Cannon Global Investment Management LLC Purchases Shares of 6,100 Madison Square Garden Entertainment Corp. (NYSE:MSGE)

Cannon Global Investment Management LLC purchased a new stake in Madison Square Garden Entertainment Corp. (NYSE:MSGE) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,100 shares of the company’s stock, valued at approximately $259,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Quent Capital LLC boosted its holdings in shares of Madison Square Garden Entertainment by 1,838.2% in the first quarter. Quent Capital LLC now owns 659 shares of the company’s stock valued at $26,000 after acquiring an additional 625 shares during the period. Principal Financial Group Inc. acquired a new stake in Madison Square Garden Entertainment in the first quarter valued at $205,000. DekaBank Deutsche Girozentrale lifted its holdings in Madison Square Garden Entertainment by 101.6% in the first quarter. DekaBank Deutsche Girozentrale now owns 5,236 shares of the company’s stock valued at $207,000 after acquiring an additional 2,639 shares during the period. OFI Invest Asset Management acquired a new stake in Madison Square Garden Entertainment in the second quarter valued at $251,000. Finally, Marshall Wace LLP lifted its holdings in Madison Square Garden Entertainment by 5.8% in the second quarter. Marshall Wace LLP now owns 7,800 shares of the company’s stock valued at $267,000 after acquiring an additional 426 shares during the period. 96.86% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on MSGE shares. 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 research report on Thursday, August 22nd. Bank of America raised their price target on Madison Square Garden Entertainment from $43.00 to $48.00 and gave the company a “buy” rating in a research report on Monday, August 19th. The Goldman Sachs Group upgraded Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $41.00 to $45.00 in a research report on Wednesday, July 24th. Finally, Morgan Stanley lifted their price objective on Madison Square Garden Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Monday, August 19th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $44.20.

Insiders Place Their Bets

In other Madison Square Garden Entertainment news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $517,306.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 18.72% of the stock is owned by corporate insiders.

Madison Square Garden Entertainment Price Performance

NYSE:MSGE traded down $0.79 during mid-day trading on Friday, reaching $40.92. The company’s stock had a trading volume of 321,875 shares, compared to its average volume of 260,530. The company’s fifty day simple moving average is $41.71 and its two-hundred day simple moving average is $38.57. Madison Square Garden Entertainment Corp. has a twelve month low of $27.55 and a twelve month high of $44.04. The stock has a market cap of $1.70 billion, a P/E ratio of 13.37, a P/E/G ratio of 3.62 and a beta of 0.17.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings results 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 firm had revenue of $186.10 million for the quarter, compared to analyst estimates of $173.26 million. During the same period last year, the company earned ($0.47) EPS. The firm’s quarterly revenue was up 25.8% on a year-over-year basis. Sell-side analysts expect that Madison Square Garden Entertainment Corp. will post 1.66 EPS for the current fiscal year.

Madison Square Garden Entertainment 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.