Madison Square Garden Entertainment Corp. (NYSE:MSGE - Get Free Report) Director Charles Dolan sold 19,311 shares of the stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $63.76, for a total transaction of $1,231,269.36. Following the transaction, the director owned 660 shares of the company's stock, valued at approximately $42,081.60. The trade was a 96.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Madison Square Garden Entertainment Stock Performance
NYSE MSGE opened at $61.24 on Wednesday. The company has a market capitalization of $2.47 billion, a PE ratio of 56.71 and a beta of 0.39. The company has a debt-to-equity ratio of 15.40, a quick ratio of 0.68 and a current ratio of 0.68. Madison Square Garden Entertainment Corp. has a 52-week low of $28.29 and a 52-week high of $65.26. The company has a 50-day simple moving average of $58.24 and a 200 day simple moving average of $49.60.
Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last issued its quarterly earnings results on Tuesday, February 3rd. The company reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.35 by ($0.41). Madison Square Garden Entertainment had a negative return on equity of 748.04% and a net margin of 5.12%.The company had revenue of $459.94 million for the quarter, compared to analysts' expectations of $448.21 million. During the same quarter in the previous year, the business earned $1.56 EPS. The company's revenue for the quarter was up 12.9% on a year-over-year basis. On average, research analysts predict that Madison Square Garden Entertainment Corp. will post 1.04 EPS for the current year.
Analysts Set New Price Targets
Several analysts have issued reports on the company. Guggenheim boosted their target price on Madison Square Garden Entertainment from $70.00 to $74.00 and gave the company a "buy" rating in a research note on Tuesday, February 3rd. Wolfe Research cut Madison Square Garden Entertainment from an "outperform" rating to a "peer perform" rating in a research note on Monday, December 15th. Weiss Ratings reiterated a "hold (c)" rating on shares of Madison Square Garden Entertainment in a research report on Monday, December 29th. JPMorgan Chase & Co. boosted their price target on shares of Madison Square Garden Entertainment from $60.00 to $63.00 and gave the company a "neutral" rating in a research report on Wednesday, February 4th. Finally, Wall Street Zen cut shares of Madison Square Garden Entertainment from a "buy" rating to a "hold" rating in a research note on Sunday, February 8th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Madison Square Garden Entertainment presently has an average rating of "Moderate Buy" and a consensus price target of $56.67.
Get Our Latest Stock Analysis on Madison Square Garden Entertainment
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the stock. Jericho Capital Asset Management L.P. lifted its holdings in shares of Madison Square Garden Entertainment by 26.9% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company's stock worth $197,384,000 after buying an additional 777,000 shares in the last quarter. Millennium Management LLC increased its holdings in Madison Square Garden Entertainment by 2,037.6% during the 3rd quarter. Millennium Management LLC now owns 589,096 shares of the company's stock worth $26,651,000 after acquiring an additional 561,537 shares during the period. Bank of America Corp DE lifted its stake in Madison Square Garden Entertainment by 324.8% in the 2nd quarter. Bank of America Corp DE now owns 667,248 shares of the company's stock worth $26,670,000 after purchasing an additional 510,191 shares in the last quarter. Dendur Capital LP boosted its holdings in Madison Square Garden Entertainment by 60.1% in the 2nd quarter. Dendur Capital LP now owns 925,500 shares of the company's stock valued at $36,992,000 after purchasing an additional 347,500 shares during the period. Finally, Nuveen LLC grew its position in shares of Madison Square Garden Entertainment by 86.4% during the 4th quarter. Nuveen LLC now owns 724,467 shares of the company's stock valued at $39,042,000 after purchasing an additional 335,890 shares in the last quarter. Hedge funds and other institutional investors own 96.86% of the company's stock.
Madison Square Garden Entertainment Company Profile
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Get Free Report)
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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