Sanctuary Advisors LLC Reduces Stake in Madison Square Garden Entertainment Corp. (NYSE:MSGE)

Sanctuary Advisors LLC reduced its holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 8.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,082 shares of the company’s stock after selling 763 shares during the quarter. Sanctuary Advisors LLC’s holdings in Madison Square Garden Entertainment were worth $344,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in MSGE. Bank of New York Mellon Corp boosted its position in Madison Square Garden Entertainment by 11.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 167,073 shares of the company’s stock valued at $5,719,000 after acquiring an additional 17,793 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Madison Square Garden Entertainment by 10.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,540 shares of the company’s stock worth $292,000 after purchasing an additional 805 shares during the period. Panagora Asset Management Inc. grew its stake in Madison Square Garden Entertainment by 7.8% in the second quarter. Panagora Asset Management Inc. now owns 20,706 shares of the company’s stock worth $709,000 after purchasing an additional 1,491 shares during the period. Rhumbline Advisers raised its holdings in Madison Square Garden Entertainment by 10.6% in the second quarter. Rhumbline Advisers now owns 67,303 shares of the company’s stock worth $2,304,000 after purchasing an additional 6,466 shares in the last quarter. Finally, Jackson Creek Investment Advisors LLC purchased a new position in Madison Square Garden Entertainment during the second quarter valued at $1,086,000. 96.86% of the stock is owned by hedge funds and other institutional investors.

Madison Square Garden Entertainment Price Performance

Madison Square Garden Entertainment stock opened at $33.25 on Friday. The firm’s 50 day moving average price is $37.56 and its 200-day moving average price is $38.33. Madison Square Garden Entertainment Corp. has a 1 year low of $30.10 and a 1 year high of $44.14. The stock has a market cap of $1.60 billion, a P/E ratio of 9.08, a PEG ratio of 3.13 and a beta of -0.04.

Madison Square Garden Entertainment (NYSE:MSGE) last announced its quarterly earnings results on Friday, November 8th. The company reported ($0.40) EPS for the quarter, beating 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 company had revenue of $138.70 million during the quarter, compared to analyst estimates of $139.46 million. During the same period in the prior year, the company earned ($0.73) earnings per share. The firm’s revenue was down 2.5% on a year-over-year basis. As a group, equities analysts expect that Madison Square Garden Entertainment Corp. will post 1.58 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently commented on MSGE. Morgan Stanley dropped their price objective on shares of Madison Square Garden Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Monday, November 11th. Guggenheim dropped their price target on Madison Square Garden Entertainment from $49.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. Finally, Macquarie reduced their price objective on Madison Square Garden Entertainment from $47.00 to $45.00 and set an “outperform” rating for the company in a research report on Monday, November 11th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $46.00.

Insider Buying and Selling

In related news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the business’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $42.43, for a total transaction of $254,580.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 17.85% of the stock is owned by corporate insiders.

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.