Bank of America Boosts Madison Square Garden Entertainment (NYSE:MSGE) Price Target to $48.00

Madison Square Garden Entertainment (NYSE:MSGE) had its target price raised by Bank of America from $43.00 to $48.00 in a report published on Monday morning, Benzinga reports. Bank of America currently has a buy rating on the stock.

MSGE has been the subject of a number of other research reports. Morgan Stanley lifted their target price on Madison Square Garden Entertainment from $42.00 to $45.00 and gave the stock an equal weight rating in a report on Monday. The Goldman Sachs Group upgraded Madison Square Garden Entertainment from a neutral rating to a buy rating and lifted their price objective for the stock from $41.00 to $45.00 in a report on Wednesday, July 24th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $44.20.

Madison Square Garden Entertainment Price Performance

Shares of Madison Square Garden Entertainment stock opened at $41.00 on Monday. The stock has a market cap of $1.69 billion, a price-to-earnings ratio of 34.75, a PEG ratio of 3.91 and a beta of 0.12. Madison Square Garden Entertainment has a 1 year low of $27.55 and a 1 year high of $41.76. The firm’s 50-day moving average is $36.65 and its 200 day moving average is $37.26.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its earnings results on Friday, August 16th. The company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $1.97. The firm had revenue of $186.10 million for the quarter, compared to the consensus estimate of $173.26 million. Madison Square Garden Entertainment had a net margin of 5.74% and a negative return on equity of 53.05%. The business’s revenue was up 25.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.47) earnings per share. On average, equities analysts expect that Madison Square Garden Entertainment will post 1.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Hedge funds and other institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. increased its position in 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 valued at $4,099,000 after acquiring an additional 54,918 shares during the last quarter. Epoch Investment Partners Inc. purchased a new stake in shares of Madison Square Garden Entertainment during the 1st quarter valued at about $13,076,000. Lazard Asset Management LLC lifted its stake in shares of Madison Square Garden Entertainment by 1,569.2% in the 1st quarter. Lazard Asset Management LLC now owns 43,348 shares of the company’s stock worth $1,699,000 after purchasing an additional 40,751 shares during the period. Norges Bank purchased a new position in shares of Madison Square Garden Entertainment in the fourth quarter worth approximately $14,980,000. Finally, Entropy Technologies LP purchased a new position in shares of Madison Square Garden Entertainment in the first quarter worth approximately $287,000. 96.86% of the stock is owned by institutional investors.

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.