Principal Financial Group Inc. Invests $788,000 in Madison Square Garden Entertainment Corp. (NYSE:MSGE)

Principal Financial Group Inc. acquired a new position in Madison Square Garden Entertainment Corp. (NYSE:MSGE) during the 3rd quarter, HoldingsChannel reports. The fund acquired 18,532 shares of the company’s stock, valued at approximately $788,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Quent Capital LLC grew its position in shares of Madison Square Garden Entertainment by 913.8% in the 3rd quarter. Quent Capital LLC now owns 659 shares of the company’s stock valued at $28,000 after buying an additional 594 shares during the last quarter. Garner Asset Management Corp bought a new stake in Madison Square Garden Entertainment in the first quarter valued at approximately $573,000. DekaBank Deutsche Girozentrale increased its position in Madison Square Garden Entertainment by 101.6% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 5,236 shares of the company’s stock valued at $207,000 after purchasing an additional 2,639 shares during the period. Cannon Global Investment Management LLC bought a new position in Madison Square Garden Entertainment during the 3rd quarter worth approximately $259,000. Finally, ProShare Advisors LLC lifted its position in shares of Madison Square Garden Entertainment by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 7,143 shares of the company’s stock worth $280,000 after purchasing an additional 561 shares during the period. 96.86% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MSGE has been the subject of several recent analyst reports. 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. Morgan Stanley lowered their price objective on Madison Square Garden Entertainment from $45.00 to $44.00 and set an “equal weight” rating for the company in a research report on Monday, November 11th. Macquarie dropped their price objective 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. Finally, Bank of America raised their target price on Madison Square Garden Entertainment from $43.00 to $48.00 and gave the stock a “buy” rating in a research note on Monday, August 19th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $46.00.

Madison Square Garden Entertainment Trading Up 0.2 %

NYSE:MSGE opened at $36.28 on Friday. Madison Square Garden Entertainment Corp. has a 12 month low of $29.71 and a 12 month high of $44.14. The stock has a market capitalization of $1.74 billion, a price-to-earnings ratio of 9.91, a PEG ratio of 3.30 and a beta of 0.17. The firm has a fifty day simple moving average of $40.91 and a two-hundred day simple moving average of $38.46.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its earnings results on Friday, November 8th. The company reported ($0.40) EPS for the quarter, beating the consensus estimate 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 company had revenue of $138.70 million during the quarter, compared to the consensus estimate of $139.46 million. During the same period last year, the business posted ($0.73) EPS. The firm’s revenue for the quarter was down 2.5% compared to the same quarter last year. Equities analysts predict that Madison Square Garden Entertainment Corp. will post 1.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Madison Square Garden Entertainment

In other news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the business’s stock in a transaction dated 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 directly owns 12,192 shares of the company’s stock, valued at $517,306.56. The trade was a 32.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 17.85% of the company’s stock.

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.