IMC Chicago LLC Acquires Shares of 40,122 Madison Square Garden Entertainment Corp. $MSGE

IMC Chicago LLC acquired a new stake in Madison Square Garden Entertainment Corp. (NYSE:MSGE) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 40,122 shares of the company’s stock, valued at approximately $2,162,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in MSGE. First Horizon Corp acquired a new position in shares of Madison Square Garden Entertainment during the 4th quarter worth approximately $37,000. Atlantic Edge Private Wealth Management LLC acquired a new stake in Madison Square Garden Entertainment during the 4th quarter valued at $47,000. State of Alaska Department of Revenue bought a new position in Madison Square Garden Entertainment during the third quarter worth $59,000. CWM LLC boosted its position in Madison Square Garden Entertainment by 44.6% during the third quarter. CWM LLC now owns 1,497 shares of the company’s stock worth $68,000 after purchasing an additional 462 shares during the period. Finally, State of Wyoming acquired a new position in shares of Madison Square Garden Entertainment in the second quarter valued at $62,000. 96.86% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on MSGE. BTIG Research began coverage on shares of Madison Square Garden Entertainment in a research report on Tuesday, April 7th. They issued a “buy” rating and a $70.00 price objective on the stock. Guggenheim upped their price target on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Wall Street Zen raised shares of Madison Square Garden Entertainment from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. JPMorgan Chase & Co. raised their price objective on shares of Madison Square Garden Entertainment from $60.00 to $63.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 4th. Finally, The Goldman Sachs Group restated a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a report on Monday, January 5th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $61.00.

Insider Activity

In other Madison Square Garden Entertainment news, Director Charles P. Dolan sold 19,311 shares of the stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $63.76, for a total transaction of $1,231,269.36. Following the transaction, the director owned 660 shares in the company, valued at $42,081.60. This represents a 96.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 16.41% of the stock is currently owned by insiders.

Madison Square Garden Entertainment Stock Up 1.4%

MSGE opened at $67.83 on Friday. The stock has a fifty day moving average of $60.11 and a 200-day moving average of $55.43. The company has a market capitalization of $2.74 billion, a P/E ratio of 62.80 and a beta of 0.61. Madison Square Garden Entertainment Corp. has a fifty-two week low of $32.91 and a fifty-two week high of $68.52. The company has a debt-to-equity ratio of 15.40, a quick ratio of 0.68 and a current ratio of 0.68.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings results on Tuesday, February 3rd. The company reported $1.94 EPS for the quarter, missing the consensus estimate of $2.35 by ($0.41). Madison Square Garden Entertainment had a net margin of 5.12% and a negative return on equity of 748.04%. The business had revenue of $459.94 million during the quarter, compared to analyst estimates of $448.21 million. During the same quarter last year, the company posted $1.56 earnings per share. The company’s revenue was up 12.9% on a year-over-year basis. On average, equities analysts expect that Madison Square Garden Entertainment Corp. will post 1.16 EPS for the current year.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. (NYSE: MSGE) is a premier live entertainment company focused on producing and hosting a wide range of events across North America. Established as a separate publicly traded entity in April 2020 through a spin-off from Madison Square Garden Company, MSGE owns and operates iconic venues such as Madison Square Garden in New York City, Radio City Music Hall, The Chicago Theatre and Sphere in Las Vegas. These facilities serve as flagship stages for concerts, sports events, family shows and cultural performances.

The company’s core business activities center on venue management, event promotion and production services.