Madison Square Garden Entertainment Corp. (NYSE:MSGE) Stock Has Average Target Price of $91.62 According to Brokerages

Madison Square Garden Entertainment Corp. (NYSE:MSGE) has received a consensus recommendation of “Hold” from the eleven ratings firms that are presently covering the company, MarketBeat.com reports. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $91.62.

MSGE has been the topic of a number of recent research reports. Morgan Stanley upped their price target on Madison Square Garden Entertainment from $70.00 to $80.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 23rd. Guggenheim raised their price target on Madison Square Garden Entertainment from $82.00 to $103.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Piper Sandler began coverage on Madison Square Garden Entertainment in a research report on Thursday, August 20th. They issued a “neutral” rating and a $86.00 price target for the company. The Goldman Sachs Group reiterated a “neutral” rating and issued a $82.00 price target (up from $72.00) on shares of Madison Square Garden Entertainment in a research report on Thursday, July 9th. Finally, Bank of America boosted their price objective on Madison Square Garden Entertainment from $80.00 to $96.00 and gave the company a “buy” rating in a research note on Friday, August 14th.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in MSGE. Jericho Capital Asset Management L.P. grew its holdings in Madison Square Garden Entertainment by 26.9% during 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 buying an additional 777,000 shares in the last quarter. Assenagon Asset Management S.A. increased its position 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 valued at $71,323,000 after buying an additional 140,581 shares during the period. Gabelli Funds LLC increased its position in shares of Madison Square Garden Entertainment by 2.4% during the first quarter. Gabelli Funds LLC now owns 500,420 shares of the company’s stock valued at $29,480,000 after buying an additional 11,746 shares during the period. Congress Asset Management Co. purchased a new stake in shares of Madison Square Garden Entertainment in the third quarter worth about $24,280,000. Finally, Bank of America Corp DE lifted its holdings in shares of Madison Square Garden Entertainment by 27.7% in the first quarter. Bank of America Corp DE now owns 223,411 shares of the company’s stock worth $13,161,000 after buying an additional 48,453 shares in the last quarter. Institutional investors own 96.86% of the company’s stock.

Madison Square Garden Entertainment Stock Performance

NYSE MSGE opened at $79.00 on Thursday. Madison Square Garden Entertainment has a 52-week low of $43.33 and a 52-week high of $90.41. The company has a 50-day simple moving average of $79.78 and a 200 day simple moving average of $73.54. The company has a market capitalization of $3.19 billion, a PE ratio of 57.25 and a beta of 0.55. The company has a debt-to-equity ratio of 11.80, a quick ratio of 0.70 and a current ratio of 0.70.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.23. The company had revenue of $196.32 million during the quarter, compared to analyst estimates of $166.62 million. Madison Square Garden Entertainment had a net margin of 6.24% and a return on equity of 480.83%. Madison Square Garden Entertainment’s quarterly revenue was up 27.4% compared to the same quarter last year. During the same quarter last year, the business posted ($0.57) EPS. On average, research analysts predict that Madison Square Garden Entertainment will post 2.50 EPS for the current year.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. (NYSE: MSGE) is a live entertainment company that owns, operates and produces experiences at prominent venues. Its portfolio includes Madison Square Garden and Radio City Music Hall in New York City, the Beacon Theatre in New York, and The Chicago Theatre in Chicago.

The company presents concerts, comedy shows, family entertainment, theatrical productions and other cultural events. It is also known for producing the Radio City Christmas Spectacular, featuring the Rockettes, and for developing original entertainment and hospitality experiences connected with its venues.

Madison Square Garden Entertainment was established as an independent public company following the separation of the entertainment businesses from Madison Square Garden Sports Corp.