Madison Square Garden Entertainment (NYSE:MSGE) Cut to Hold at Wall Street Zen

Wall Street Zen lowered shares of Madison Square Garden Entertainment (NYSE:MSGE) from a buy rating to a hold rating in a research report released on Saturday morning,Wall Street Zen reports.

MSGE has been the subject of several other research reports. Guggenheim upped their price objective on shares of Madison Square Garden Entertainment from $82.00 to $103.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Zacks Research upgraded Madison Square Garden Entertainment from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 17th. Seaport Research Partners reissued a “neutral” rating on shares of Madison Square Garden Entertainment in a report on Monday, June 29th. Bank of America raised their price target on Madison Square Garden Entertainment from $80.00 to $96.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. Finally, JPMorgan Chase & Co. lifted their price target on Madison Square Garden Entertainment from $75.00 to $83.00 and gave the stock a “neutral” rating in a research report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $91.62.

Madison Square Garden Entertainment Price Performance

MSGE stock opened at $81.36 on Friday. The business has a 50 day moving average price of $78.49 and a 200 day moving average price of $70.83. The stock has a market cap of $3.29 billion, a price-to-earnings ratio of 58.96 and a beta of 0.56. Madison Square Garden Entertainment has a fifty-two week low of $41.65 and a fifty-two week high of $90.41. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 11.80.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.23. Madison Square Garden Entertainment had a net margin of 6.24% and a return on equity of 480.83%. The company had revenue of $196.32 million for the quarter, compared to analyst estimates of $166.62 million. During the same period in the prior year, the firm posted ($0.57) earnings per share. The firm’s revenue was up 27.4% on a year-over-year basis. Equities research analysts anticipate that Madison Square Garden Entertainment will post 2.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE grew its stake in Madison Square Garden Entertainment by 27.7% in the 1st quarter. Bank of America Corp DE now owns 223,411 shares of the company’s stock valued at $13,161,000 after acquiring an additional 48,453 shares during the last quarter. First Trust Advisors LP grew its holdings in Madison Square Garden Entertainment by 130.2% in the first quarter. First Trust Advisors LP now owns 131,119 shares of the company’s stock valued at $7,724,000 after purchasing an additional 74,159 shares during the period. Jericho Capital Asset Management L.P. raised its position in shares of 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 worth $197,384,000 after buying an additional 777,000 shares during the period. Scholtz & Company LLC raised its holdings in Madison Square Garden Entertainment by 67.8% in the second quarter. Scholtz & Company LLC now owns 62,037 shares of the company’s stock valued at $5,018,000 after buying an additional 25,066 shares during the period. Finally, Y Intercept Hong Kong Ltd raised its position in Madison Square Garden Entertainment by 483.5% in the first quarter. Y Intercept Hong Kong Ltd now owns 46,855 shares of the company’s stock valued at $2,760,000 after purchasing an additional 38,825 shares during the period. 96.86% of the stock is currently owned by hedge funds and other institutional investors.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. is a live entertainment company that owns, operates and produces events at prominent venues in the United States. Its portfolio includes Madison Square Garden and Radio City Music Hall in New York City, as well as the Beacon Theatre in New York and The Chicago Theatre in Illinois.

The company presents concerts, comedy shows, family entertainment, sporting events and other live performances. Its productions include the annual Christmas Spectacular Starring the Radio City Rockettes, along with original entertainment and special events.