Key Points
- Insider sale: Madison Square Garden Entertainment EVP Philip Gerard D'ambrosio sold 9,907 shares at an average price of $74.48, totaling about $737,873. After the transaction, he still held 15,772 shares.
- Stock performance and financials: MSGE was trading up 1.1% at $74.27, near its 52-week high of $74.94. The company reported Q1 EPS of $0.11, missing estimates, while revenue came in at $246.26 million, slightly above expectations.
- Analyst and investor sentiment: Analysts currently rate the stock a Moderate Buy with a consensus price target of $67.50, though some firms recently downgraded it. Institutional investors continue to hold the vast majority of shares, with ownership at 96.86%.
Madison Square Garden Entertainment Corp. (NYSE:MSGE - Get Free Report) EVP Philip Gerard D'ambrosio sold 9,907 shares of the firm's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $74.48, for a total value of $737,873.36. Following the completion of the transaction, the executive vice president directly owned 15,772 shares of the company's stock, valued at $1,174,698.56. The trade was a 38.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
Madison Square Garden Entertainment Trading Up 1.1%
NYSE:MSGE opened at $74.27 on Tuesday. The company has a market capitalization of $3.00 billion, a PE ratio of 72.82 and a beta of 0.61. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 11.40. Madison Square Garden Entertainment Corp. has a 52-week low of $35.31 and a 52-week high of $74.94. The stock has a fifty day simple moving average of $66.70 and a 200-day simple moving average of $60.54.
Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.03). The firm had revenue of $246.26 million for the quarter, compared to analyst estimates of $242.99 million. Madison Square Garden Entertainment had a return on equity of 4,795.27% and a net margin of 4.81%.The company's quarterly revenue was up 1.5% compared to the same quarter last year. During the same period last year, the firm earned $0.17 EPS. On average, equities research analysts expect that Madison Square Garden Entertainment Corp. will post 1.28 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Madison Square Garden Entertainment
A number of large investors have recently bought and sold shares of the stock. Jericho Capital Asset Management L.P. grew its holdings in Madison Square Garden Entertainment by 26.9% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company's stock valued at $197,384,000 after buying an additional 777,000 shares during the last quarter. Dendur Capital LP boosted its holdings in shares of Madison Square Garden Entertainment by 8.0% during the fourth quarter. Dendur Capital LP now owns 1,220,000 shares of the company's stock worth $65,746,000 after purchasing an additional 90,000 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Madison Square Garden Entertainment by 13.1% during the first quarter. Assenagon Asset Management S.A. now owns 1,210,718 shares of the company's stock worth $71,323,000 after purchasing an additional 140,581 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Madison Square Garden Entertainment by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 979,614 shares of the company's stock worth $52,800,000 after purchasing an additional 4,051 shares during the last quarter. Finally, State Street Corp boosted its holdings in shares of Madison Square Garden Entertainment by 0.9% during the fourth quarter. State Street Corp now owns 894,786 shares of the company's stock worth $48,220,000 after purchasing an additional 7,732 shares during the last quarter. Institutional investors and hedge funds own 96.86% of the company's stock.
Analysts Set New Price Targets
Several research analysts have recently issued reports on the company. Wall Street Zen downgraded Madison Square Garden Entertainment from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Weiss Ratings downgraded Madison Square Garden Entertainment from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday, May 4th. JPMorgan Chase & Co. lifted their price target on Madison Square Garden Entertainment from $63.00 to $67.00 and gave the stock a "neutral" rating in a research note on Friday, May 8th. Guggenheim increased their target price on Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Finally, Susquehanna increased their target price on Madison Square Garden Entertainment from $77.00 to $80.00 and gave the company a "positive" rating in a report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $67.50.
View Our Latest Analysis on Madison Square Garden Entertainment
About Madison Square Garden Entertainment
(
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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