Lazard Asset Management LLC increased its holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE – Free Report) by 299.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,326 shares of the company’s stock after purchasing an additional 30,979 shares during the period. Lazard Asset Management LLC’s holdings in Madison Square Garden Entertainment were worth $2,435,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Jericho Capital Asset Management L.P. grew its holdings in Madison Square Garden Entertainment by 26.9% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company’s stock valued at $197,384,000 after buying an additional 777,000 shares in the last quarter. Millennium Management LLC boosted its position in shares of Madison Square Garden Entertainment by 2,037.6% during the third quarter. Millennium Management LLC now owns 589,096 shares of the company’s stock worth $26,651,000 after acquiring an additional 561,537 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Madison Square Garden Entertainment by 324.8% during 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 grew its stake in Madison Square Garden Entertainment by 86.4% during the fourth quarter. Nuveen LLC now owns 724,467 shares of the company’s stock valued at $39,042,000 after acquiring an additional 335,890 shares in the last quarter. Finally, Lord Abbett & CO. LLC bought a new stake in Madison Square Garden Entertainment in the 4th quarter valued at $13,473,000. 96.86% of the stock is currently owned by institutional investors.
Madison Square Garden Entertainment Stock Performance
NYSE MSGE opened at $77.15 on Monday. The company has a market cap of $3.12 billion, a P/E ratio of 75.64 and a beta of 0.56. The business’s 50 day moving average price is $74.94 and its 200-day moving average price is $66.17. Madison Square Garden Entertainment Corp. has a fifty-two week low of $35.31 and a fifty-two week high of $82.79. The company has a debt-to-equity ratio of 11.40, a quick ratio of 0.72 and a current ratio of 0.72.
Insider Transactions at Madison Square Garden Entertainment
In related news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $74.48, for a total transaction of $737,873.36. Following the completion of the sale, the executive vice president directly owned 15,772 shares of the company’s stock, valued at approximately $1,174,698.56. This trade represents a 38.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 16.41% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
Several brokerages have commented on MSGE. Seaport Research Partners reiterated a “neutral” rating on shares of Madison Square Garden Entertainment in a research note on Monday, June 29th. Weiss Ratings cut Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 4th. Susquehanna boosted 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. BTIG Research restated a “buy” rating on shares of Madison Square Garden Entertainment in a report on Thursday, May 21st. Finally, Wall Street Zen downgraded Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Madison Square Garden Entertainment currently has a consensus rating of “Hold” and a consensus target price of $79.83.
Check Out Our Latest Analysis on MSGE
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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