Madison Square Garden Entertainment (NYSE:MSGE) Price Target Raised to $80.00 at Morgan Stanley

Madison Square Garden Entertainment (NYSE:MSGE) had its price objective lifted by research analysts at Morgan Stanley from $70.00 to $80.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price target points to a potential upside of 5.60% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Weiss Ratings lowered shares of Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 4th. Susquehanna lifted 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. JPMorgan Chase & Co. upped their price target on shares of Madison Square Garden Entertainment from $63.00 to $67.00 and gave the company a “neutral” rating in a report on Friday, May 8th. BTIG Research reaffirmed a “buy” rating on shares of Madison Square Garden Entertainment in a research report on Thursday, May 21st. Finally, Wall Street Zen lowered Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $73.50.

Madison Square Garden Entertainment Stock Up 0.6%

Shares of MSGE traded up $0.44 during trading hours on Tuesday, hitting $75.76. 137,823 shares of the company were exchanged, compared to its average volume of 380,771. The company has a debt-to-equity ratio of 11.40, a quick ratio of 0.72 and a current ratio of 0.72. The company has a market cap of $3.06 billion, a PE ratio of 74.36 and a beta of 0.61. The firm’s 50 day moving average is $68.05 and its 200-day moving average is $61.41. Madison Square Garden Entertainment has a 52 week low of $35.31 and a 52 week high of $76.68.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings data 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 company had revenue of $246.26 million during the quarter, compared to the consensus estimate of $242.99 million. Madison Square Garden Entertainment had a net margin of 4.81% and a return on equity of 4,795.27%. The firm’s revenue was up 1.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.17 earnings per share. On average, equities research analysts forecast that Madison Square Garden Entertainment will post 1.28 EPS for the current fiscal year.

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 company’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $74.48, for a total value of $737,873.36. Following the completion of the transaction, the executive vice president owned 15,772 shares of the company’s stock, valued at $1,174,698.56. This represents a 38.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 16.41% of the stock is owned by corporate insiders.

Institutional Trading of Madison Square Garden Entertainment

Several institutional investors have recently modified their holdings of the company. Deutsche Bank AG lifted its position in Madison Square Garden Entertainment by 0.6% in the fourth quarter. Deutsche Bank AG now owns 32,473 shares of the company’s stock worth $1,750,000 after purchasing an additional 181 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Madison Square Garden Entertainment by 1.2% during the first quarter. The Manufacturers Life Insurance Company now owns 17,519 shares of the company’s stock worth $1,032,000 after purchasing an additional 212 shares during the period. CWM LLC lifted its stake in Madison Square Garden Entertainment by 15.1% during the fourth quarter. CWM LLC now owns 1,723 shares of the company’s stock worth $93,000 after purchasing an additional 226 shares during the period. Orion Porfolio Solutions LLC boosted its holdings in Madison Square Garden Entertainment by 1.9% during the second quarter. Orion Porfolio Solutions LLC now owns 22,667 shares of the company’s stock valued at $906,000 after purchasing an additional 418 shares in the last quarter. Finally, XTX Topco Ltd boosted its holdings in Madison Square Garden Entertainment by 5.2% during the fourth quarter. XTX Topco Ltd now owns 8,681 shares of the company’s stock valued at $468,000 after purchasing an additional 427 shares in the last quarter. Institutional investors and hedge funds own 96.86% of the company’s stock.

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.