Jackson Creek Investment Advisors LLC bought a new stake in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE – Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 8,950 shares of the company’s stock, valued at approximately $482,000.
Other hedge funds have also added to or reduced their stakes in the company. Harbour Capital Advisors LLC purchased a new stake in Madison Square Garden Entertainment during the 4th quarter valued at $1,075,000. Citigroup Inc. increased its stake in shares of Madison Square Garden Entertainment by 220.9% in the 3rd quarter. Citigroup Inc. now owns 59,436 shares of the company’s stock worth $2,689,000 after purchasing an additional 40,917 shares in the last quarter. Northern Right Capital Management L.P. increased its stake in shares of Madison Square Garden Entertainment by 20.0% in the 3rd quarter. Northern Right Capital Management L.P. now owns 475,942 shares of the company’s stock worth $21,532,000 after purchasing an additional 79,399 shares in the last quarter. UBS Group AG increased its stake in shares of Madison Square Garden Entertainment by 28.9% in the 4th quarter. UBS Group AG now owns 294,984 shares of the company’s stock worth $15,897,000 after purchasing an additional 66,070 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in shares of Madison Square Garden Entertainment by 3.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,070,137 shares of the company’s stock worth $57,670,000 after purchasing an additional 36,363 shares in the last quarter. 96.86% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
MSGE has been the subject of several analyst reports. Guggenheim upped their price objective on Madison Square Garden Entertainment from $74.00 to $76.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. JPMorgan Chase & Co. upped their price objective on Madison Square Garden Entertainment from $63.00 to $67.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Wall Street Zen lowered Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. BTIG Research restated a “buy” rating on shares of Madison Square Garden Entertainment in a research note on Thursday, May 21st. Finally, Weiss Ratings lowered Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $64.33.
Madison Square Garden Entertainment Stock Down 0.5%
MSGE opened at $70.18 on Thursday. The firm has a 50-day simple moving average of $62.82 and a two-hundred day simple moving average of $58.27. Madison Square Garden Entertainment Corp. has a 52 week low of $35.31 and a 52 week high of $71.78. The company has a market capitalization of $2.84 billion, a PE ratio of 68.80 and a beta of 0.61. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 11.40.
Madison Square Garden Entertainment (NYSE:MSGE – Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.03). Madison Square Garden Entertainment had a net margin of 4.81% and a return on equity of 4,795.27%. The company had revenue of $246.26 million for the quarter, compared to the consensus estimate of $242.99 million. During the same period last year, the company earned $0.17 EPS. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. Analysts forecast that Madison Square Garden Entertainment Corp. will post 1.28 earnings per share for the current fiscal 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.
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