SG Americas Securities LLC Raises Stock Holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE)

SG Americas Securities LLC grew its stake in Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 77.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,325 shares of the company’s stock after buying an additional 7,996 shares during the quarter. SG Americas Securities LLC’s holdings in Madison Square Garden Entertainment were worth $779,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Russell Investments Group Ltd. grew its position 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 worth $4,099,000 after purchasing an additional 54,918 shares in the last quarter. Maverick Capital Ltd. purchased a new stake in shares of Madison Square Garden Entertainment during the second quarter worth about $1,494,000. Epoch Investment Partners Inc. purchased a new stake in shares of Madison Square Garden Entertainment during the first quarter worth about $13,076,000. 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 purchasing an additional 17,793 shares in the last quarter. Finally, Lazard Asset Management LLC grew its holdings in Madison Square Garden Entertainment by 1,569.2% during the 1st 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 in the last quarter. Hedge funds and other institutional investors own 96.86% of the company’s stock.

Madison Square Garden Entertainment Stock Performance

Shares of MSGE stock opened at $42.31 on Friday. Madison Square Garden Entertainment Corp. has a 52-week low of $27.55 and a 52-week high of $43.82. The stock has a 50 day moving average price of $40.59 and a 200 day moving average price of $38.24. The firm has a market capitalization of $1.74 billion, a P/E ratio of 13.83, a P/E/G ratio of 3.70 and a beta of 0.13.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its earnings results on Friday, August 16th. The company reported $1.41 earnings per share for the quarter, topping the consensus estimate of ($0.56) by $1.97. Madison Square Garden Entertainment had a negative return on equity of 138.81% and a net margin of 15.04%. The firm had revenue of $186.10 million for the quarter, compared to the consensus estimate of $173.26 million. During the same period in the previous year, the business earned ($0.47) EPS. The firm’s revenue for the quarter was up 25.8% on a year-over-year basis. As a group, sell-side analysts forecast that Madison Square Garden Entertainment Corp. will post 1.66 EPS for the current year.

Wall Street Analyst Weigh In

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

Insider Activity

In related news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $42.43, for a total value of $254,580.00. Following the completion of the transaction, the executive vice president now owns 12,192 shares of the company’s stock, valued at approximately $517,306.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 18.72% of the company’s stock.

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.