Madison Square Garden Entertainment (NYSE:MSGE) Stock Gets Downgrade from Zacks Research

Madison Square Garden Entertainment (NYSE:MSGE) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday, Zacks reports.

MSGE has been the subject of several other research reports. The Goldman Sachs Group reiterated a “neutral” rating and set a $82.00 price objective (up from $72.00) on shares of Madison Square Garden Entertainment in a report on Thursday, July 9th. Seaport Research Partners reaffirmed a “neutral” rating on shares of Madison Square Garden Entertainment in a report on Monday, June 29th. JPMorgan Chase & Co. increased their target price on Madison Square Garden Entertainment from $75.00 to $83.00 and gave the company a “neutral” rating in a research report on Thursday, August 13th. Wall Street Zen raised Madison Square Garden Entertainment from a “hold” rating to a “buy” rating in a research note on Saturday, October 3rd. Finally, Susquehanna boosted their target price on Madison Square Garden Entertainment from $80.00 to $103.00 and gave the stock a “positive” rating in a report on Thursday, August 13th. Four equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, Madison Square Garden Entertainment has a consensus rating of “Hold” and an average target price of $91.62.

Madison Square Garden Entertainment Stock Performance

NYSE:MSGE opened at $80.27 on Monday. The stock’s fifty day moving average is $79.75 and its 200 day moving average is $73.38. The firm has a market capitalization of $3.25 billion, a PE ratio of 58.17 and a beta of 0.55. The company has a debt-to-equity ratio of 11.80, a quick ratio of 0.70 and a current ratio of 0.70. Madison Square Garden Entertainment has a fifty-two week low of $42.60 and a fifty-two week high of $90.41.

Madison Square Garden Entertainment (NYSE:MSGE) last released its earnings results on Wednesday, August 12th. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.23. The business had revenue of $196.32 million for the quarter, compared to analyst estimates of $166.62 million. Madison Square Garden Entertainment had a return on equity of 480.83% and a net margin of 6.24%. The business’s revenue was up 27.4% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.57) earnings per share. On average, sell-side analysts anticipate that Madison Square Garden Entertainment will post 2.50 earnings per share for the current year.

Institutional Trading of Madison Square Garden Entertainment

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Scholtz & Company LLC grew its position in Madison Square Garden Entertainment by 67.8% in the 2nd quarter. Scholtz & Company LLC now owns 62,037 shares of the company’s stock valued at $5,018,000 after buying an additional 25,066 shares during the last quarter. Squarepoint Ops LLC purchased a new position in Madison Square Garden Entertainment during the 2nd quarter worth $4,816,000. Bank of America Corp DE lifted its stake in shares of Madison Square Garden Entertainment by 27.7% in the 1st quarter. Bank of America Corp DE now owns 223,411 shares of the company’s stock worth $13,161,000 after acquiring an additional 48,453 shares during the period. First Trust Advisors LP lifted its stake in shares of Madison Square Garden Entertainment by 130.2% in the 1st quarter. First Trust Advisors LP now owns 131,119 shares of the company’s stock worth $7,724,000 after acquiring an additional 74,159 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Madison Square Garden Entertainment in the second quarter valued at about $9,497,000. 96.86% of the stock is owned by hedge funds and other institutional investors.

Madison Square Garden Entertainment Company Profile

Madison Square Garden Entertainment Corp. (NYSE: MSGE) is a live entertainment company that owns, operates and produces experiences at prominent venues. Its portfolio includes Madison Square Garden and Radio City Music Hall in New York City, the Beacon Theatre in New York, and The Chicago Theatre in Chicago.

The company presents concerts, comedy shows, family entertainment, theatrical productions and other cultural events. It is also known for producing the Radio City Christmas Spectacular, featuring the Rockettes, and for developing original entertainment and hospitality experiences connected with its venues.

Madison Square Garden Entertainment was established as an independent public company following the separation of the entertainment businesses from Madison Square Garden Sports Corp.