Madison Square Garden Entertainment (NYSE:MSGE) Reaches New 12-Month High – Here’s Why

Madison Square Garden Entertainment Corp. (NYSE:MSGE) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $44.05 and last traded at $43.29, with a volume of 340460 shares trading hands. The stock had previously closed at $41.55.

Analyst Upgrades and Downgrades

Several research firms have recently commented on MSGE. Morgan Stanley increased their price target on shares of Madison Square Garden Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a research note on Monday, August 19th. Bank of America lifted their target price on Madison Square Garden Entertainment from $43.00 to $48.00 and gave the company a “buy” rating in a research note on Monday, August 19th. The Goldman Sachs Group upgraded Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $41.00 to $45.00 in a research report on Wednesday, July 24th. Finally, Macquarie raised their price target on Madison Square Garden Entertainment from $46.00 to $47.00 and gave the company an “outperform” rating in a report on Thursday, August 22nd. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Madison Square Garden Entertainment presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.20.

Madison Square Garden Entertainment Stock Up 4.3 %

The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of 14.16, a price-to-earnings-growth ratio of 3.51 and a beta of 0.17. The business’s fifty day moving average is $41.67 and its 200 day moving average is $38.62.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its quarterly earnings data on Friday, August 16th. The company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $1.97. Madison Square Garden Entertainment had a negative return on equity of 138.81% and a net margin of 15.04%. The business had revenue of $186.10 million during the quarter, compared to the consensus estimate of $173.26 million. During the same period last year, the company earned ($0.47) earnings per share. Madison Square Garden Entertainment’s quarterly revenue was up 25.8% on a year-over-year basis. Equities research analysts expect that Madison Square Garden Entertainment Corp. will post 1.66 EPS for the current year.

Insider Activity at Madison Square Garden Entertainment

In other news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $42.43, for a total transaction of $254,580.00. Following the sale, the executive vice president now owns 12,192 shares in the company, valued at $517,306.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 17.85% of the stock is owned by company insiders.

Institutional Investors Weigh In On Madison Square Garden Entertainment

A number of large investors have recently added to or reduced their stakes in MSGE. Assenagon Asset Management S.A. raised its holdings in Madison Square Garden Entertainment by 1,425.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 899,614 shares of the company’s stock valued at $38,261,000 after acquiring an additional 840,631 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Madison Square Garden Entertainment during the 1st quarter worth approximately $23,032,000. Long Pond Capital LP acquired a new stake in Madison Square Garden Entertainment during the 2nd quarter worth approximately $12,407,000. Epoch Investment Partners Inc. bought a new stake in Madison Square Garden Entertainment in the 1st quarter valued at $13,076,000. Finally, Jacobs Levy Equity Management Inc. grew its holdings in Madison Square Garden Entertainment by 4,353.1% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 284,639 shares of the company’s stock valued at $11,161,000 after buying an additional 278,247 shares in the last quarter. Institutional investors own 96.86% of the company’s stock.

Madison Square Garden Entertainment Company Profile

Madison Square Garden Entertainment Corp. engages in live entertainment business. The company produces, presents, and hosts live entertainment events, including concerts, sports events, and other live events, such as family shows, performing arts events, and special events. Its operations include a collection of venues, the entertainment and sports bookings business, and the Christmas Spectacular Starring the Radio City Rockettes production.