Assenagon Asset Management S.A. Acquires 840,631 Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE)

Assenagon Asset Management S.A. raised its holdings in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 1,425.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 899,614 shares of the company’s stock after purchasing an additional 840,631 shares during the quarter. Assenagon Asset Management S.A. owned 2.19% of Madison Square Garden Entertainment worth $38,261,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Quent Capital LLC boosted its position in Madison Square Garden Entertainment by 1,838.2% in the 1st quarter. Quent Capital LLC now owns 659 shares of the company’s stock valued at $26,000 after buying an additional 625 shares during the period. Principal Financial Group Inc. bought a new stake in shares of Madison Square Garden Entertainment during the first quarter valued at approximately $205,000. DekaBank Deutsche Girozentrale boosted its holdings in shares of Madison Square Garden Entertainment by 101.6% in the first quarter. DekaBank Deutsche Girozentrale now owns 5,236 shares of the company’s stock valued at $207,000 after purchasing an additional 2,639 shares during the period. OFI Invest Asset Management bought a new position in Madison Square Garden Entertainment in the second quarter worth approximately $251,000. Finally, Marshall Wace LLP increased its holdings in Madison Square Garden Entertainment by 5.8% during the 2nd quarter. Marshall Wace LLP now owns 7,800 shares of the company’s stock worth $267,000 after purchasing an additional 426 shares during the period. 96.86% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MSGE. The Goldman Sachs Group raised Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and increased their price target for the stock from $41.00 to $45.00 in a research report on Wednesday, July 24th. Morgan Stanley raised their target price on shares of Madison Square Garden Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a research report on Monday, August 19th. Macquarie upped their price target on shares of Madison Square Garden Entertainment from $46.00 to $47.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd. Finally, Bank of America lifted their price objective on shares of Madison Square Garden Entertainment from $43.00 to $48.00 and gave the company a “buy” rating in a report on Monday, August 19th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Madison Square Garden Entertainment has a consensus rating of “Moderate Buy” and a consensus price target of $44.20.

Madison Square Garden Entertainment Price Performance

MSGE opened at $42.09 on Friday. The firm has a market capitalization of $1.73 billion, a PE ratio of 35.37, a price-to-earnings-growth ratio of 3.70 and a beta of 0.13. The business’s 50-day moving average is $41.53 and its two-hundred day moving average is $38.43. Madison Square Garden Entertainment Corp. has a 1 year low of $27.55 and a 1 year high of $44.04.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its quarterly earnings data on Friday, August 16th. The company reported $1.41 EPS for the quarter, topping the consensus estimate of ($0.56) by $1.97. The firm had revenue of $186.10 million during the quarter, compared to analyst estimates of $173.26 million. Madison Square Garden Entertainment had a net margin of 15.04% and a negative return on equity of 138.81%. Madison Square Garden Entertainment’s revenue was up 25.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.47) EPS. As a group, sell-side analysts expect that Madison Square Garden Entertainment Corp. will post 1.66 EPS for the current year.

Insider Transactions at Madison Square Garden Entertainment

In related news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the business’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $42.43, for a total transaction of $254,580.00. Following the transaction, the executive vice president now directly owns 12,192 shares in the company, valued at $517,306.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 18.72% of the company’s stock.

Madison Square Garden Entertainment Profile

Madison Square Garden Entertainment Corp. engages in live entertainment business. The company produces, presents, and hosts live entertainment events, including concerts, sports events, and other live events, such as family shows, performing arts events, and special events. Its operations include a collection of venues, the entertainment and sports bookings business, and the Christmas Spectacular Starring the Radio City Rockettes production.