North Star Investment Management Corp. Cuts Stock Position in Madison Square Garden Entertainment Corp. $MSGE

North Star Investment Management Corp. decreased its holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 13.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 77,736 shares of the company’s stock after selling 11,900 shares during the period. North Star Investment Management Corp. owned 0.19% of Madison Square Garden Entertainment worth $4,189,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MSGE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Madison Square Garden Entertainment by 5.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,679 shares of the company’s stock valued at $775,000 after purchasing an additional 1,193 shares during the last quarter. Millennium Management LLC bought a new stake in Madison Square Garden Entertainment in the 1st quarter worth approximately $4,994,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Madison Square Garden Entertainment during the 1st quarter valued at approximately $210,000. Jane Street Group LLC purchased a new position in shares of Madison Square Garden Entertainment in the 1st quarter worth $1,468,000. Finally, JPMorgan Chase & Co. increased its holdings in shares of Madison Square Garden Entertainment by 53.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 102,307 shares of the company’s stock worth $4,089,000 after buying an additional 35,678 shares during the last quarter. Institutional investors own 96.86% of the company’s stock.

Madison Square Garden Entertainment Trading Up 0.2%

Shares of NYSE MSGE traded up $0.12 during trading hours on Thursday, reaching $64.85. The stock had a trading volume of 24,056 shares, compared to its average volume of 330,795. Madison Square Garden Entertainment Corp. has a 52-week low of $32.31 and a 52-week high of $65.42. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of 60.04 and a beta of 0.48. The business’s fifty day moving average price is $60.03 and its two-hundred day moving average price is $55.26. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 15.40.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its earnings results on Tuesday, February 3rd. The company reported $1.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.35 by ($0.41). Madison Square Garden Entertainment had a net margin of 5.12% and a negative return on equity of 748.04%. The firm had revenue of $459.94 million for the quarter, compared to the consensus estimate of $448.21 million. During the same period last year, the firm earned $1.56 earnings per share. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. Analysts expect that Madison Square Garden Entertainment Corp. will post 1.16 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have weighed in on MSGE shares. Guggenheim boosted their price objective on Madison Square Garden Entertainment from $74.00 to $76.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Wall Street Zen upgraded Madison Square Garden Entertainment from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. The Goldman Sachs Group restated a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research report on Monday, January 5th. Weiss Ratings reissued a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research note on Friday, March 27th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Madison Square Garden Entertainment from $60.00 to $63.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 4th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $61.00.

Insiders Place Their Bets

In other Madison Square Garden Entertainment news, Director Charles P. Dolan sold 19,311 shares of the stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $63.76, for a total transaction of $1,231,269.36. Following the transaction, the director directly owned 660 shares in the company, valued at $42,081.60. This represents a 96.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 16.41% of the stock is currently owned by company insiders.

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.