Bleakley Financial Group LLC Reduces Holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE)

Bleakley Financial Group LLC reduced its position in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 90.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,142 shares of the company's stock after selling 68,554 shares during the period. Bleakley Financial Group LLC's holdings in Madison Square Garden Entertainment were worth $304,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Jericho Capital Asset Management L.P. raised its holdings in Madison Square Garden Entertainment by 7.0% during the first quarter. Jericho Capital Asset Management L.P. now owns 2,465,724 shares of the company's stock worth $96,681,000 after purchasing an additional 162,000 shares in the last quarter. Duquesne Family Office LLC grew 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 buying an additional 54,425 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Madison Square Garden Entertainment during the first quarter worth about $23,032,000. Federated Hermes Inc. grew its position in Madison Square Garden Entertainment by 48.6% during the second quarter. Federated Hermes Inc. now owns 569,884 shares of the company's stock worth $19,507,000 after buying an additional 186,475 shares during the period. Finally, Long Pond Capital LP acquired a new position in Madison Square Garden Entertainment during the second quarter worth about $12,407,000. 96.86% of the stock is owned by hedge funds and other institutional investors.

Madison Square Garden Entertainment Stock Performance

NYSE MSGE traded up $0.32 during mid-day trading on Thursday, reaching $42.09. 316,637 shares of the stock were exchanged, compared to its average volume of 401,215. Madison Square Garden Entertainment Corp. has a 1-year low of $27.55 and a 1-year high of $44.04. The business's fifty day simple moving average is $41.53 and its 200 day simple moving average is $38.43. The stock has a market capitalization of $1.73 billion, a PE ratio of 35.37, a PEG ratio of 3.70 and a beta of 0.13.

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

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other Madison Square Garden Entertainment news, EVP Philip Gerard D'ambrosio sold 6,000 shares of the stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $42.43, for a total transaction of $254,580.00. Following the transaction, the executive vice president now owns 12,192 shares of the company's stock, valued at $517,306.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 18.72% of the stock is currently owned by 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.