Madison Square Garden Entertainment (NYSE:MSGE – Get Free Report)‘s stock had its “neutral” rating reaffirmed by analysts at The Goldman Sachs Group in a research report issued on Thursday, Marketbeat reports. They presently have a $82.00 price target on the stock, up from their prior price target of $72.00. The Goldman Sachs Group’s price objective would suggest a potential upside of 10.69% from the stock’s current price.
MSGE has been the subject of several other reports. Susquehanna raised their target price on Madison Square Garden Entertainment from $77.00 to $80.00 and gave the stock a “positive” rating in a research report on Thursday, May 28th. Seaport Research Partners reissued a “neutral” rating on shares of Madison Square Garden Entertainment in a research note on Monday, June 29th. Weiss Ratings downgraded Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 4th. BTIG Research reaffirmed a “buy” rating on shares of Madison Square Garden Entertainment in a research note on Thursday, May 21st. Finally, Wall Street Zen cut Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Madison Square Garden Entertainment has an average rating of “Hold” and a consensus price target of $78.50.
View Our Latest Analysis on Madison Square Garden Entertainment
Madison Square Garden Entertainment Stock Down 0.7%
Madison Square Garden Entertainment (NYSE:MSGE – Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.03). The business had revenue of $246.26 million during the quarter, compared to analyst estimates of $242.99 million. Madison Square Garden Entertainment had a net margin of 4.81% and a return on equity of 4,795.27%. The company’s revenue was up 1.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.17 earnings per share. On average, research analysts anticipate that Madison Square Garden Entertainment will post 1.34 earnings per share for the current year.
Insider Buying and Selling at Madison Square Garden Entertainment
In other news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $74.48, for a total transaction of $737,873.36. Following the transaction, the executive vice president owned 15,772 shares of the company’s stock, valued at $1,174,698.56. This represents a 38.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 16.41% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in MSGE. First Horizon Corp bought a new stake in shares of Madison Square Garden Entertainment during the fourth quarter valued at approximately $37,000. Aster Capital Management DIFC Ltd bought a new position in shares of Madison Square Garden Entertainment in the 4th quarter worth $45,000. Atlantic Edge Private Wealth Management LLC acquired a new stake in Madison Square Garden Entertainment in the 4th quarter valued at $47,000. State of Wyoming bought a new stake in Madison Square Garden Entertainment during the 2nd quarter valued at $62,000. Finally, CIBC Private Wealth Group LLC increased its stake in Madison Square Garden Entertainment by 3,248.6% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,239 shares of the company’s stock valued at $67,000 after purchasing an additional 1,202 shares in the last quarter. 96.86% of the stock is owned by institutional investors and hedge funds.
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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