Madison Square Garden Entertainment (NYSE:MSGE) Lowered to Hold Rating by The Goldman Sachs Group

Madison Square Garden Entertainment (NYSE:MSGE) was downgraded by The Goldman Sachs Group from a “strong-buy” rating to a “hold” rating in a research report issued on Wednesday,Zacks.com reports.

MSGE has been the topic of several other reports. Wall Street Zen lowered Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings cut shares of Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 4th. BTIG Research reissued a “buy” rating on shares of Madison Square Garden Entertainment in a research note on Thursday, May 21st. Morgan Stanley upped their target price on shares of Madison Square Garden Entertainment from $70.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 23rd. Finally, Guggenheim lifted their price target on Madison Square Garden Entertainment from $74.00 to $76.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $78.50.

Madison Square Garden Entertainment Stock Performance

Shares of MSGE stock opened at $74.59 on Wednesday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 11.40. The business has a 50 day moving average of $72.08 and a two-hundred day moving average of $63.72. Madison Square Garden Entertainment has a 52 week low of $35.31 and a 52 week high of $82.79. The company has a market cap of $3.02 billion, a P/E ratio of 73.13 and a beta of 0.54.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly 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 company 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 firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.17 earnings per share. As a group, analysts anticipate that Madison Square Garden Entertainment will post 1.34 EPS for the current year.

Insiders Place Their Bets

In other Madison Square Garden Entertainment news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the stock in a transaction 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 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 16.41% of the stock is owned by company insiders.

Institutional Trading of Madison Square Garden Entertainment

A number of hedge funds and other institutional investors have recently modified their holdings of MSGE. Deutsche Bank AG lifted its holdings 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. The Manufacturers Life Insurance Company raised its position in Madison Square Garden Entertainment by 1.2% in the first quarter. The Manufacturers Life Insurance Company now owns 17,519 shares of the company’s stock worth $1,032,000 after acquiring an additional 212 shares in the last quarter. CWM LLC raised its position in Madison Square Garden Entertainment by 15.1% in the fourth quarter. CWM LLC now owns 1,723 shares of the company’s stock worth $93,000 after acquiring an additional 226 shares in the last quarter. Orion Porfolio Solutions LLC lifted its holdings in Madison Square Garden Entertainment by 1.9% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 22,667 shares of the company’s stock valued at $906,000 after acquiring an additional 418 shares during the last quarter. Finally, XTX Topco Ltd lifted its holdings in Madison Square Garden Entertainment by 5.2% in the 4th quarter. XTX Topco Ltd now owns 8,681 shares of the company’s stock valued at $468,000 after acquiring an additional 427 shares during the last quarter. Institutional investors own 96.86% of the company’s stock.

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.