Madison Square Garden Entertainment Corp. (NYSE:MSGE – Get Free Report) shares rose before the market opened on Friday after the company reported better-than-expected quarterly results. The stock had previously closed at $38.66 but opened at $41.27. Madison Square Garden Entertainment shares were last seen trading at $41.15 on volume of 110,213 shares.
The company reported earnings per share (EPS) of $1.41 for the quarter, beating analysts’ consensus estimates of ($0.56) by $1.97. The company posted revenue of $186.10 million for the quarter, compared to analyst estimates of $173.26 million. Madison Square Garden Entertainment had a net margin of 5.74% and a negative return on equity of 53.05%. Madison Square Garden Entertainment’s quarterly revenue grew 25.8% year-over-year. During the same quarter last year, the company posted earnings per share of ($0.47).
Upgrades and downgrades by analysts
Separately, The Goldman Sachs Group upgraded Madison Square Garden Entertainment from “neutral” to “buy” and raised their price target on the stock from $41.00 to $45.00 in a research report on Wednesday, July 24. Two research analysts have rated the stock with a “hold” rating and three have given a “buy” rating. The stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.20, according to data from MarketBeat.
Check out our latest analysis on MSGE
Hedge funds comment on entertainment at Madison Square Garden
Several hedge funds have recently made changes to their positions in the stock. Arizona State Retirement System increased its stake in Madison Square Garden Entertainment by 24.0% in the fourth quarter. Arizona State Retirement System now owns 10,916 shares of the company’s stock valued at $347,000 after purchasing an additional 2,116 shares in the last quarter. Zürcher Kantonalbank Zürich Cantonalbank increased its stake in shares of Madison Square Garden Entertainment by 28.5% in the fourth quarter. Zürcher Kantonalbank Zürich Cantonalbank now owns 10,687 shares of the company’s stock valued at $340,000 after purchasing an additional 2,370 shares during the same period. Russell Investments Group Ltd. increased its stake in Madison Square Garden Entertainment by 1.8% in the fourth quarter. Russell Investments Group Ltd. now owns 49,620 shares of the company’s stock valued at $1,577,000 after purchasing an additional 857 shares in the last quarter. Norges Bank acquired a new position in Madison Square Garden Entertainment in the 4th quarter valued at about $14,980,000. Finally, PNC Financial Services Group Inc. increased its position in Madison Square Garden Entertainment by 5.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 8,521 shares of the company’s stock valued at $271,000 after acquiring an additional 450 shares in the last quarter. Hedge funds and other institutional investors own 96.86% of the company’s stock.
Madison Square Garden Entertainment Price Performance
The company has a market cap of $1.67 billion, a P/E ratio of 34.32, a price-to-earnings-growth ratio of 3.91 and a beta of 0.12. The stock’s 50-day moving average is $36.10 and its 200-day moving average is $37.07.
Company profile of Madison Square Garden Entertainment
(Get free report)
Madison Square Garden Entertainment Corp. is in the live entertainment business. The company produces, presents and hosts live entertainment events, including concerts, sporting events and other live events such as family shows, performing arts events and special events. Its operations include a number of venues, the entertainment and sports booking business and the production of the Christmas Spectacular Starring the Radio City Rockettes.
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