Long Pond Capital LP Invests $12.41 Million in Madison Square Garden Entertainment Corp. (NYSE:MSGE)

Long Pond Capital LP bought a new position in Madison Square Garden Entertainment Corp. (NYSE:MSGE) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 362,466 shares of the company’s stock, valued at approximately $12,407,000. Long Pond Capital LP owned about 0.88% of Madison Square Garden Entertainment at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in MSGE. Norges Bank bought a new stake in Madison Square Garden Entertainment during the fourth quarter worth approximately $14,980,000. PNC Financial Services Group Inc. lifted its holdings 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 during the last quarter. Trexquant Investment LP bought a new position in shares of Madison Square Garden Entertainment during the 4th quarter valued at about $945,000. Capstone Investment Advisors LLC acquired a new position in shares of Madison Square Garden Entertainment in the 4th quarter worth approximately $580,000. Finally, Garden State Investment Advisory Services LLC raised its holdings in shares of Madison Square Garden Entertainment by 20.3% in the 4th quarter. Garden State Investment Advisory Services LLC now owns 15,396 shares of the company’s stock worth $489,000 after purchasing an additional 2,603 shares in the last quarter. 96.86% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Bank of America raised 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 report on Monday, August 19th. Macquarie lifted their target price on Madison Square Garden Entertainment from $46.00 to $47.00 and gave the stock an “outperform” rating in a report on Thursday, August 22nd. Morgan Stanley upped their target price on Madison Square Garden Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a report on Monday, August 19th. Finally, The Goldman Sachs Group raised Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $41.00 to $45.00 in a research note on Wednesday, July 24th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $44.20.

Madison Square Garden Entertainment Price Performance

NYSE MSGE opened at $41.59 on Friday. The company has a 50 day simple moving average of $39.81 and a 200-day simple moving average of $37.94. Madison Square Garden Entertainment Corp. has a 52-week low of $27.55 and a 52-week high of $42.99. The firm has a market capitalization of $1.71 billion, a price-to-earnings ratio of 35.25, a price-to-earnings-growth ratio of 3.64 and a beta of 0.13.

Madison Square Garden Entertainment (NYSE:MSGE) last released 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 company had revenue of $186.10 million during the quarter, compared to the consensus estimate of $173.26 million. During the same quarter in the prior year, the firm earned ($0.47) EPS. The company’s revenue was up 25.8% compared to the same quarter last year. On average, analysts predict that Madison Square Garden Entertainment Corp. will post 1.64 EPS for the current year.

About Madison Square Garden Entertainment

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.