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

Madison Square Garden Entertainment (NYSE:MSGE) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

Several other research firms have also recently issued reports on MSGE. BTIG Research upped their price target on shares of Madison Square Garden Entertainment from $70.00 to $86.00 and gave the company a “buy” rating in a report on Thursday. Guggenheim increased their target price on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Weiss Ratings cut shares of Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 4th. Finally, JPMorgan Chase & Co. increased their target price on shares of Madison Square Garden Entertainment from $63.00 to $67.00 and gave the stock a “neutral” rating in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $64.33.

Madison Square Garden Entertainment Trading Down 0.6%

MSGE opened at $64.90 on Friday. The stock has a market capitalization of $2.62 billion, a PE ratio of 63.63 and a beta of 0.61. The firm’s fifty day moving average price is $60.38 and its 200 day moving average price is $55.98. The company has a debt-to-equity ratio of 11.40, a current ratio of 0.72 and a quick ratio of 0.72. Madison Square Garden Entertainment has a 12-month low of $35.31 and a 12-month high of $69.86.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.03). The company had revenue of $246.26 million during the quarter, compared to analyst estimates 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 company’s revenue was up 1.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.17 earnings per share. As a group, research analysts expect that Madison Square Garden Entertainment will post 1.13 EPS for the current fiscal year.

Insider Transactions at Madison Square Garden Entertainment

In related news, Director Charles P. Dolan sold 19,311 shares of the stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $63.76, for a total value of $1,231,269.36. Following the completion of the transaction, the director owned 660 shares in the company, valued at $42,081.60. This represents a 96.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 16.41% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Several large investors have recently made changes to their positions in MSGE. Jericho Capital Asset Management L.P. boosted its position in shares of 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 purchasing an additional 777,000 shares in the last quarter. Millennium Management LLC boosted its position in shares of Madison Square Garden Entertainment by 2,037.6% during the 3rd quarter. Millennium Management LLC now owns 589,096 shares of the company’s stock valued at $26,651,000 after purchasing an additional 561,537 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Madison Square Garden Entertainment by 324.8% during the 2nd quarter. Bank of America Corp DE now owns 667,248 shares of the company’s stock valued at $26,670,000 after purchasing an additional 510,191 shares in the last quarter. Nuveen LLC boosted its position in shares of Madison Square Garden Entertainment by 86.4% during the 4th quarter. Nuveen LLC now owns 724,467 shares of the company’s stock valued at $39,042,000 after purchasing an additional 335,890 shares in the last quarter. Finally, Lord Abbett & CO. LLC bought a new position in shares of Madison Square Garden Entertainment during the 4th quarter valued at about $13,473,000. Institutional investors own 96.86% of the company’s stock.

More Madison Square Garden Entertainment News

Here are the key news stories impacting Madison Square Garden Entertainment this week:

• Positive Sentiment: BTIG Research raised its price target on MSGE to $86 from $70 and reiterated a buy rating, signaling more upside potential for the stock. BTIG price target raise via Benzinga
• Positive Sentiment: Madison Square Garden Entertainment announced a new multi-year partnership with Kalshi, naming it an official prediction market partner of The Garden and renaming part of the venue the Kalshi Concourse, which could add sponsorship and branding revenue. Kalshi partnership announcement
• Positive Sentiment: Management highlighted stronger concert activity at The Garden, with expectations for a significant fiscal fourth-quarter increase in concerts and support from Harry Styles’ 30-night residency, which points to healthy near-term venue demand. Concert boom and residency outlook
• Neutral Sentiment: JPMorgan raised its price target to $67 from $63 but kept a neutral rating, suggesting valuation is more balanced despite modest upside from current levels. JPMorgan price target update
• Negative Sentiment: Fiscal third-quarter earnings came in below estimates at $0.11 per share versus the expected $0.14, which may temper enthusiasm despite revenue slightly topping forecasts. Q3 earnings results

Madison Square Garden Entertainment Company Profile

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.