Madison Square Garden Entertainment (NYSE: MSGE) has been improved by Zacks investment research from a “keep” note to a “buy” note in a research note issued to investors on Tuesday, Zacks.com reports. The brokerage currently has a target price of $ 78.00 on the stock. Zacks investment researchThe company’s price target indicates a potential rise of 10.36% from the company’s previous close.
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. “
Separately, Wolfe Research downgraded Madison Square Garden Entertainment from an “outperformance” rating to a “market performance” rating and set a target price of $ 96.00 for the company. in a research report on Thursday, June 17. Three equity research analysts rated the stock with a conservation rating and four gave the company a buy rating. The company has a consensus rating of “Buy” and an average target price of $ 96.17.
Shares of MSGE opened at $ 70.68 on Tuesday. The company has a market cap of $ 1.71 billion, a P / E ratio of -9.74 and a beta of 1.66. The company has a current ratio of 3.00, a quick ratio of 3.00, and a debt ratio of 0.25. The company’s 50-day simple moving average is $ 82.73. Madison Square Garden Entertainment has a 12-month low of $ 63.55 and a 12-month high of $ 121.42.
Madison Square Garden Entertainment (NYSE: MSGE) last released its quarterly results on Friday, May 7. The company reported ($ 3.66) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($ 4.38) by $ 0.72. The company posted revenue of $ 43.10 million in the quarter, compared to a consensus estimate of $ 44.42 million. Madison Square Garden Entertainment recorded a negative return on equity of 12.36% and a negative net margin of 187.12%. The company’s revenue for the quarter was down 78.4% year-on-year. In the same quarter of last year, the company posted ($ 5.36) EPS. On average, equity research analysts expect Madison Square Garden Entertainment to post -13.98 EPS for the current year.
A number of hedge funds have recently changed their positions in the company. BlackRock Inc. increased its position in Madison Square Garden Entertainment by 9.5% in the first quarter. BlackRock Inc. now owns 813,019 shares of the company valued at $ 66,507,000 after purchasing an additional 70,660 shares during the last quarter. Gamco Investors INC. ET AL increased its position in Madison Square Garden Entertainment by 1.9% in the first quarter. Gamco Investors INC. ET AL now owns 633,676 shares of the company valued at $ 51,835,000 after purchasing an additional 11,763 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Madison Square Garden Entertainment by 44.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 499,212 shares of the company valued at $ 40,836,000 after purchasing an additional 154,571 shares during the last quarter. Gabelli Funds LLC increased its position in Madison Square Garden Entertainment by 5.4% in the first quarter. Gabelli Funds LLC now owns 424,050 shares of the company valued at $ 34,687,000 after purchasing an additional 21,717 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Madison Square Garden Entertainment by 44.5% in the first quarter. Dimensional Fund Advisors LP now owns 316,219 shares of the company valued at $ 25,867,000 after purchasing an additional 97,308 shares in the last quarter. Hedge funds and other institutional investors hold 66.85% of the company’s shares.
About Madison Square Garden Entertainment
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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