Jericho Capital Asset Management L.P. Grows Holdings in MSG Entertainment (NYSE:MSGE)

Jericho Capital Asset Management L.P. increased its stake in shares of MSG Entertainment (NYSE:MSGE) by 10.9% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 2,733,724 shares of the company’s stock after purchasing an additional 268,000 shares during the period. MSG Entertainment makes up approximately 1.4% of Jericho Capital Asset Management L.P.’s investment portfolio, making the stock its 24th largest position. Jericho Capital Asset Management L.P. owned 5.69% of MSG Entertainment worth $97,321,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC raised its holdings in shares of MSG Entertainment by 111.7% in the 4th quarter. Exchange Traded Concepts LLC now owns 29,860 shares of the company’s stock valued at $1,063,000 after buying an additional 15,756 shares during the period. Alliancebernstein L.P. lifted its holdings in MSG Entertainment by 81.7% during the 4th quarter. Alliancebernstein L.P. now owns 413,042 shares of the company’s stock worth $14,704,000 after buying an additional 185,670 shares in the last quarter. JPMorgan Chase & Co. boosted its position in MSG Entertainment by 77.5% in the 4th quarter. JPMorgan Chase & Co. now owns 139,742 shares of the company’s stock valued at $4,975,000 after buying an additional 61,028 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of MSG Entertainment by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 339,977 shares of the company’s stock valued at $12,103,000 after acquiring an additional 5,677 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in MSG Entertainment by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 3,917,905 shares of the company’s stock worth $139,477,000 after purchasing an additional 52,731 shares during the period. Institutional investors and hedge funds own 96.86% of the company’s stock.

Insider Activity

In other MSG Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 67,143 shares of MSG Entertainment stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $30.96, for a total transaction of $2,078,747.28. Following the transaction, the insider now directly owns 6,015 shares of the company’s stock, valued at $186,224.40. The trade was a 91.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 17.85% of the company’s stock.

MSG Entertainment Stock Performance

NYSE:MSGE opened at $32.96 on Tuesday. The firm’s fifty day simple moving average is $32.38 and its 200-day simple moving average is $35.57. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 56.61. The stock has a market cap of $1.35 billion, a PE ratio of 12.53, a price-to-earnings-growth ratio of 5.09 and a beta of 0.22. MSG Entertainment has a fifty-two week low of $28.29 and a fifty-two week high of $44.14.

MSG Entertainment (NYSE:MSGE) last posted its earnings results on Thursday, February 6th. The company reported $1.56 EPS for the quarter, missing analysts’ consensus estimates of $2.16 by ($0.60). MSG Entertainment had a negative return on equity of 323.63% and a net margin of 13.15%. Analysts expect that MSG Entertainment will post 1.04 earnings per share for the current fiscal year.

Analyst Ratings Changes

MSGE has been the topic of several recent analyst reports. Wolfe Research raised shares of MSG Entertainment from a “peer perform” rating to an “outperform” rating and set a $46.00 price objective on the stock in a report on Tuesday, March 11th. Susquehanna initiated coverage on MSG Entertainment in a research report on Monday. They set a “positive” rating and a $39.00 price target on the stock. Finally, Macquarie reissued an “outperform” rating and issued a $45.00 price objective on shares of MSG Entertainment in a report on Monday, February 10th.

About MSG 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.