Madison Square Garden Entertainment (NYSE:MSGE) Price Target Lowered to $48.00 at Guggenheim

Madison Square Garden Entertainment (NYSE:MSGE) had its target price lowered by Guggenheim from $49.00 to $48.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities analysts also recently commented on MSGE. The Goldman Sachs Group upgraded shares of Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $41.00 to $45.00 in a research report on Wednesday, July 24th. Bank of America increased their price target on shares of Madison Square Garden Entertainment from $43.00 to $48.00 and gave the stock a “buy” rating in a report on Monday, August 19th. Morgan Stanley cut their target price on Madison Square Garden Entertainment from $45.00 to $44.00 and set an “equal weight” rating for the company in a research note on Monday, November 11th. Finally, Macquarie decreased their price target on Madison Square Garden Entertainment from $47.00 to $45.00 and set an “outperform” rating on the stock in a research note on Monday, November 11th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Madison Square Garden Entertainment presently has an average rating of “Moderate Buy” and an average price target of $46.00.

Madison Square Garden Entertainment Stock Performance

NYSE MSGE opened at $36.43 on Tuesday. The firm’s fifty day moving average is $41.28 and its two-hundred day moving average is $38.60. Madison Square Garden Entertainment has a one year low of $29.64 and a one year high of $44.14. The firm has a market cap of $1.75 billion, a PE ratio of 9.95, a P/E/G ratio of 3.73 and a beta of 0.17.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its quarterly earnings data on Friday, November 8th. The company reported ($0.40) EPS for the quarter, beating 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 firm had revenue of $138.70 million during the quarter, compared to the consensus estimate of $139.46 million. During the same period in the prior year, the business earned ($0.73) EPS. The firm’s revenue was down 2.5% compared to the same quarter last year. Research analysts predict that Madison Square Garden Entertainment will post 1.42 earnings per share for the current year.

Insider Transactions at Madison Square Garden Entertainment

In other news, EVP Philip Gerard D’ambrosio sold 6,000 shares of Madison Square Garden Entertainment stock in a transaction 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 completion of the transaction, the executive vice president now owns 12,192 shares of the company’s stock, valued at $517,306.56. The trade was a 32.98 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 17.85% of the company’s stock.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Several hedge funds have recently added to or reduced their stakes in MSGE. Assenagon Asset Management S.A. lifted its holdings in shares of Madison Square Garden Entertainment by 1,425.2% in the third quarter. Assenagon Asset Management S.A. now owns 899,614 shares of the company’s stock valued at $38,261,000 after purchasing an additional 840,631 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Madison Square Garden Entertainment during the first quarter worth $23,032,000. Long Pond Capital LP purchased a new position in Madison Square Garden Entertainment during the second quarter worth $12,407,000. Epoch Investment Partners Inc. acquired a new position in shares of Madison Square Garden Entertainment in the first quarter worth $13,076,000. Finally, Jacobs Levy Equity Management Inc. lifted its position in shares of Madison Square Garden Entertainment by 4,353.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 284,639 shares of the company’s stock valued at $11,161,000 after acquiring an additional 278,247 shares in the last quarter. 96.86% of the stock is currently owned by hedge funds and other institutional investors.

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.