Orion Portfolio Solutions LLC Has $912,000 Stake in Madison Square Garden Entertainment Corp. (NYSE:MSGE)

Orion Portfolio Solutions LLC trimmed its position in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 1.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,446 shares of the company’s stock after selling 417 shares during the period. Orion Portfolio Solutions LLC’s holdings in Madison Square Garden Entertainment were worth $912,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in MSGE. Assenagon Asset Management S.A. boosted its stake in Madison Square Garden Entertainment by 1,425.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 899,614 shares of the company’s stock valued at $38,261,000 after purchasing an additional 840,631 shares during the period. Long Pond Capital LP acquired a new position in shares of Madison Square Garden Entertainment during the second quarter worth approximately $12,407,000. Federated Hermes Inc. boosted its position in shares of Madison Square Garden Entertainment by 48.6% in the second quarter. Federated Hermes Inc. now owns 569,884 shares of the company’s stock valued at $19,507,000 after acquiring an additional 186,475 shares during the period. Millennium Management LLC grew its stake 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 acquiring an additional 64,245 shares during the last quarter. Finally, Duquesne Family Office LLC increased 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 worth $23,763,000 after acquiring an additional 54,425 shares during the period. 96.86% of the stock is owned by institutional investors and hedge funds.

Madison Square Garden Entertainment Stock Performance

Shares of MSGE stock opened at $34.37 on Monday. The firm has a fifty day moving average of $39.40 and a 200-day moving average of $38.48. Madison Square Garden Entertainment Corp. has a 52-week low of $30.10 and a 52-week high of $44.14. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of 9.39, a P/E/G ratio of 3.20 and a beta of -0.04.

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Macquarie reduced their price target on shares of Madison Square Garden Entertainment from $47.00 to $45.00 and set an “outperform” rating for the company in a report on Monday, November 11th. Guggenheim cut their price objective on shares of Madison Square Garden Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. Morgan Stanley decreased their target price on Madison Square Garden Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Monday, November 11th. Finally, Bank of America boosted their price target on Madison Square Garden Entertainment from $43.00 to $48.00 and gave the company a “buy” rating in a research note on Monday, August 19th. 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 data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $46.00.

Insider Buying and Selling

In related news, EVP Philip Gerard D’ambrosio sold 6,000 shares of Madison Square Garden Entertainment 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 directly owns 12,192 shares of the company’s stock, valued at $517,306.56. This trade represents a 32.98 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 17.85% of the stock is owned by corporate insiders.

Madison Square Garden Entertainment 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.