Garden State Investment Advisory Services LLC Grows Position in Madison Square Garden Entertainment Corp. (NYSE:MSGE)

Garden State Investment Advisory Services LLC increased its position in Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 11.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,665 shares of the company’s stock after buying an additional 1,727 shares during the period. Garden State Investment Advisory Services LLC’s holdings in Madison Square Garden Entertainment were worth $570,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of MSGE. Russell Investments Group Ltd. raised its holdings in shares of Madison Square Garden Entertainment by 110.7% in the 1st quarter. Russell Investments Group Ltd. now owns 104,538 shares of the company’s stock worth $4,099,000 after purchasing an additional 54,918 shares during the period. Epoch Investment Partners Inc. purchased a new position in Madison Square Garden Entertainment in the first quarter valued at approximately $13,076,000. Bank of New York Mellon Corp raised its holdings in Madison Square Garden Entertainment by 11.9% in the second quarter. Bank of New York Mellon Corp now owns 167,073 shares of the company’s stock valued at $5,719,000 after buying an additional 17,793 shares during the period. Lazard Asset Management LLC lifted its position in Madison Square Garden Entertainment by 1,569.2% during the first quarter. Lazard Asset Management LLC now owns 43,348 shares of the company’s stock valued at $1,699,000 after buying an additional 40,751 shares in the last quarter. Finally, Norges Bank purchased a new stake in Madison Square Garden Entertainment during the fourth quarter worth approximately $14,980,000. 96.86% of the stock is currently owned by institutional investors and hedge funds.

Madison Square Garden Entertainment Stock Performance

Shares of MSGE opened at $42.13 on Friday. Madison Square Garden Entertainment Corp. has a one year low of $27.55 and a one year high of $42.99. The stock’s fifty day moving average is $39.54 and its 200-day moving average is $37.84. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of 35.70, a price-to-earnings-growth ratio of 3.46 and a beta of 0.13.

Madison Square Garden Entertainment (NYSE:MSGE) last released its earnings results on Friday, August 16th. The company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.56) by $1.97. Madison Square Garden Entertainment had a negative return on equity of 138.81% and a net margin of 15.04%. The firm had revenue of $186.10 million during the quarter, compared to the consensus estimate of $173.26 million. During the same period in the prior year, the firm posted ($0.47) earnings per share. The firm’s revenue for the quarter was up 25.8% compared to the same quarter last year. Analysts forecast that Madison Square Garden Entertainment Corp. will post 1.64 EPS for the current fiscal year.

Analysts Set New Price Targets

MSGE has been the subject of several recent research reports. Bank of America increased their price target on Madison Square Garden Entertainment from $43.00 to $48.00 and gave the company a “buy” rating in a report on Monday, August 19th. Morgan Stanley increased their target price on Madison Square Garden Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a research note on Monday, August 19th. The Goldman Sachs Group raised Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $41.00 to $45.00 in a research report on Wednesday, July 24th. Finally, Macquarie increased their price objective on shares of Madison Square Garden Entertainment from $46.00 to $47.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.20.

Madison Square Garden Entertainment Company Profile

Madison Square Garden Entertainment Corp. engages in live entertainment business. The company produces, presents, and hosts live entertainment events, including concerts, sports events, and other live events, such as family shows, performing arts events, and special events. Its operations include a collection of venues, the entertainment and sports bookings business, and the Christmas Spectacular Starring the Radio City Rockettes production.