Gabelli Funds LLC raised its holdings in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE – Free Report) by 2.5% in the 4th quarter, Holdings Channel.com reports. The fund owned 488,674 shares of the company’s stock after buying an additional 11,900 shares during the period. Gabelli Funds LLC’s holdings in Madison Square Garden Entertainment were worth $26,335,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in MSGE. First Horizon Corp bought a new position in shares of Madison Square Garden Entertainment in the fourth quarter valued at $37,000. Atlantic Edge Private Wealth Management LLC bought a new position in shares of Madison Square Garden Entertainment in the fourth quarter valued at $47,000. State of Alaska Department of Revenue bought a new position in shares of Madison Square Garden Entertainment in the third quarter valued at $59,000. State of Wyoming bought a new position in shares of Madison Square Garden Entertainment in the second quarter valued at $62,000. Finally, CWM LLC grew its stake in shares of Madison Square Garden Entertainment by 44.6% in the third quarter. CWM LLC now owns 1,497 shares of the company’s stock valued at $68,000 after buying an additional 462 shares in the last quarter. 96.86% of the stock is owned by institutional investors.
Madison Square Garden Entertainment Trading Up 1.0%
MSGE stock opened at $69.00 on Tuesday. The company has a debt-to-equity ratio of 11.40, a current ratio of 0.72 and a quick ratio of 0.72. The company has a fifty day moving average price of $61.15 and a two-hundred day moving average price of $57.02. Madison Square Garden Entertainment Corp. has a one year low of $35.31 and a one year high of $70.81. The stock has a market cap of $2.79 billion, a price-to-earnings ratio of 67.65 and a beta of 0.61.
Insider Buying and Selling
In other Madison Square Garden Entertainment news, Director Charles P. Dolan sold 19,311 shares of Madison Square Garden Entertainment stock in a transaction on Friday, February 20th. The shares were sold at an average price of $63.76, for a total transaction of $1,231,269.36. Following the completion of the transaction, the director directly owned 660 shares of the company’s stock, valued at $42,081.60. The trade was a 96.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 16.41% of the stock is currently owned by company insiders.
Analysts Set New Price Targets
MSGE has been the subject of several analyst reports. JPMorgan Chase & Co. raised their target price on shares of Madison Square Garden Entertainment from $63.00 to $67.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. BTIG Research raised their target price on shares of Madison Square Garden Entertainment from $70.00 to $86.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Weiss Ratings cut shares of Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 4th. Wall Street Zen cut shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Guggenheim lifted their target price 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. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $64.33.
Check Out Our Latest Research Report on Madison Square Garden Entertainment
Madison Square Garden Entertainment Profile
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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