Robertson Stephens Wealth Management LLC Acquires Shares of 13,537 Madison Square Garden Entertainment Corp. $MSGE

Robertson Stephens Wealth Management LLC acquired a new stake in Madison Square Garden Entertainment Corp. (NYSE:MSGE) during the fourth quarter, HoldingsChannel reports. The fund acquired 13,537 shares of the company’s stock, valued at approximately $730,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. First Horizon Corp bought a new position in Madison Square Garden Entertainment in the fourth quarter valued at approximately $37,000. Atlantic Edge Private Wealth Management LLC bought a new position in Madison Square Garden Entertainment in the fourth quarter valued at approximately $47,000. State of Alaska Department of Revenue bought a new position in Madison Square Garden Entertainment in the third quarter valued at approximately $59,000. CWM LLC boosted its position in shares of Madison Square Garden Entertainment by 44.6% during the third quarter. CWM LLC now owns 1,497 shares of the company’s stock worth $68,000 after purchasing an additional 462 shares in the last quarter. Finally, State of Wyoming bought a new position in shares of Madison Square Garden Entertainment during the second quarter worth $62,000. 96.86% of the stock is owned by institutional investors.

Insider Activity at Madison Square Garden Entertainment

In related news, Director Charles P. Dolan sold 19,311 shares of the firm’s stock in a transaction on 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 sale, the director directly owned 660 shares in the company, valued at $42,081.60. This trade represents a 96.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 16.41% of the stock is currently owned by insiders.

Madison Square Garden Entertainment Trading Up 0.2%

Shares of NYSE MSGE opened at $67.83 on Monday. The company’s fifty day moving average is $60.11 and its 200-day moving average is $55.51. The stock has a market cap of $2.74 billion, a price-to-earnings ratio of 62.80 and a beta of 0.61. Madison Square Garden Entertainment Corp. has a twelve month low of $32.91 and a twelve month high of $68.52. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 15.40.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings data on Tuesday, February 3rd. The company reported $1.94 EPS for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $448.21 million. During the same quarter in the previous year, the business earned $1.56 earnings per share. The company’s revenue was up 12.9% on a year-over-year basis. Equities research analysts predict that Madison Square Garden Entertainment Corp. will post 1.16 EPS for the current year.

Wall Street Analyst Weigh In

MSGE has been the topic of a number of recent analyst reports. BTIG Research initiated coverage on shares of Madison Square Garden Entertainment in a research report on Tuesday, April 7th. They set a “buy” rating and a $70.00 price target on the stock. Guggenheim lifted their price target on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. lifted their price target on shares of Madison Square Garden Entertainment from $60.00 to $63.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 4th. Wall Street Zen raised shares of Madison Square Garden Entertainment from a “hold” rating to a “buy” rating in a research report on Saturday, February 28th. Finally, The Goldman Sachs Group reissued a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research report on Monday, January 5th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $61.00.

Madison Square Garden Entertainment 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.