Hsbc Holdings PLC Invests $569,000 in Madison Square Garden Entertainment Corp. $MSGE

Hsbc Holdings PLC acquired a new stake in Madison Square Garden Entertainment Corp. (NYSE:MSGE) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 9,826 shares of the company’s stock, valued at approximately $569,000.

A number of other hedge funds have also recently bought and sold shares of the company. Jericho Capital Asset Management L.P. raised its holdings in Madison Square Garden Entertainment by 26.9% in 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 acquiring an additional 777,000 shares during the last quarter. Dendur Capital LP lifted its stake in shares of Madison Square Garden Entertainment by 8.0% during the 4th 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 period. 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 grew its position in shares of Madison Square Garden Entertainment by 0.9% in the fourth quarter. State Street Corp now owns 894,786 shares of the company’s stock valued at $48,220,000 after purchasing an additional 7,732 shares during the period. Institutional investors and hedge funds own 96.86% of the company’s stock.

Analyst Ratings Changes

MSGE has been the subject of several analyst reports. BTIG Research reiterated a “buy” rating on shares of Madison Square Garden Entertainment in a research note on Thursday, May 21st. Morgan Stanley raised their price target on Madison Square Garden Entertainment from $70.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 23rd. JPMorgan Chase & Co. lifted their price target on Madison Square Garden Entertainment from $67.00 to $75.00 and gave the company a “neutral” rating in a report on Tuesday, July 21st. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $82.00 price objective (up from $72.00) on shares of Madison Square Garden Entertainment in a research note on Thursday, July 9th. Finally, Weiss Ratings lowered shares of Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 4th. Three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $79.83.

Insider Transactions at Madison Square Garden Entertainment

In other Madison Square Garden Entertainment 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 transaction of $737,873.36. Following the completion of the sale, the executive vice president owned 15,772 shares of the company’s stock, valued at approximately $1,174,698.56. The trade was a 38.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 16.41% of the company’s stock.

Madison Square Garden Entertainment Stock Down 2.2%

Shares of MSGE opened at $77.15 on Friday. Madison Square Garden Entertainment Corp. has a fifty-two week low of $35.31 and a fifty-two week high of $82.79. The company’s fifty day moving average is $74.94 and its two-hundred day moving average is $66.10. The firm has a market cap of $3.12 billion, a PE ratio of 75.64 and a beta of 0.54. 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 (NYSE:MSGE) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.11 EPS 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 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% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.17 earnings per share. Analysts forecast that Madison Square Garden Entertainment Corp. will post 1.35 earnings per share for the current year.

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.