Gabelli Funds LLC Buys 11,746 Shares of Madison Square Garden Entertainment Corp. $MSGE

Gabelli Funds LLC boosted its stake in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 2.4% during the 1st quarter, Holdings Channel reports. The institutional investor owned 500,420 shares of the company’s stock after buying an additional 11,746 shares during the quarter. Gabelli Funds LLC’s holdings in Madison Square Garden Entertainment were worth $29,480,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Deutsche Bank AG increased its stake in shares of Madison Square Garden Entertainment by 0.6% in the fourth quarter. Deutsche Bank AG now owns 32,473 shares of the company’s stock valued at $1,750,000 after buying an additional 181 shares during the period. CWM LLC raised its position in shares of Madison Square Garden Entertainment by 15.1% during the fourth quarter. CWM LLC now owns 1,723 shares of the company’s stock worth $93,000 after acquiring an additional 226 shares during the last quarter. Orion Porfolio Solutions LLC lifted its stake in shares of Madison Square Garden Entertainment by 1.9% in the second quarter. Orion Porfolio Solutions LLC now owns 22,667 shares of the company’s stock worth $906,000 after acquiring an additional 418 shares during the period. XTX Topco Ltd lifted its stake in shares of Madison Square Garden Entertainment by 5.2% in the fourth quarter. XTX Topco Ltd now owns 8,681 shares of the company’s stock worth $468,000 after acquiring an additional 427 shares during the period. Finally, Sei Investments Co. boosted its holdings in Madison Square Garden Entertainment by 6.2% in the third quarter. Sei Investments Co. now owns 7,731 shares of the company’s stock valued at $350,000 after acquiring an additional 451 shares during the last quarter. Institutional investors own 96.86% of the company’s stock.

Madison Square Garden Entertainment Stock Down 0.0%

Shares of NYSE:MSGE opened at $76.36 on Friday. Madison Square Garden Entertainment Corp. has a 1 year low of $35.31 and a 1 year high of $82.79. The company has a debt-to-equity ratio of 11.40, a current ratio of 0.72 and a quick ratio of 0.72. The business’s 50-day moving average is $74.14 and its 200-day moving average is $65.30. The company has a market capitalization of $3.09 billion, a price-to-earnings ratio of 74.87 and a beta of 0.54.

Madison Square Garden Entertainment (NYSE:MSGE) last released its earnings results on Thursday, May 7th. The company reported $0.11 EPS 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 analyst estimates of $242.99 million. Madison Square Garden Entertainment had a return on equity of 4,795.27% and a net margin of 4.81%.The company’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.17 EPS. Equities research analysts predict that Madison Square Garden Entertainment Corp. will post 1.35 earnings per share for the current year.

Insider Activity

In other Madison Square Garden Entertainment 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 transaction of $737,873.36. Following the transaction, the executive vice president directly owned 15,772 shares in the company, valued at approximately $1,174,698.56. This represents a 38.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 16.41% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on MSGE shares. Morgan Stanley increased their target price on shares of 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 boosted their price target on shares of Madison Square Garden Entertainment from $74.00 to $76.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $82.00 price objective (up from $72.00) on shares of Madison Square Garden Entertainment in a research note on Thursday, July 9th. Weiss Ratings lowered shares of Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 4th. Finally, BTIG Research reiterated a “buy” rating on shares of Madison Square Garden Entertainment in a research report on Thursday, May 21st. Three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $79.83.

About Madison Square Garden Entertainment

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.