North Star Investment Management Corp. Sells 11,900 Shares of Madison Square Garden Entertainment Corp. $MSGE

North Star Investment Management Corp. reduced its stake in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 13.3% in the fourth quarter, HoldingsChannel reports. The firm owned 77,736 shares of the company’s stock after selling 11,900 shares during the period. North Star Investment Management Corp.’s holdings in Madison Square Garden Entertainment were worth $4,189,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in MSGE. First Horizon Corp bought a new stake in shares of Madison Square Garden Entertainment in the 4th quarter valued at about $37,000. Atlantic Edge Private Wealth Management LLC acquired a new position in shares of Madison Square Garden Entertainment during the fourth quarter worth $47,000. State of Alaska Department of Revenue purchased a new stake in shares of Madison Square Garden Entertainment during the 3rd quarter valued at $59,000. State of Wyoming acquired a new stake in shares of Madison Square Garden Entertainment in the 2nd quarter worth $62,000. Finally, CWM LLC increased its position in Madison Square Garden Entertainment by 44.6% during the 3rd quarter. CWM LLC now owns 1,497 shares of the company’s stock valued at $68,000 after buying an additional 462 shares in the last quarter. Institutional investors own 96.86% of the company’s stock.

Madison Square Garden Entertainment Stock Up 0.2%

Shares of NYSE MSGE traded up $0.12 during mid-day trading on Thursday, hitting $64.85. The company had a trading volume of 24,056 shares, compared to its average volume of 330,795. The company has a market capitalization of $2.62 billion, a PE ratio of 60.04 and a beta of 0.48. The business’s 50-day simple moving average is $60.03 and its 200 day simple moving average is $55.26. Madison Square Garden Entertainment Corp. has a 1-year low of $32.31 and a 1-year high of $65.42. The company has a debt-to-equity ratio of 15.40, a current ratio of 0.68 and a quick ratio of 0.68.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings data on Tuesday, February 3rd. The company reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.35 by ($0.41). The company had revenue of $459.94 million during the quarter, compared to analysts’ expectations of $448.21 million. Madison Square Garden Entertainment had a net margin of 5.12% and a negative return on equity of 748.04%. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.56 EPS. On average, analysts predict that Madison Square Garden Entertainment Corp. will post 1.16 earnings per share for the current year.

Insider Buying and Selling at Madison Square Garden Entertainment

In other Madison Square Garden Entertainment news, Director Charles P. Dolan sold 19,311 shares of the company’s stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $63.76, for a total value of $1,231,269.36. Following the transaction, the director directly owned 660 shares in the company, valued at approximately $42,081.60. This represents a 96.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 16.41% of the company’s stock.

Wall Street Analysts Forecast Growth

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

About Madison Square Garden Entertainment

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.