Bleakley Financial Group LLC Grows Holdings in Madison Square Garden Entertainment Corp. $MSGE

Bleakley Financial Group LLC boosted its position in Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 23.9% in the first quarter, HoldingsChannel reports. The firm owned 38,826 shares of the company’s stock after buying an additional 7,499 shares during the quarter. Bleakley Financial Group LLC’s holdings in Madison Square Garden Entertainment were worth $2,287,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MSGE. Jericho Capital Asset Management L.P. lifted 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 worth $197,384,000 after buying an additional 777,000 shares in the last quarter. Millennium Management LLC increased its position in shares of Madison Square Garden Entertainment by 2,037.6% during the third quarter. Millennium Management LLC now owns 589,096 shares of the company’s stock valued at $26,651,000 after acquiring an additional 561,537 shares during the last quarter. Bank of America Corp DE lifted its holdings in Madison Square Garden Entertainment by 324.8% during the second quarter. Bank of America Corp DE now owns 667,248 shares of the company’s stock worth $26,670,000 after acquiring an additional 510,191 shares during the period. Nuveen LLC lifted its holdings in Madison Square Garden Entertainment by 86.4% during the fourth quarter. Nuveen LLC now owns 724,467 shares of the company’s stock worth $39,042,000 after acquiring an additional 335,890 shares during the period. Finally, Lord Abbett & CO. LLC bought a new stake in Madison Square Garden Entertainment during the fourth quarter worth $13,473,000. Hedge funds and other institutional investors own 96.86% of the company’s stock.

Madison Square Garden Entertainment Trading Down 0.1%

Shares of Madison Square Garden Entertainment stock opened at $73.98 on Friday. Madison Square Garden Entertainment Corp. has a 52-week low of $35.31 and a 52-week high of $82.79. The stock’s 50-day simple moving average is $72.88 and its 200 day simple moving average is $64.43. The stock has a market capitalization of $2.99 billion, a P/E ratio of 72.53 and a beta of 0.54. 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 (NYSE:MSGE) last issued its earnings results on Thursday, May 7th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.03). The business had revenue of $246.26 million for the quarter, compared to the consensus estimate 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 prior year, the business earned $0.17 EPS. As a group, research analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.34 EPS for the current year.

Insider Activity at Madison Square Garden Entertainment

In related news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $74.48, for a total value of $737,873.36. Following the completion of the transaction, the executive vice president directly owned 15,772 shares of the company’s stock, valued at approximately $1,174,698.56. This trade 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 hyperlink. Insiders own 16.41% of the company’s stock.

Wall Street Analysts Forecast Growth

MSGE has been the subject of a number of recent analyst reports. Wall Street Zen downgraded Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Morgan Stanley lifted their target price on Madison Square Garden Entertainment from $70.00 to $80.00 and gave the stock an “equal weight” rating in a research note 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 report on Thursday, April 16th. JPMorgan Chase & Co. increased their price target on shares of Madison Square Garden Entertainment from $63.00 to $67.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. Finally, Susquehanna increased their price target on shares of Madison Square Garden Entertainment from $77.00 to $80.00 and gave the company a “positive” rating in a research report 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 stock has a consensus rating of “Hold” and a consensus price target of $78.50.

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.