HighTower Advisors LLC Decreases Holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE)

HighTower Advisors LLC reduced its position in Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 2.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,179 shares of the company’s stock after selling 379 shares during the period. HighTower Advisors LLC’s holdings in Madison Square Garden Entertainment were worth $643,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Assenagon Asset Management S.A. lifted its holdings in Madison Square Garden Entertainment by 1,425.2% in the third quarter. Assenagon Asset Management S.A. now owns 899,614 shares of the company’s stock valued at $38,261,000 after acquiring an additional 840,631 shares during the period. Long Pond Capital LP purchased a new stake in shares of Madison Square Garden Entertainment during the 2nd quarter valued at about $12,407,000. Federated Hermes Inc. lifted its stake in shares of Madison Square Garden Entertainment by 48.6% in the 2nd quarter. Federated Hermes Inc. now owns 569,884 shares of the company’s stock worth $19,507,000 after purchasing an additional 186,475 shares during the period. Millennium Management LLC boosted its holdings in shares of Madison Square Garden Entertainment by 120.7% in the second quarter. Millennium Management LLC now owns 117,481 shares of the company’s stock worth $4,021,000 after buying an additional 64,245 shares during the last quarter. Finally, Duquesne Family Office LLC grew its position in Madison Square Garden Entertainment by 8.5% during the second quarter. Duquesne Family Office LLC now owns 694,225 shares of the company’s stock valued at $23,763,000 after buying an additional 54,425 shares during the period. Institutional investors own 96.86% of the company’s stock.

Madison Square Garden Entertainment Stock Performance

MSGE opened at $33.22 on Friday. Madison Square Garden Entertainment Corp. has a fifty-two week low of $30.10 and a fifty-two week high of $44.14. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of 9.08, a price-to-earnings-growth ratio of 3.20 and a beta of -0.04. The firm’s fifty day moving average is $38.74 and its 200 day moving average is $38.39.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings data on Friday, November 8th. The company reported ($0.40) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.39. Madison Square Garden Entertainment had a negative return on equity of 261.70% and a net margin of 18.38%. The firm had revenue of $138.70 million during the quarter, compared to analyst estimates of $139.46 million. During the same quarter in the prior year, the company posted ($0.73) earnings per share. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. On average, equities research analysts predict that Madison Square Garden Entertainment Corp. will post 1.58 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have weighed in on MSGE. Guggenheim decreased their price target on shares of Madison Square Garden Entertainment from $49.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. Macquarie decreased their target price on Madison Square Garden Entertainment from $47.00 to $45.00 and set an “outperform” rating on the stock in a report on Monday, November 11th. Finally, Morgan Stanley cut their price target on Madison Square Garden Entertainment from $45.00 to $44.00 and set an “equal weight” rating for the company in a report on Monday, November 11th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $46.00.

Insider Buying and Selling at Madison Square Garden Entertainment

In other Madison Square Garden Entertainment news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $42.43, for a total transaction of $254,580.00. Following the completion of the transaction, the executive vice president now owns 12,192 shares of the company’s stock, valued at $517,306.56. This represents a 32.98 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 17.85% 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.