Madison Square Garden Entertainment (NYSE:MSGE) Rating Lowered to Hold at Zacks Research

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

MSGE has been the topic of a number of other reports. JPMorgan Chase & Co. increased their price objective on shares of Madison Square Garden Entertainment from $75.00 to $83.00 and gave the company a “neutral” rating in a research note on Thursday, August 13th. Wall Street Zen upgraded shares of Madison Square Garden Entertainment from a “hold” rating to a “buy” rating in a research note on Saturday, October 3rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Friday, July 31st. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $82.00 price target (up from $72.00) on shares of Madison Square Garden Entertainment in a research report on Thursday, July 9th. Finally, Bank of America increased their target price on Madison Square Garden Entertainment from $80.00 to $96.00 and gave the stock a “buy” rating in a report on Friday, August 14th. Four analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $91.62.

Madison Square Garden Entertainment Stock Performance

Shares of MSGE opened at $80.27 on Monday. The firm has a market cap of $3.25 billion, a price-to-earnings ratio of 58.17 and a beta of 0.55. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 11.80. The business’s 50 day moving average is $79.75 and its two-hundred day moving average is $73.38. Madison Square Garden Entertainment has a 52-week low of $42.60 and a 52-week high of $90.41.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly 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 during the quarter, compared to the consensus estimate of $166.62 million. Madison Square Garden Entertainment had a net margin of 6.24% and a return on equity of 480.83%. The business’s quarterly revenue was up 27.4% compared to the same quarter last year. During the same quarter last year, the company earned ($0.57) earnings per share. Analysts forecast that Madison Square Garden Entertainment will post 2.50 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nykredit A S bought a new stake in Madison Square Garden Entertainment in the 2nd quarter valued at about $46,000. GK Wealth Management LLC acquired a new position in Madison Square Garden Entertainment during the 3rd quarter valued at about $73,000. Fifth Third Bancorp bought a new position in Madison Square Garden Entertainment in the 1st quarter worth about $113,000. State of Wyoming bought a new position in Madison Square Garden Entertainment in the 1st quarter worth about $131,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Madison Square Garden Entertainment in the 2nd quarter worth about $202,000. Institutional investors and hedge funds own 96.86% of the company’s stock.

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.