The Goldman Sachs Group Downgrades Madison Square Garden Entertainment (NYSE:MSGE) to Hold

Madison Square Garden Entertainment (NYSE:MSGE) was downgraded by investment analysts at The Goldman Sachs Group from a “strong-buy” rating to a “hold” rating in a research report issued on Wednesday,Zacks.com reports.

Several other analysts also recently weighed in on the stock. Seaport Research Partners restated a “neutral” rating on shares of Madison Square Garden Entertainment in a research report on Monday, June 29th. Guggenheim increased their target price on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. BTIG Research reiterated a “buy” rating on shares of Madison Square Garden Entertainment in a research note on Thursday, May 21st. Wall Street Zen cut shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Susquehanna upped their price objective on shares of Madison Square Garden Entertainment from $77.00 to $80.00 and gave the company a “positive” rating in a research note on Thursday, May 28th. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $78.50.

Madison Square Garden Entertainment Price Performance

Shares of NYSE MSGE opened at $74.59 on Wednesday. The company has a debt-to-equity ratio of 11.40, a quick ratio of 0.72 and a current ratio of 0.72. Madison Square Garden Entertainment has a fifty-two week low of $35.31 and a fifty-two week high of $82.79. The firm has a market capitalization of $3.02 billion, a PE ratio of 73.13 and a beta of 0.54. The stock’s 50-day simple moving average is $72.08 and its 200-day simple moving average is $63.72.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its earnings results on Thursday, May 7th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.03). The business had revenue of $246.26 million for the quarter, compared to analysts’ expectations of $242.99 million. Madison Square Garden Entertainment had a return on equity of 4,795.27% and a net margin of 4.81%.Madison Square Garden Entertainment’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.17 EPS. As a group, equities research analysts forecast that Madison Square Garden Entertainment will post 1.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $74.48, for a total value of $737,873.36. Following the completion of the sale, the executive vice president directly owned 15,772 shares of the company’s stock, valued at approximately $1,174,698.56. This represents a 38.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 16.41% of the company’s stock.

Hedge Funds Weigh In On Madison Square Garden Entertainment

A number of institutional investors have recently modified their holdings of MSGE. Bank of America Corp DE boosted its stake in Madison Square Garden Entertainment by 27.7% during the 1st quarter. Bank of America Corp DE now owns 223,411 shares of the company’s stock worth $13,161,000 after purchasing an additional 48,453 shares during the period. California State Teachers Retirement System increased its stake in Madison Square Garden Entertainment by 27.8% in the first quarter. California State Teachers Retirement System now owns 46,216 shares of the company’s stock valued at $2,723,000 after purchasing an additional 10,064 shares during the period. The Manufacturers Life Insurance Company increased its stake in Madison Square Garden Entertainment by 1.2% in the first quarter. The Manufacturers Life Insurance Company now owns 17,519 shares of the company’s stock valued at $1,032,000 after purchasing an additional 212 shares during the period. Quantinno Capital Management LP raised its holdings in shares of Madison Square Garden Entertainment by 63.5% in the first quarter. Quantinno Capital Management LP now owns 13,322 shares of the company’s stock valued at $785,000 after buying an additional 5,174 shares during the last quarter. Finally, Lazard Asset Management LLC raised its holdings in shares of Madison Square Garden Entertainment by 299.4% in the first quarter. Lazard Asset Management LLC now owns 41,326 shares of the company’s stock valued at $2,435,000 after buying an additional 30,979 shares during the last quarter. 96.86% of the stock is owned by institutional investors and hedge funds.

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.