Garden Entertainment from $43.00 to $48.00 and gave the stock a “buy” rating in a research note on Monday, August 19th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $46.00.

Madison Square Garden Entertainment Price Performance

NYSE MSGE opened at $36.99 on Friday. Madison Square Garden Entertainment Corp. has a 1-year low of $29.71 and a 1-year high of $44.14. The company has a market capitalization of $1.78 billion, a P/E ratio of 10.11, a PEG ratio of 3.37 and a beta of 0.17. The business has a 50 day moving average price of $40.43 and a 200 day moving average price of $38.44.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings data on Friday, November 8th. The company reported ($0.40) earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $138.70 million during the quarter, compared to the consensus estimate of $139.46 million. During the same period last year, the business posted ($0.73) EPS. Madison Square Garden Entertainment’s quarterly revenue was down 2.5% on a year-over-year basis. On average, research analysts expect that Madison Square Garden Entertainment Corp. will post 1.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Madison Square Garden Entertainment

In other Madison Square Garden Entertainment news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the stock in a transaction 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 sale, the executive vice president now owns 12,192 shares in the company, valued at approximately $517,306.56. This represents a 32.98 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 17.85% of the stock is owned by insiders.

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.