Madison Square Garden Entertainment (NYSE:MSGE) Sets New 52-Week High After Analyst Upgrade

Madison Square Garden Entertainment Corp. (NYSE:MSGE) reached a new 52-week high during mid-day trading on Monday after Wall Street Zen upgraded the stock from a sell rating to a hold rating. The stock traded as high as $48.18 and last traded at $48.0490, with a volume of 68553 shares changing hands. The stock had previously closed at $46.51.

Several other analysts have also issued reports on the stock. Weiss Ratings restated a “hold (c-)” rating on shares of Madison Square Garden Entertainment in a research report on Wednesday, October 8th. The Goldman Sachs Group raised their price target on shares of Madison Square Garden Entertainment from $42.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, October 1st. Morgan Stanley increased their target price on Madison Square Garden Entertainment from $41.00 to $44.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 12th. Finally, JPMorgan Chase & Co. upped their price target on Madison Square Garden Entertainment from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Friday. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Madison Square Garden Entertainment currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.50.

Institutional Trading of Madison Square Garden Entertainment

Large investors have recently made changes to their positions in the business. Principal Financial Group Inc. lifted its position in Madison Square Garden Entertainment by 3.5% during the 1st quarter. Principal Financial Group Inc. now owns 20,713 shares of the company’s stock worth $678,000 after buying an additional 702 shares in the last quarter. Envestnet Asset Management Inc. bought a new stake in shares of Madison Square Garden Entertainment during the first quarter valued at approximately $1,334,000. Bleakley Financial Group LLC raised its position in Madison Square Garden Entertainment by 54.9% in the 1st quarter. Bleakley Financial Group LLC now owns 12,891 shares of the company’s stock worth $422,000 after purchasing an additional 4,571 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in Madison Square Garden Entertainment by 2.5% during the 1st quarter. Victory Capital Management Inc. now owns 21,313 shares of the company’s stock worth $698,000 after buying an additional 516 shares in the last quarter. Finally, Pinnacle Associates Ltd. boosted its position in Madison Square Garden Entertainment by 3.2% in the 1st quarter. Pinnacle Associates Ltd. now owns 12,836 shares of the company’s stock valued at $420,000 after buying an additional 398 shares during the last quarter. Institutional investors own 96.86% of the company’s stock.

Madison Square Garden Entertainment Trading Up 3.6%

The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 60.61. The company has a market cap of $1.94 billion, a P/E ratio of 68.83 and a beta of 0.48. The business has a 50-day moving average price of $44.16 and a two-hundred day moving average price of $40.08.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its earnings results on Thursday, November 6th. The company reported ($0.46) EPS for the quarter, topping the consensus estimate of ($0.59) by $0.13. The firm had revenue of $158.26 million for the quarter, compared to the consensus estimate of $156.62 million. Madison Square Garden Entertainment had a net margin of 3.65% and a return on equity of 2,102.70%. The business’s quarterly revenue was up 14.1% on a year-over-year basis. During the same period last year, the company posted ($0.40) EPS. On average, analysts predict that Madison Square Garden Entertainment Corp. will post 1.04 EPS for the current year.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. engages in the provision of entertainment services. Its portfolio of venues includes The Garden, Radio City Music Hall, the Beacon Theatre, The Theater at Madison Square, and The Chicago Theatre. The company was founded in 1879 and is headquartered in New York, NY.