Madison Square Garden Entertainment (NYSE:MSGE) Price Target Raised to $60.00

Madison Square Garden Entertainment (NYSE:MSGE) had its price target raised by JPMorgan Chase & Co. from $47.00 to $60.00 in a report released on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Several other equities research analysts have also issued reports on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Madison Square Garden Entertainment in a research report on Monday, December 29th. Wall Street Zen lowered shares of Madison Square Garden Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, December 20th. Susquehanna raised their price target on shares of Madison Square Garden Entertainment from $51.00 to $61.00 and gave the stock a “positive” rating in a research report on Thursday, December 11th. Wolfe Research lowered shares of Madison Square Garden Entertainment from an “outperform” rating to a “peer perform” rating in a report on Monday, December 15th. Finally, The Goldman Sachs Group reaffirmed a “conviction-buy” rating on shares of Madison Square Garden Entertainment in a research report on Monday, January 5th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $51.33.

Madison Square Garden Entertainment Stock Performance

Shares of Madison Square Garden Entertainment stock opened at $59.49 on Thursday. The firm has a market cap of $2.40 billion, a PE ratio of 84.99 and a beta of 0.40. The firm’s 50-day simple moving average is $52.17 and its 200-day simple moving average is $45.37. Madison Square Garden Entertainment has a 1 year low of $28.29 and a 1 year high of $61.64.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.46) EPS for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.13. Madison Square Garden Entertainment had a negative return on equity of 310.15% and a net margin of 3.65%.The business had revenue of $158.26 million during the quarter, compared to the consensus estimate of $156.62 million. During the same period last year, the firm earned ($0.40) earnings per share. The company’s revenue for the quarter was up 14.1% compared to the same quarter last year. On average, equities analysts predict that Madison Square Garden Entertainment will post 1.04 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MSGE. CWM LLC increased its stake in shares of Madison Square Garden Entertainment by 623.8% in the second quarter. CWM LLC now owns 1,035 shares of the company’s stock valued at $41,000 after purchasing an additional 892 shares during the period. Cullen Frost Bankers Inc. grew its holdings in Madison Square Garden Entertainment by 163.0% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 1,086 shares of the company’s stock worth $43,000 after buying an additional 673 shares in the last quarter. State of Alaska Department of Revenue acquired a new stake in Madison Square Garden Entertainment in the 3rd quarter valued at approximately $59,000. State of Wyoming bought a new stake in Madison Square Garden Entertainment during the 2nd quarter valued at $62,000. Finally, KBC Group NV raised its stake in Madison Square Garden Entertainment by 80.1% during the 2nd quarter. KBC Group NV now owns 1,688 shares of the company’s stock valued at $67,000 after acquiring an additional 751 shares in the last quarter. 96.86% of the stock is owned by institutional investors and hedge funds.

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.