Madison Square Garden Entertainment (NYSE:MSGE) Hits New 12-Month High – Should You Buy?

Madison Square Garden Entertainment Corp. (NYSE:MSGE) shares hit a new 52-week high during trading on Thursday . The stock traded as high as $44.04 and last traded at $43.99, with a volume of 56603 shares trading hands. The stock had previously closed at $43.40.

Wall Street Analyst Weigh In

MSGE has been the topic of several research analyst reports. The Goldman Sachs Group raised Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and increased their price target for the company from $41.00 to $45.00 in a report on Wednesday, July 24th. Bank of America boosted their target price on Madison Square Garden Entertainment from $43.00 to $48.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Morgan Stanley lifted their price target on shares of Madison Square Garden Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a research note on Monday, August 19th. Finally, Macquarie lifted their price target on shares of Madison Square Garden Entertainment from $46.00 to $47.00 and gave the stock an “outperform” rating in a report on Thursday, August 22nd. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $44.20.

Madison Square Garden Entertainment Stock Up 0.8 %

The stock has a market capitalization of $1.80 billion, a PE ratio of 36.78, a price-to-earnings-growth ratio of 3.70 and a beta of 0.13. The stock has a fifty day moving average of $41.01 and a 200-day moving average of $38.32.

Madison Square Garden Entertainment (NYSE:MSGE) last posted its earnings results on Friday, August 16th. The company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of ($0.56) by $1.97. The business had revenue of $186.10 million for the quarter, compared to analysts’ expectations of $173.26 million. Madison Square Garden Entertainment had a negative return on equity of 138.81% and a net margin of 15.04%. The business’s revenue was up 25.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.47) earnings per share. Equities research analysts expect that Madison Square Garden Entertainment Corp. will post 1.66 EPS for the current year.

Insiders Place Their Bets

In other Madison Square Garden Entertainment news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the business’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 sale, the executive vice president now directly owns 12,192 shares in the company, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 18.72% of the stock is currently owned by insiders.

Institutional Trading of Madison Square Garden Entertainment

Several large investors have recently modified their holdings of MSGE. Russell Investments Group Ltd. lifted its stake in shares of Madison Square Garden Entertainment by 110.7% during the first quarter. Russell Investments Group Ltd. now owns 104,538 shares of the company’s stock valued at $4,099,000 after buying an additional 54,918 shares during the period. Maverick Capital Ltd. purchased a new position in shares of Madison Square Garden Entertainment during the second quarter valued at approximately $1,494,000. Epoch Investment Partners Inc. purchased a new position in shares of Madison Square Garden Entertainment during the first quarter valued at approximately $13,076,000. Bank of New York Mellon Corp raised its stake in Madison Square Garden Entertainment by 11.9% during the second quarter. Bank of New York Mellon Corp now owns 167,073 shares of the company’s stock worth $5,719,000 after purchasing an additional 17,793 shares during the period. Finally, Lazard Asset Management LLC raised its stake in Madison Square Garden Entertainment by 1,569.2% during the first quarter. Lazard Asset Management LLC now owns 43,348 shares of the company’s stock worth $1,699,000 after purchasing an additional 40,751 shares during the period. 96.86% of the stock is currently owned by institutional investors and hedge funds.

About Madison Square Garden Entertainment

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.