Jericho Capital Asset Management L.P. Has $197.38 Million Position in Madison Square Garden Entertainment Corp. $MSGE

Jericho Capital Asset Management L.P. lifted its stake in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 26.9% during the 4th quarter, HoldingsChannel reports. The firm owned 3,662,724 shares of the company’s stock after acquiring an additional 777,000 shares during the period. Madison Square Garden Entertainment comprises 2.2% of Jericho Capital Asset Management L.P.’s investment portfolio, making the stock its 18th largest position. Jericho Capital Asset Management L.P. owned about 0.09% of Madison Square Garden Entertainment worth $197,384,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Millennium Management LLC lifted its stake in Madison Square Garden Entertainment by 2,037.6% in 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. Bank of America Corp DE increased its holdings in shares of Madison Square Garden Entertainment by 324.8% during the second quarter. Bank of America Corp DE now owns 667,248 shares of the company’s stock worth $26,670,000 after buying an additional 510,191 shares in the last quarter. Nuveen LLC increased its holdings in shares of Madison Square Garden Entertainment by 86.4% during the fourth quarter. Nuveen LLC now owns 724,467 shares of the company’s stock worth $39,042,000 after buying an additional 335,890 shares in the last quarter. Lord Abbett & CO. LLC bought a new position in shares of Madison Square Garden Entertainment in the 4th quarter valued at $13,473,000. Finally, Norges Bank acquired a new stake in shares of Madison Square Garden Entertainment during the 4th quarter valued at $5,233,000. 96.86% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Madison Square Garden Entertainment

In other news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $74.48, for a total value of $737,873.36. Following 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 16.41% of the company’s stock.

Madison Square Garden Entertainment Stock Down 3.1%

Shares of NYSE MSGE opened at $72.99 on Thursday. The company’s 50 day moving average price is $67.26 and its 200-day moving average price is $60.90. The company has a debt-to-equity ratio of 11.40, a quick ratio of 0.72 and a current ratio of 0.72. Madison Square Garden Entertainment Corp. has a 52-week low of $35.31 and a 52-week high of $75.70. The company has a market capitalization of $2.95 billion, a P/E ratio of 71.56 and a beta of 0.61.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its earnings results on Thursday, May 7th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.03). The firm had revenue of $246.26 million for the quarter, compared to the consensus estimate of $242.99 million. Madison Square Garden Entertainment had a return on equity of 4,795.27% and a net margin of 4.81%.Madison Square Garden Entertainment’s quarterly revenue was up 1.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.17 EPS. Equities analysts forecast that Madison Square Garden Entertainment Corp. will post 1.28 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Weiss Ratings downgraded Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 4th. JPMorgan Chase & Co. boosted their price target on Madison Square Garden Entertainment from $63.00 to $67.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. Guggenheim raised their price objective on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Susquehanna boosted their target price on shares of Madison Square Garden Entertainment from $77.00 to $80.00 and gave the stock a “positive” rating in a report on Thursday, May 28th. Finally, Wall Street Zen lowered shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $67.50.

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.