Madison Square Garden Entertainment (NYSE:MSGE) Hits New 1-Year High – Still a Buy?

Madison Square Garden Entertainment Corp. (NYSE:MSGE) shares hit a new 52-week high on Monday . The company traded as high as $52.36 and last traded at $51.95, with a volume of 2580 shares changing hands. The stock had previously closed at $51.79.

Analyst Ratings Changes

A number of analysts have issued reports on MSGE shares. Morgan Stanley lifted their price target on Madison Square Garden Entertainment from $41.00 to $44.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 12th. Wall Street Zen upgraded shares of Madison Square Garden Entertainment from a “hold” rating to a “buy” rating in a research report on Saturday. The Goldman Sachs Group upped their price objective on Madison Square Garden Entertainment from $42.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, October 1st. JPMorgan Chase & Co. raised their target price on shares of Madison Square Garden Entertainment from $41.00 to $47.00 and gave the stock a “neutral” rating in a research note on Friday, November 7th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Madison Square Garden Entertainment in a report on Monday. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $45.50.

Madison Square Garden Entertainment Stock Performance

The stock’s 50-day moving average price is $46.52 and its 200-day moving average price is $42.14. The company has a debt-to-equity ratio of 60.61, a quick ratio of 0.48 and a current ratio of 0.48. The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of 75.68 and a beta of 0.43.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.46) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.13. The business had revenue of $158.26 million during the quarter, compared to analysts’ expectations of $156.62 million. Madison Square Garden Entertainment had a negative return on equity of 310.15% and a net margin of 3.65%.The business’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter last year, the business posted ($0.40) earnings per share. As a group, equities research analysts expect that Madison Square Garden Entertainment Corp. will post 1.04 earnings per share for the current year.

Institutional Investors Weigh In On Madison Square Garden Entertainment

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Rhumbline Advisers grew its holdings in Madison Square Garden Entertainment by 0.4% during the 2nd quarter. Rhumbline Advisers now owns 63,178 shares of the company’s stock valued at $2,525,000 after buying an additional 272 shares during the last quarter. Garden State Investment Advisory Services LLC boosted its stake in shares of Madison Square Garden Entertainment by 2.0% during the second quarter. Garden State Investment Advisory Services LLC now owns 15,902 shares of the company’s stock valued at $636,000 after acquiring an additional 306 shares during the last quarter. Orion Porfolio Solutions LLC boosted its stake in shares of 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 acquiring an additional 418 shares during the last quarter. Nisa Investment Advisors LLC increased its position in Madison Square Garden Entertainment by 25.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,217 shares of the company’s stock worth $89,000 after purchasing an additional 448 shares in the last quarter. Finally, Sei Investments Co. raised its stake in Madison Square Garden Entertainment by 6.2% in the 3rd quarter. Sei Investments Co. now owns 7,731 shares of the company’s stock valued at $350,000 after purchasing an additional 451 shares during the last quarter. Hedge funds and other institutional investors own 96.86% of the company’s stock.

Madison Square Garden Entertainment Company Profile

Madison Square Garden Entertainment Corp. engages in the provision of entertainment services. Its portfolio of venues includes The Garden, Radio City Music Hall, the Beacon Theatre, The Theater at Madison Square, and The Chicago Theatre. The company was founded in 1879 and is headquartered in New York, NY.