Vanguard Group Inc. Lowers Position in Madison Square Garden Entertainment Corp. $MSGE

Vanguard Group Inc. lessened its position in Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 1.5% in the fourth quarter, HoldingsChannel reports. The firm owned 3,814,622 shares of the company’s stock after selling 57,986 shares during the quarter. Vanguard Group Inc. owned 0.09% of Madison Square Garden Entertainment worth $205,570,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in MSGE. Millennium Management LLC lifted its stake in shares of 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 period. Bank of America Corp DE lifted its stake in shares of Madison Square Garden Entertainment by 324.8% in 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. Northern Right Capital Management L.P. lifted its stake in shares of Madison Square Garden Entertainment by 20.0% in the 3rd quarter. Northern Right Capital Management L.P. now owns 475,942 shares of the company’s stock valued at $21,532,000 after purchasing an additional 79,399 shares during the period. First Trust Advisors LP lifted its stake in shares of Madison Square Garden Entertainment by 144.9% in the 3rd quarter. First Trust Advisors LP now owns 123,273 shares of the company’s stock valued at $5,577,000 after purchasing an additional 72,936 shares during the period. Finally, Sig Brokerage LP purchased a new position in shares of Madison Square Garden Entertainment in the 3rd quarter valued at approximately $2,677,000. Hedge funds and other institutional investors own 96.86% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on MSGE shares. Weiss Ratings cut Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 4th. JPMorgan Chase & Co. lifted their price objective on Madison Square Garden Entertainment from $63.00 to $67.00 and gave the company a “neutral” rating in a research note on Friday. Guggenheim lifted their price objective on Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. BTIG Research lifted their price objective on Madison Square Garden Entertainment from $70.00 to $86.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Wall Street Zen cut Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday. One research 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’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $64.33.

Key Stories Impacting Madison Square Garden Entertainment

Here are the key news stories impacting Madison Square Garden Entertainment this week:

• Positive Sentiment: BTIG Research raised its price target on MSGE to $86 from $70 and reiterated a buy rating, signaling more upside potential for the stock. BTIG price target raise via Benzinga
• Positive Sentiment: Madison Square Garden Entertainment announced a new multi-year partnership with Kalshi, naming it an official prediction market partner of The Garden and renaming part of the venue the Kalshi Concourse, which could add sponsorship and branding revenue. Kalshi partnership announcement
• Positive Sentiment: Management highlighted stronger concert activity at The Garden, with expectations for a significant fiscal fourth-quarter increase in concerts and support from Harry Styles’ 30-night residency, which points to healthy near-term venue demand. Concert boom and residency outlook
• Neutral Sentiment: JPMorgan raised its price target to $67 from $63 but kept a neutral rating, suggesting valuation is more balanced despite modest upside from current levels. JPMorgan price target update
• Negative Sentiment: Fiscal third-quarter earnings came in below estimates at $0.11 per share versus the expected $0.14, which may temper enthusiasm despite revenue slightly topping forecasts. Q3 earnings results

Insider Activity at Madison Square Garden Entertainment

In other Madison Square Garden Entertainment news, Director Charles P. Dolan sold 19,311 shares of Madison Square Garden Entertainment stock in a transaction on Friday, February 20th. The stock was sold at an average price of $63.76, for a total value of $1,231,269.36. Following the completion of the sale, the director owned 660 shares of the company’s stock, valued at approximately $42,081.60. This trade 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. Insiders own 16.41% of the company’s stock.

Madison Square Garden Entertainment Stock Down 2.8%

Shares of NYSE:MSGE opened at $64.90 on Friday. The stock has a fifty day simple moving average of $60.38 and a two-hundred day simple moving average of $55.98. The stock has a market capitalization of $2.62 billion, a price-to-earnings ratio of 63.63 and a beta of 0.61. Madison Square Garden Entertainment Corp. has a 12-month low of $35.31 and a 12-month high of $69.86. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 15.40.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.03). The company had revenue of $246.26 million for the quarter, compared to analysts’ expectations of $242.99 million. Madison Square Garden Entertainment had a net margin of 4.81% and a negative return on equity of 410.69%. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.17 EPS. On average, research analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.13 earnings per share for the current fiscal 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.