Bank of New York Mellon Corp Increases Stock Holdings in MSG Entertainment (NYSE:MSGE)

Bank of New York Mellon Corp lifted its stake in shares of MSG Entertainment (NYSE:MSGE) by 32.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 151,142 shares of the company’s stock after purchasing an additional 37,240 shares during the quarter. Bank of New York Mellon Corp owned about 0.31% of MSG Entertainment worth $5,381,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Exchange Traded Concepts LLC raised its position in MSG Entertainment by 111.7% in the fourth quarter. Exchange Traded Concepts LLC now owns 29,860 shares of the company’s stock worth $1,063,000 after acquiring an additional 15,756 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its position in shares of MSG Entertainment by 131.7% in the 4th quarter. Y Intercept Hong Kong Ltd now owns 15,802 shares of the company’s stock worth $563,000 after buying an additional 8,983 shares in the last quarter. Handelsbanken Fonder AB grew its stake in MSG Entertainment by 21.1% in the 4th quarter. Handelsbanken Fonder AB now owns 9,200 shares of the company’s stock valued at $328,000 after acquiring an additional 1,600 shares during the last quarter. Bleakley Financial Group LLC increased its holdings in MSG Entertainment by 16.5% during the 4th quarter. Bleakley Financial Group LLC now owns 8,320 shares of the company’s stock valued at $296,000 after acquiring an additional 1,178 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in MSG Entertainment by 8.0% during the fourth quarter. Principal Financial Group Inc. now owns 20,011 shares of the company’s stock worth $712,000 after acquiring an additional 1,479 shares during the last quarter. 96.86% of the stock is owned by institutional investors and hedge funds.

MSG Entertainment Stock Performance

Shares of MSGE stock opened at $32.03 on Tuesday. The company has a debt-to-equity ratio of 56.61, a quick ratio of 0.54 and a current ratio of 0.54. The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of 12.18, a price-to-earnings-growth ratio of 5.09 and a beta of 0.11. MSG Entertainment has a one year low of $30.01 and a one year high of $44.14. The company has a 50 day moving average price of $35.15 and a 200 day moving average price of $37.65.

MSG Entertainment (NYSE:MSGE) last released its quarterly earnings data on Thursday, February 6th. The company reported $1.56 EPS for the quarter, missing analysts’ consensus estimates of $2.16 by ($0.60). MSG Entertainment had a negative return on equity of 323.63% and a net margin of 13.15%. Sell-side analysts anticipate that MSG Entertainment will post 1.04 EPS for the current year.

Wall Street Analyst Weigh In

MSGE has been the topic of several research reports. Macquarie reiterated an “outperform” rating and issued a $45.00 price target on shares of MSG Entertainment in a research report on Monday, February 10th. Wolfe Research raised MSG Entertainment from a “peer perform” rating to an “outperform” rating and set a $46.00 price target on the stock in a research note on Tuesday, March 11th.

Insiders Place Their Bets

In other MSG Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 67,143 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $30.96, for a total transaction of $2,078,747.28. Following the completion of the sale, the insider now directly owns 6,015 shares in the company, valued at $186,224.40. The trade was a 91.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 17.85% of the stock is currently owned by insiders.

MSG Entertainment Company Profile

Madison Square Garden Entertainment Corp. engages in the provision of entertainment services. Its portfolio of venues includes The Garden, Radio City Music Hall, the Beacon Theatre, The Theater at Madison Square, and The Chicago Theatre. The company was founded in 1879 and is headquartered in New York, NY.