Madison Square Garden Entertainment (NYSE:MSGE) Given New $45.00 Price Target at Macquarie

Madison Square Garden Entertainment (NYSE:MSGE) had its price target cut by Macquarie from $47.00 to $45.00 in a research note published on Monday,Benzinga reports. They currently have an outperform rating on the stock.

MSGE has been the topic of several other reports. Morgan Stanley dropped their price objective on shares of Madison Square Garden Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Monday. Bank of America increased their target price on Madison Square Garden Entertainment from $43.00 to $48.00 and gave the stock a “buy” rating in a research note on Monday, August 19th. Finally, The Goldman Sachs Group upgraded Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and boosted their price target for the company from $41.00 to $45.00 in a research note on Wednesday, July 24th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Madison Square Garden Entertainment has an average rating of “Moderate Buy” and a consensus price target of $46.00.

Madison Square Garden Entertainment Stock Performance

Shares of NYSE:MSGE opened at $35.81 on Monday. Madison Square Garden Entertainment has a 52-week low of $29.27 and a 52-week high of $44.14. The company has a market capitalization of $1.72 billion, a P/E ratio of 9.78, a price-to-earnings-growth ratio of 3.82 and a beta of 0.17. The company has a 50-day simple moving average of $41.45 and a 200 day simple moving average of $38.64.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its earnings results on Friday, November 8th. The company reported ($0.40) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.39. Madison Square Garden Entertainment had a negative return on equity of 261.70% and a net margin of 18.38%. The company had revenue of $138.70 million during the quarter, compared to the consensus estimate of $139.46 million. During the same period in the previous year, the company posted ($0.73) EPS. The firm’s revenue for the quarter was down 2.5% compared to the same quarter last year. As a group, equities analysts forecast that Madison Square Garden Entertainment will post 1.42 earnings per share for the current year.

Insider Activity at Madison Square Garden Entertainment

In related 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 value of $254,580.00. Following the sale, the executive vice president now directly owns 12,192 shares in the company, valued at $517,306.56. This represents a 32.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 17.85% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MSGE. Russell Investments Group Ltd. raised its stake in Madison Square Garden Entertainment by 110.7% during the first quarter. Russell Investments Group Ltd. now owns 104,538 shares of the company’s stock worth $4,099,000 after buying an additional 54,918 shares during the last quarter. ProShare Advisors LLC raised its position in shares of Madison Square Garden Entertainment by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 7,143 shares of the company’s stock worth $280,000 after acquiring an additional 561 shares in the last quarter. Entropy Technologies LP acquired a new position in shares of Madison Square Garden Entertainment in the 1st quarter valued at about $287,000. Seven Eight Capital LP bought a new stake in shares of Madison Square Garden Entertainment during the 1st quarter valued at about $533,000. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Madison Square Garden Entertainment during the first quarter worth approximately $23,032,000. Institutional investors and hedge funds own 96.86% of the company’s stock.

About Madison Square Garden Entertainment

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.