Victory Capital Management Inc. Boosts Stock Holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE)

Victory Capital Management Inc. raised its holdings in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 75.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,042 shares of the company’s stock after buying an additional 6,459 shares during the period. Victory Capital Management Inc.’s holdings in Madison Square Garden Entertainment were worth $515,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Quent Capital LLC boosted its position in Madison Square Garden Entertainment by 1,838.2% during the first quarter. Quent Capital LLC now owns 659 shares of the company’s stock valued at $26,000 after buying an additional 625 shares during the period. Garner Asset Management Corp purchased a new stake in Madison Square Garden Entertainment during the first quarter valued at about $573,000. DekaBank Deutsche Girozentrale boosted its position in Madison Square Garden Entertainment by 101.6% during the first quarter. DekaBank Deutsche Girozentrale now owns 5,236 shares of the company’s stock valued at $207,000 after buying an additional 2,639 shares during the period. Principal Financial Group Inc. purchased a new stake in Madison Square Garden Entertainment during the first quarter valued at about $205,000. Finally, ProShare Advisors LLC boosted its position in Madison Square Garden Entertainment by 8.5% during the first quarter. ProShare Advisors LLC now owns 7,143 shares of the company’s stock valued at $280,000 after buying an additional 561 shares during the period. 96.86% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Bank of America increased their target price on shares of Madison Square Garden Entertainment from $43.00 to $48.00 and gave the stock a “buy” rating in a report on Monday, August 19th. Macquarie increased their target price on shares of Madison Square Garden Entertainment from $46.00 to $47.00 and gave the stock an “outperform” rating in a report on Thursday, August 22nd. The Goldman Sachs Group upgraded shares of Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and increased their target price for the stock from $41.00 to $45.00 in a report on Wednesday, July 24th. Finally, Morgan Stanley increased their target price on shares of Madison Square Garden Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a report on Monday, August 19th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $44.20.

Madison Square Garden Entertainment Price Performance

Shares of MSGE opened at $42.13 on Monday. Madison Square Garden Entertainment Corp. has a one year low of $27.55 and a one year high of $42.99. The company has a 50-day simple moving average of $39.54 and a two-hundred day simple moving average of $37.84. The firm has a market capitalization of $1.73 billion, a PE 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 announced its earnings results on Friday, August 16th. The company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.56) by $1.97. Madison Square Garden Entertainment had a net margin of 15.04% and a negative return on equity of 138.81%. The business had revenue of $186.10 million during the quarter, compared to the consensus estimate of $173.26 million. During the same quarter last year, the firm earned ($0.47) earnings per share. The business’s revenue for the quarter was up 25.8% on a year-over-year basis. Analysts expect that Madison Square Garden Entertainment Corp. will post 1.64 EPS for the current fiscal year.

About Madison Square Garden Entertainment

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.