Madison Square Garden Entertainment Corp. (NYSE:MSGE) Position Boosted by Zacks Investment Management

Zacks Investment Management lifted its stake in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE - Free Report) by 15.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 111,687 shares of the company's stock after purchasing an additional 14,812 shares during the quarter. Zacks Investment Management owned about 0.23% of Madison Square Garden Entertainment worth $4,750,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Quent Capital LLC boosted its stake in shares of Madison Square Garden Entertainment by 913.8% in the third quarter. Quent Capital LLC now owns 659 shares of the company's stock valued at $28,000 after buying an additional 594 shares in the last quarter. ArrowMark Colorado Holdings LLC purchased a new stake in shares of Madison Square Garden Entertainment during the 3rd quarter worth $219,000. Captrust Financial Advisors acquired a new position in shares of Madison Square Garden Entertainment during the 3rd quarter worth $227,000. Cannon Global Investment Management LLC purchased a new position in shares of Madison Square Garden Entertainment in the 3rd quarter valued at about $259,000. Finally, Intech Investment Management LLC acquired a new stake in shares of Madison Square Garden Entertainment in the third quarter valued at about $291,000. 96.86% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Madison Square Garden Entertainment

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 shares were sold at an average price of $42.43, for a total transaction of $254,580.00. Following the completion of the sale, the executive vice president now owns 12,192 shares in the company, valued at $517,306.56. The trade was a 32.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 17.85% of the company's stock.

Madison Square Garden Entertainment Price Performance

MSGE stock traded down $0.66 on Monday, hitting $36.91. 235,502 shares of the company were exchanged, compared to its average volume of 404,685. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of 10.27, a price-to-earnings-growth ratio of 3.43 and a beta of -0.03. Madison Square Garden Entertainment Corp. has a twelve month low of $30.10 and a twelve month high of $44.14. The business's fifty day moving average is $40.06 and its two-hundred day moving average is $38.48.

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) last released its quarterly earnings data on Friday, November 8th. The company reported ($0.40) EPS for the quarter, topping analysts' consensus estimates of ($0.79) by $0.39. Madison Square Garden Entertainment had a negative return on equity of 261.70% and a net margin of 18.38%. The business had revenue of $138.70 million during the quarter, compared to the consensus estimate of $139.46 million. During the same period in the prior year, the firm posted ($0.73) EPS. The business's revenue for the quarter was down 2.5% on a year-over-year basis. Equities research analysts expect that Madison Square Garden Entertainment Corp. will post 1.58 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Morgan Stanley dropped their target price on shares of Madison Square Garden Entertainment from $45.00 to $44.00 and set an "equal weight" rating for the company in a report on Monday, November 11th. Bank of America upped their price objective on shares of 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. Guggenheim lowered their target price on shares of 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. Finally, Macquarie reduced their price target on 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. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target 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.