Jericho Capital Asset Management L.P. Acquires 777,000 Shares of Madison Square Garden Entertainment Corp. $MSGE

Jericho Capital Asset Management L.P. grew its holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 26.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,662,724 shares of the company’s stock after buying an additional 777,000 shares during the period. Madison Square Garden Entertainment accounts for about 2.2% of Jericho Capital Asset Management L.P.’s portfolio, making the stock its 18th biggest holding. Jericho Capital Asset Management L.P. owned approximately 9.06% of Madison Square Garden Entertainment worth $197,384,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. First Horizon Corp acquired a new stake in Madison Square Garden Entertainment during the 4th quarter valued at $37,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Madison Square Garden Entertainment in the fourth quarter valued at $45,000. Atlantic Edge Private Wealth Management LLC bought a new position in shares of Madison Square Garden Entertainment in the fourth quarter valued at about $47,000. State of Wyoming acquired a new stake in shares of Madison Square Garden Entertainment during the 2nd quarter worth about $62,000. Finally, CIBC Private Wealth Group LLC lifted its stake in shares of Madison Square Garden Entertainment by 3,248.6% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,239 shares of the company’s stock worth $67,000 after buying an additional 1,202 shares during the last quarter. 96.86% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Wall Street Zen lowered shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings cut Madison Square Garden Entertainment from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 4th. Guggenheim increased their target price 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. Susquehanna lifted their price target on Madison Square Garden Entertainment from $77.00 to $80.00 and gave the stock a “positive” rating in a report on Thursday, May 28th. Finally, JPMorgan Chase & Co. increased their target price on shares of Madison Square Garden Entertainment from $63.00 to $67.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $67.50.

Madison Square Garden Entertainment Stock Performance

Shares of Madison Square Garden Entertainment stock opened at $72.99 on Thursday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 11.40. The company has a market cap of $2.95 billion, a PE ratio of 71.56 and a beta of 0.61. The company has a 50 day moving average of $67.26 and a 200-day moving average of $60.90. Madison Square Garden Entertainment Corp. has a 1-year low of $35.31 and a 1-year high of $75.70.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.03). Madison Square Garden Entertainment had a net margin of 4.81% and a return on equity of 4,795.27%. The firm had revenue of $246.26 million during the quarter, compared to the consensus estimate of $242.99 million. During the same period last year, the business earned $0.17 earnings per share. The business’s revenue was up 1.5% compared to the same quarter last year. As a group, equities research analysts forecast that Madison Square Garden Entertainment Corp. will post 1.28 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Philip Gerard D’ambrosio sold 9,907 shares of the business’s 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 owned 15,772 shares of the company’s stock, valued at approximately $1,174,698.56. The trade was a 38.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 16.41% of the company’s stock.

About Madison Square Garden Entertainment

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.