Madison Square Garden Entertainment (NYSE: MSGE) Demoted by Zacks Investment Research to “Hold”
Madison Square Garden Entertainment (NYSE: MSGE) was downgraded by Zacks Investment Research from a “buy” rating to a “custody” rating in a note issued to investors on Thursday, Zacks.com reports.
According to Zacks, “Madison Square Garden Entertainment Corp. offers entertainment experiences. The company presents or organizes events in its diverse collection of venues: Madison Square Garden in New York City, the Hulu Theater in Madison Square Garden, Radio City Music Hall and the Beacon Theater; the Forum in Inglewood, Calif. and the Chicago Theater. Also under the umbrella of MSG Entertainment is Tao Group Hospitality, with entertainment and nightlife entertainment brands such as Tao, Marquee, Lavo, Avenue, Beauty & Essex and Cathedral. Madison Square Garden Entertainment Corp. is based in New York. “
Several other equity research analysts also recently published reports on the stock. Morgan Stanley reiterated a “sell” note and set a price target of $ 65.00 on shares of Madison Square Garden Entertainment in a research report released on Tuesday, August 24. JPMorgan Chase & Co. reduced its price target for Madison Square Garden Entertainment shares from $ 105 to $ 79.00 and set the stock rating “neutral” in a report released on Monday. One equity research analyst rated the stock with a sell rating, three issued a conservation rating, and one assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average “Hold” rating and an average target price of $ 85.
Shares of MSGE opened at $ 73.34 on Thursday. The company has a quick ratio of 2.16, a current ratio of 2.16, and a debt ratio of 0.27. Madison Square Garden Entertainment has a one-year low of $ 60.26 and a one-year high of $ 121.42. The company’s fifty-day moving average price is $ 74.25. The company has a market cap of $ 2.49 billion, a P / E ratio of -4.22 and a beta of 1.43.
Madison Square Garden Entertainment (NYSE: MSGE) last released its quarterly results on Sunday, August 22. The company reported ($ 4.87) EPS for the quarter, missing Zacks’ consensus estimate of ($ 3.06) of ($ 1.81). The company posted revenue of $ 99.80 million for the quarter, compared to a consensus estimate of $ 70.76 million. Madison Square Garden Entertainment had a negative net margin of 228.43% and a negative return on equity of 14.98%. Madison Square Garden Entertainment’s revenue increased 1,008.9% from the same quarter last year. During the same period of the previous year, the company made a profit of $ 5.26 per share. As a group, stock analysts expect Madison Square Garden Entertainment to post earnings per share of 1.23 for the current year.
In addition, SVP Joseph F. Yospe sold 3,052 shares of the company in a transaction on Friday, September 24. The shares were sold at an average price of $ 80.09, for a total trade of $ 244,434.68. The transaction was disclosed in a file with the SEC, accessible through this hyperlink. Insiders hold 24.62% of the shares of the company.
Several large investors have recently bought and sold shares in the company. OLD Mission Capital LLC purchased a new position in shares of Madison Square Garden Entertainment in the third quarter valued at approximately $ 417,000. JPMorgan Chase & Co. increased its position in Madison Square Garden Entertainment by 55.3% in the first quarter. JPMorgan Chase & Co. now owns 6,863 shares of the company valued at $ 562,000 after purchasing 2,444 additional shares in the last quarter. Northern Trust Corp increased its stake in Madison Square Garden Entertainment by 6.8% during the first quarter. Northern Trust Corp now owns 102,734 shares of the company valued at $ 8,403,000 after purchasing an additional 6,580 shares during the period. Bank of New York Mellon Corp increased its position in Madison Square Garden Entertainment by 14.3% during the first quarter. Bank of New York Mellon Corp now owns 97,417 shares of the company valued at $ 7,968,000 after acquiring an additional 12,209 shares during the last quarter. Finally, Credit Suisse AG increased its stake in the shares of Madison Square Garden Entertainment by 51.3% in the first quarter. Credit Suisse AG now owns 23,009 shares of the company valued at $ 1,882,000 after acquiring an additional 7,805 shares during the period. 71.96% of the shares are held by institutional investors and hedge funds.
Madison Square Garden Entertainment Company Profile
Madison Square Garden Entertainment Corp. is active in the entertainment industry. It produces, presents or hosts various live entertainment events, including concerts, family shows and special events, as well as sporting events, such as professional boxing, varsity basketball, professional horse riding, mixed martial arts and electronic sports at its venues, including New York’s Madison Square Garden, the Hulu Theater in Madison Square Garden, Radio City Music Hall, and the Beacon Theater and Chicago Theater.
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