Morgan Stanley Issues Pessimistic Forecast for Madison Square Garden Entertainment (NYSE:MSGE) Stock Price

Madison Square Garden Entertainment (NYSE:MSGE) had its target price reduced by investment analysts at Morgan Stanley from $45.00 to $44.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price target points to a potential upside of 16.77% from the company’s previous close.

A number of other research firms also recently commented on MSGE. The Goldman Sachs Group upgraded shares of Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $41.00 to $45.00 in a report on Wednesday, July 24th. Bank of America upped 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. Finally, Macquarie raised their price objective on Madison Square Garden Entertainment from $46.00 to $47.00 and gave the stock an “outperform” rating in a research note on Thursday, August 22nd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Madison Square Garden Entertainment presently has an average rating of “Moderate Buy” and an average price target of $46.00.

Madison Square Garden Entertainment Price Performance

MSGE opened at $37.68 on Monday. The business has a 50 day moving average price of $41.58 and a two-hundred day moving average price of $38.67. The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of 10.44, a price-to-earnings-growth ratio of 3.39 and a beta of 0.17. Madison Square Garden Entertainment has a 1-year low of $28.54 and a 1-year high of $44.14.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings data on Friday, November 8th. The company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.39. The business had revenue of $138.70 million during the quarter, compared to analyst estimates of $139.46 million. Madison Square Garden Entertainment had a negative return on equity of 138.81% and a net margin of 15.04%. The company’s revenue was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.73) earnings per share. Equities analysts expect that Madison Square Garden Entertainment will post 1.66 EPS for the current fiscal year.

Insider Activity

In related news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the company’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $42.43, for a total transaction of $254,580.00. Following the transaction, the executive vice president now directly owns 12,192 shares of the company’s stock, valued at approximately $517,306.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 18.72% of the stock is owned by company insiders.

Institutional Investors Weigh In On Madison Square Garden Entertainment

Institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. increased its stake in shares of Madison Square Garden Entertainment by 110.7% in the first quarter. Russell Investments Group Ltd. now owns 104,538 shares of the company’s stock worth $4,099,000 after acquiring an additional 54,918 shares during the last quarter. Maverick Capital Ltd. acquired a new position in Madison Square Garden Entertainment in the 2nd quarter worth about $1,494,000. Epoch Investment Partners Inc. purchased a new stake in shares of Madison Square Garden Entertainment during the 1st quarter worth about $13,076,000. Bank of New York Mellon Corp lifted its holdings in shares of Madison Square Garden Entertainment by 11.9% during the 2nd 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 last quarter. Finally, Lazard Asset Management LLC grew its position in Madison Square Garden Entertainment by 1,569.2% in the first quarter. Lazard Asset Management LLC now owns 43,348 shares of the company’s stock worth $1,699,000 after acquiring an additional 40,751 shares in the last quarter. Institutional investors and hedge funds own 96.86% of the company’s stock.

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.