Madison Square Garden Entertainment (NYSE:MSGE) Given New $48.00 Price Target at Guggenheim

Madison Square Garden Entertainment (NYSE:MSGE) had its target price cut by Guggenheim from $49.00 to $48.00 in a report issued on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also issued reports on MSGE. Morgan Stanley dropped their price target on Madison Square Garden Entertainment from $45.00 to $44.00 and set an “equal weight” rating for the company in a research report on Monday. The Goldman Sachs Group upgraded Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and upped their target price for the company from $41.00 to $45.00 in a report on Wednesday, July 24th. Macquarie reduced their price target on Madison Square Garden Entertainment from $47.00 to $45.00 and set an “outperform” rating on the stock in a report on Monday. Finally, Bank of America upped their price objective on shares of Madison Square Garden Entertainment from $43.00 to $48.00 and gave the company a “buy” rating in a report on Monday, August 19th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Madison Square Garden Entertainment has a consensus rating of “Moderate Buy” and a consensus price target of $46.00.

Madison Square Garden Entertainment Stock Performance

Shares of MSGE stock opened at $37.68 on Tuesday. Madison Square Garden Entertainment has a fifty-two week low of $28.54 and a fifty-two week high of $44.14. The stock’s fifty day moving average is $41.53 and its two-hundred day moving average is $38.66. The firm has a market capitalization of $1.81 billion, a P/E ratio of 10.30, a PEG ratio of 3.39 and a beta of 0.17.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its quarterly earnings results on Friday, November 8th. The company reported ($0.40) earnings per share for the quarter, topping the consensus estimate of ($0.79) by $0.39. Madison Square Garden Entertainment had a net margin of 18.38% and a negative return on equity of 261.70%. The firm had revenue of $138.70 million for the quarter, compared to the consensus estimate of $139.46 million. During the same period last year, the firm posted ($0.73) earnings per share. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. On average, equities analysts forecast that Madison Square Garden Entertainment will post 1.65 earnings per share for the current year.

Insider Activity at Madison Square Garden Entertainment

In other Madison Square Garden Entertainment news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $42.43, for a total transaction of $254,580.00. Following the completion of the transaction, the executive vice president now owns 12,192 shares of the company’s stock, valued at $517,306.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 17.85% of the stock is owned by insiders.

Institutional Investors Weigh In On Madison Square Garden Entertainment

A number of institutional investors have recently modified their holdings of MSGE. Algert Global LLC lifted its stake in Madison Square Garden Entertainment by 36.2% during the 3rd quarter. Algert Global LLC now owns 17,737 shares of the company’s stock worth $754,000 after acquiring an additional 4,710 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Madison Square Garden Entertainment by 1.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 334,300 shares of the company’s stock worth $14,218,000 after purchasing an additional 5,575 shares in the last quarter. Intech Investment Management LLC purchased a new position in shares of Madison Square Garden Entertainment in the third quarter valued at approximately $291,000. Victory Capital Management Inc. grew its holdings in shares of Madison Square Garden Entertainment by 16.4% in the third quarter. Victory Capital Management Inc. now owns 17,503 shares of the company’s stock valued at $744,000 after purchasing an additional 2,461 shares in the last quarter. Finally, Versor Investments LP acquired a new stake in Madison Square Garden Entertainment during the 3rd quarter worth approximately $396,000. 96.86% of the stock is owned by institutional investors and hedge funds.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. engages in live entertainment business. The company produces, presents, and hosts live entertainment events, including concerts, sports events, and other live events, such as family shows, performing arts events, and special events. Its operations include a collection of venues, the entertainment and sports bookings business, and the Christmas Spectacular Starring the Radio City Rockettes production.