Madison Square Garden Entertainment (NYSE:MSGE) Posts Earnings Results, Beats Expectations By $0.13 EPS

Madison Square Garden Entertainment (NYSE:MSGE) released its quarterly earnings results on Thursday. The company reported ($0.46) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.13, Zacks reports. The company had revenue of $158.26 million during 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 firm’s quarterly revenue was up 14.1% on a year-over-year basis. During the same period in the previous year, the business earned ($0.40) earnings per share.

Madison Square Garden Entertainment Price Performance

NYSE:MSGE traded up $2.34 during trading hours on Friday, hitting $46.61. The company’s stock had a trading volume of 496,618 shares, compared to its average volume of 315,283. The stock has a fifty day simple moving average of $44.16 and a 200-day simple moving average of $39.95. The company has a market capitalization of $1.88 billion, a P/E ratio of 50.01 and a beta of 0.48. The company has a debt-to-equity ratio of 60.61, a current ratio of 0.47 and a quick ratio of 0.47. Madison Square Garden Entertainment has a twelve month low of $28.29 and a twelve month high of $48.09.

Institutional Investors Weigh In On Madison Square Garden Entertainment

A number of hedge funds have recently made changes to their positions in MSGE. Bank of America Corp DE increased its holdings in Madison Square Garden Entertainment by 324.8% in the 2nd quarter. Bank of America Corp DE now owns 667,248 shares of the company’s stock worth $26,670,000 after purchasing an additional 510,191 shares in the last quarter. Millennium Management LLC bought a new stake in shares of Madison Square Garden Entertainment during the first quarter worth about $4,994,000. Sandler Capital Management bought a new stake in shares of Madison Square Garden Entertainment during the second quarter worth about $1,850,000. Jane Street Group LLC acquired a new position in shares of Madison Square Garden Entertainment in the first quarter valued at approximately $1,468,000. Finally, Lazard Asset Management LLC raised its holdings in Madison Square Garden Entertainment by 284.9% in the 2nd quarter. Lazard Asset Management LLC now owns 55,171 shares of the company’s stock valued at $2,204,000 after buying an additional 40,839 shares during the last quarter. 96.86% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Wall Street Zen raised Madison Square Garden Entertainment from a “sell” rating to a “hold” rating in a report on Saturday. The Goldman Sachs Group raised their price target on Madison Square Garden Entertainment from $42.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, October 1st. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Madison Square Garden Entertainment in a research report on Wednesday, October 8th. Morgan Stanley increased their price objective on shares of Madison Square Garden Entertainment from $41.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 12th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Madison Square Garden Entertainment from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Friday. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $45.50.

Madison Square Garden Entertainment Company Profile

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.