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

Principal Financial Group Inc. acquired a new stake in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 18,532 shares of the company’s stock, valued at approximately $788,000.

Several other large investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp increased its position in Madison Square Garden Entertainment by 11.9% in 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 during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Madison Square Garden Entertainment by 10.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,540 shares of the company’s stock valued at $292,000 after buying an additional 805 shares in the last quarter. Rhumbline Advisers grew its position 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 acquiring an additional 6,466 shares in the last quarter. Victory Capital Management Inc. increased its stake in Madison Square Garden Entertainment by 75.3% during the second quarter. Victory Capital Management Inc. now owns 15,042 shares of the company’s stock worth $515,000 after acquiring an additional 6,459 shares during the last quarter. Finally, Federated Hermes Inc. lifted its stake in shares of Madison Square Garden Entertainment by 48.6% in the 2nd quarter. Federated Hermes Inc. now owns 569,884 shares of the company’s stock valued at $19,507,000 after purchasing an additional 186,475 shares during the last quarter. 96.86% of the stock is owned by institutional investors.

Madison Square Garden Entertainment Price Performance

Shares of Madison Square Garden Entertainment stock opened at $35.89 on Monday. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of 9.81, a PEG ratio of 3.13 and a beta of -0.04. The firm’s 50-day moving average is $36.91 and its two-hundred day moving average is $38.47. Madison Square Garden Entertainment Corp. has a 1 year low of $30.13 and a 1 year high of $44.14.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings data on Friday, November 8th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.39. Madison Square Garden Entertainment had a net margin of 18.38% and a negative return on equity of 261.70%. The firm had revenue of $138.70 million for the quarter, compared to the consensus estimate of $139.46 million. During the same period last year, the firm earned ($0.73) earnings per share. The company’s quarterly revenue was down 2.5% on a year-over-year basis. On average, equities analysts expect that Madison Square Garden Entertainment Corp. will post 1.58 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Macquarie decreased their price target on Madison Square Garden Entertainment from $47.00 to $45.00 and set an “outperform” rating on the stock in a report on Monday, November 11th. 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 report on Tuesday, November 12th. Finally, Morgan Stanley dropped their target price 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. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $46.00.

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.