Principal Financial Group Inc. Takes Position in Madison Square Garden Entertainment Corp. (NYSE:MSGE)

Principal Financial Group Inc. acquired a new stake in Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 18,532 shares of the company's stock, valued at approximately $788,000.

A number of other hedge funds also recently made changes to their positions in the company. FMR LLC increased its position in shares of Madison Square Garden Entertainment by 76.3% during the third quarter. FMR LLC now owns 110,035 shares of the company's stock worth $4,680,000 after acquiring an additional 47,635 shares during the last quarter. Maverick Capital Ltd. purchased a new stake in Madison Square Garden Entertainment during the 2nd quarter worth approximately $1,494,000. Zacks Investment Management raised its position in shares of Madison Square Garden Entertainment by 15.3% in the 3rd quarter. Zacks Investment Management now owns 111,687 shares of the company's stock valued at $4,750,000 after purchasing an additional 14,812 shares in the last quarter. Barclays PLC boosted its stake in shares of Madison Square Garden Entertainment by 295.6% during the 3rd quarter. Barclays PLC now owns 66,045 shares of the company's stock valued at $2,809,000 after buying an additional 49,351 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of 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 buying an additional 17,793 shares in the last quarter. Hedge funds and other institutional investors own 96.86% of the company's stock.

Madison Square Garden Entertainment Trading Down 1.6 %

MSGE traded down $0.58 during trading on Monday, reaching $35.31. 440,671 shares of the company were exchanged, compared to its average volume of 434,557. The stock has a market cap of $1.70 billion, a P/E ratio of 9.65, a PEG ratio of 3.13 and a beta of 0.04. Madison Square Garden Entertainment Corp. has a 52 week low of $30.25 and a 52 week high of $44.14. The firm has a 50 day moving average of $36.77 and a 200 day moving average of $38.48.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last released its quarterly earnings results on Friday, November 8th. The company reported ($0.40) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.39. The business had revenue of $138.70 million during the quarter, compared to analyst estimates 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 quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.73) earnings per share. As a group, analysts forecast that Madison Square Garden Entertainment Corp. will post 1.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MSGE has been the topic of a number of research analyst reports. Morgan Stanley reduced their price objective on shares of Madison Square Garden Entertainment from $45.00 to $44.00 and set an "equal weight" rating on the stock in a research note on Monday, November 11th. Macquarie cut their target price on shares of Madison Square Garden Entertainment from $47.00 to $45.00 and set an "outperform" rating on the stock in a research note on Monday, November 11th. Finally, Guggenheim decreased their price target on Madison Square Garden Entertainment from $49.00 to $48.00 and set a "buy" rating for the company in a research note on Tuesday, November 12th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $46.00.

Madison Square Garden Entertainment Company 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.