Assenagon Asset Management S.A. boosted its position in Madison Square Garden Entertainment Corp. (NYSE:MSGE – Free Report) by 13.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,210,718 shares of the company’s stock after buying an additional 140,581 shares during the period. Assenagon Asset Management S.A.’s holdings in Madison Square Garden Entertainment were worth $71,323,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. First Horizon Corp acquired a new stake in Madison Square Garden Entertainment during the fourth quarter worth approximately $37,000. Aster Capital Management DIFC Ltd bought a new position in shares of Madison Square Garden Entertainment during the 4th quarter worth approximately $45,000. Atlantic Edge Private Wealth Management LLC bought a new position in shares of Madison Square Garden Entertainment during the 4th quarter worth approximately $47,000. CIBC Private Wealth Group LLC grew its position in shares of 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 worth $67,000 after buying an additional 1,202 shares during the period. Finally, State of Wyoming acquired a new stake in shares of Madison Square Garden Entertainment during the 2nd quarter worth approximately $62,000. Institutional investors own 96.86% of the company’s stock.
Insider Activity
In other news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the business’s 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 completion of the sale, the executive vice president directly owned 15,772 shares of the company’s stock, valued at $1,174,698.56. The trade was a 38.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 16.41% of the stock is owned by corporate insiders.
Madison Square Garden Entertainment Price Performance
Madison Square Garden Entertainment (NYSE:MSGE – Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $246.26 million for the quarter, compared to the consensus estimate of $242.99 million. During the same quarter last year, the firm posted $0.17 EPS. The business’s revenue for the quarter was up 1.5% compared to the same quarter last year. Sell-side analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.34 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
MSGE has been the topic of a number of research reports. Weiss Ratings downgraded shares of Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 4th. JPMorgan Chase & Co. raised their price target on shares of Madison Square Garden Entertainment from $63.00 to $67.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. Wall Street Zen downgraded shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. BTIG Research reaffirmed a “buy” rating on shares of Madison Square Garden Entertainment in a research note on Thursday, May 21st. Finally, Susquehanna increased their price objective on shares of 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. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $73.50.
Check Out Our Latest Analysis on MSGE
Madison Square Garden Entertainment Company 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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