Madison Square Garden Entertainment (NYSE:MSGE) Price Target Raised to $60.00

Madison Square Garden Entertainment (NYSE:MSGE) had its target price increased by equities researchers at JPMorgan Chase & Co. from $47.00 to $60.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 1.18% from the company’s current price.

A number of other research analysts have also recently weighed in on MSGE. Susquehanna boosted their target price on shares of Madison Square Garden Entertainment from $51.00 to $61.00 and gave the company a “positive” rating in a research note on Thursday, December 11th. The Goldman Sachs Group reiterated a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research note on Monday, January 5th. Weiss Ratings reissued a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Monday, December 29th. Wall Street Zen cut Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, December 20th. Finally, Wolfe Research downgraded Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a research note on Monday, December 15th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $51.33.

Madison Square Garden Entertainment Stock Performance

Shares of NYSE MSGE traded down $1.36 during midday trading on Thursday, hitting $59.30. 287,293 shares of the stock traded hands, compared to its average volume of 283,749. Madison Square Garden Entertainment has a one year low of $28.29 and a one year high of $61.64. The business has a 50 day moving average price of $51.61 and a two-hundred day moving average price of $45.09. The company has a market cap of $2.39 billion, a PE ratio of 84.83 and a beta of 0.40.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its earnings results on Thursday, November 6th. The company reported ($0.46) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.13. Madison Square Garden Entertainment had a negative return on equity of 310.15% and a net margin of 3.65%.The company had revenue of $158.26 million for the quarter, compared to analyst estimates of $156.62 million. During the same quarter last year, the company earned ($0.40) earnings per share. The company’s revenue for the quarter was up 14.1% on a year-over-year basis. As a group, equities research analysts forecast that Madison Square Garden Entertainment will post 1.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Madison Square Garden Entertainment

A number of large investors have recently bought and sold shares of the stock. Ariel Investments LLC grew its holdings in shares of Madison Square Garden Entertainment by 1.6% in the second quarter. Ariel Investments LLC now owns 7,896,008 shares of the company’s stock worth $315,603,000 after acquiring an additional 120,635 shares during the period. Assenagon Asset Management S.A. boosted its position in Madison Square Garden Entertainment by 3.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,070,137 shares of the company’s stock worth $57,670,000 after purchasing an additional 36,363 shares during the last quarter. Dendur Capital LP boosted its position in Madison Square Garden Entertainment by 60.1% in the second quarter. Dendur Capital LP now owns 925,500 shares of the company’s stock worth $36,992,000 after purchasing an additional 347,500 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Madison Square Garden Entertainment by 324.8% during the 2nd quarter. Bank of America Corp DE now owns 667,248 shares of the company’s stock valued at $26,670,000 after purchasing an additional 510,191 shares during the period. Finally, Millennium Management LLC increased its position in shares of 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 valued at $26,651,000 after purchasing an additional 561,537 shares during the last quarter. 96.86% of the stock is owned by hedge funds and other institutional investors.

Madison Square Garden Entertainment Company Profile

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.