Canada Pension Plan Investment Board Grows Stake in Madison Square Garden Entertainment Corp. (NYSE:MSGE)

Canada Pension Plan Investment Board increased its stake in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 29.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 110,200 shares of the company’s stock after buying an additional 25,200 shares during the quarter. Canada Pension Plan Investment Board owned about 0.27% of Madison Square Garden Entertainment worth $3,772,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Russell Investments Group Ltd. grew its holdings in shares of Madison Square Garden Entertainment by 110.7% during the first quarter. Russell Investments Group Ltd. now owns 104,538 shares of the company’s stock valued at $4,099,000 after buying an additional 54,918 shares during the last quarter. Epoch Investment Partners Inc. purchased a new stake in shares of Madison Square Garden Entertainment during the first quarter valued at $13,076,000. Bank of New York Mellon Corp grew its holdings 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 valued at $5,719,000 after buying an additional 17,793 shares during the last quarter. Lazard Asset Management LLC grew its holdings in shares of Madison Square Garden Entertainment by 1,569.2% during the first quarter. Lazard Asset Management LLC now owns 43,348 shares of the company’s stock valued at $1,699,000 after buying an additional 40,751 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Madison Square Garden Entertainment during the fourth quarter valued at $14,980,000. 96.86% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. The Goldman Sachs Group raised shares of Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $41.00 to $45.00 in a report on Wednesday, July 24th. Macquarie boosted their target price on shares of Madison Square Garden Entertainment from $46.00 to $47.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. Bank of America boosted their target price on shares of Madison Square Garden Entertainment from $43.00 to $48.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Finally, Morgan Stanley boosted their target price on shares of Madison Square Garden Entertainment from $42.00 to $45.00 and gave the company 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 company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $44.20.

Madison Square Garden Entertainment Price Performance

NYSE MSGE opened at $41.27 on Thursday. The company has a market capitalization of $1.70 billion, a PE ratio of 34.97, a P/E/G ratio of 3.64 and a beta of 0.13. The company has a fifty day moving average of $39.67 and a 200 day moving average of $37.89. Madison Square Garden Entertainment Corp. has a 1 year low of $27.55 and a 1 year high of $42.99.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings data on Friday, August 16th. The company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.56) by $1.97. The business had revenue of $186.10 million during the quarter, compared to the consensus estimate of $173.26 million. Madison Square Garden Entertainment had a net margin of 15.04% and a negative return on equity of 138.81%. The company’s revenue was up 25.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.47) earnings per share. Research analysts expect that Madison Square Garden Entertainment Corp. will post 1.64 earnings per share for the current year.

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.