Madison Square Garden Entertainment (NYSE:MSGE) Upgraded by Zacks Research to Strong-Buy Rating

Zacks Research upgraded shares of Madison Square Garden Entertainment (NYSE:MSGE) from a hold rating to a strong-buy rating in a research report sent to investors on Monday morning,Zacks.com reports.

Several other equities analysts have also weighed in on the company. The Goldman Sachs Group restated a “neutral” rating and set a $82.00 target price (up from $72.00) on shares of Madison Square Garden Entertainment in a report on Thursday, July 9th. BTIG Research increased their price objective on Madison Square Garden Entertainment from $86.00 to $100.00 and gave the company a “buy” rating in a report on Friday. Seaport Research Partners reissued a “neutral” rating on shares of Madison Square Garden Entertainment in a research note on Monday, June 29th. JPMorgan Chase & Co. boosted their target price on Madison Square Garden Entertainment from $75.00 to $83.00 and gave the stock a “neutral” rating in a report on Thursday, August 13th. Finally, Susquehanna upped their target price on Madison Square Garden Entertainment from $80.00 to $103.00 and gave the stock a “positive” rating in a research report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Madison Square Garden Entertainment has a consensus rating of “Moderate Buy” and a consensus target price of $92.43.

Madison Square Garden Entertainment Stock Performance

Shares of MSGE opened at $82.04 on Monday. The firm has a market cap of $3.32 billion, a price-to-earnings ratio of 59.45 and a beta of 0.56. The company’s fifty day moving average is $77.20 and its 200-day moving average is $67.92. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 11.80. Madison Square Garden Entertainment has a 12 month low of $36.67 and a 12 month high of $90.41.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.23. The business had revenue of $196.32 million during the quarter, compared to analyst estimates of $166.62 million. Madison Square Garden Entertainment had a net margin of 6.24% and a return on equity of 480.83%. Madison Square Garden Entertainment’s quarterly revenue was up 27.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.57) EPS. Equities analysts expect that Madison Square Garden Entertainment will post 2.48 EPS for the current fiscal year.

Insiders Place Their Bets

In other Madison Square Garden Entertainment news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $74.48, for a total transaction of $737,873.36. Following the completion of the transaction, the executive vice president owned 15,772 shares of the company’s stock, valued at $1,174,698.56. The trade was a 38.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 16.41% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Madison Square Garden Entertainment

A number of institutional investors have recently made changes to their positions in the business. Jericho Capital Asset Management L.P. increased its position in Madison Square Garden Entertainment by 26.9% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company’s stock worth $197,384,000 after buying an additional 777,000 shares during the period. Millennium Management LLC boosted its position in shares of Madison Square Garden Entertainment by 2,037.6% in the third quarter. Millennium Management LLC now owns 589,096 shares of the company’s stock valued at $26,651,000 after acquiring an additional 561,537 shares during the period. Bank of America Corp DE grew its stake in shares of Madison Square Garden Entertainment by 324.8% in the second quarter. Bank of America Corp DE now owns 667,248 shares of the company’s stock worth $26,670,000 after acquiring an additional 510,191 shares during the last quarter. Nuveen LLC increased its position in Madison Square Garden Entertainment by 86.4% during the fourth quarter. Nuveen LLC now owns 724,467 shares of the company’s stock worth $39,042,000 after acquiring an additional 335,890 shares during the period. Finally, Lord Abbett & CO. LLC acquired a new position in Madison Square Garden Entertainment during the 4th quarter valued at $13,473,000. 96.86% of the stock is currently owned by institutional investors.

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.