Madison Square Garden Entertainment (NYSE:MSGE) Announces Quarterly Earnings Results, Beats Estimates By $0.13 EPS

Madison Square Garden Entertainment (NYSE:MSGE - Get Free Report) issued its quarterly earnings data on Thursday. The company reported ($0.46) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.59) by $0.13, Zacks reports. The company had revenue of $158.26 million during the quarter, compared to the consensus estimate of $156.62 million. Madison Square Garden Entertainment had a net margin of 3.65% and a return on equity of 2,102.70%. Madison Square Garden Entertainment's revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter last year, the company earned ($0.40) earnings per share.

Madison Square Garden Entertainment Stock Up 5.3%

NYSE MSGE traded up $2.34 on Friday, hitting $46.61. 496,618 shares of the stock traded hands, compared to its average volume of 315,283. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 60.61. The stock has a 50-day moving average of $44.16 and a 200 day moving average of $39.95. Madison Square Garden Entertainment has a twelve month low of $28.29 and a twelve month high of $48.09. The company has a market capitalization of $1.88 billion, a P/E ratio of 66.59 and a beta of 0.48.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on MSGE shares. Weiss Ratings reiterated a "hold (c-)" rating on shares of Madison Square Garden Entertainment in a report on Wednesday, October 8th. The Goldman Sachs Group lifted their target price on Madison Square Garden Entertainment from $42.00 to $52.00 and gave the stock a "buy" rating in a research report on Wednesday, October 1st. Morgan Stanley increased their price target on Madison Square Garden Entertainment from $41.00 to $44.00 and gave the company an "equal weight" rating in a report on Tuesday, August 12th. JPMorgan Chase & Co. raised their price objective on Madison Square Garden Entertainment from $41.00 to $47.00 and gave the company a "neutral" rating in a research note on Friday. Finally, Wall Street Zen raised Madison Square Garden Entertainment from a "sell" rating to a "hold" rating in a research report on Saturday. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Madison Square Garden Entertainment has a consensus rating of "Moderate Buy" and a consensus price target of $45.50.

Read Our Latest Research Report on Madison Square Garden Entertainment

Institutional Investors Weigh In On Madison Square Garden Entertainment

A number of institutional investors have recently made changes to their positions in MSGE. Bank of America Corp DE lifted its stake in Madison Square Garden Entertainment by 324.8% during the second quarter. Bank of America Corp DE now owns 667,248 shares of the company's stock worth $26,670,000 after purchasing an additional 510,191 shares during the last quarter. Millennium Management LLC bought a new stake in Madison Square Garden Entertainment during the first quarter valued at $4,994,000. JPMorgan Chase & Co. raised its holdings in shares of Madison Square Garden Entertainment by 53.5% during the second quarter. JPMorgan Chase & Co. now owns 102,307 shares of the company's stock worth $4,089,000 after purchasing an additional 35,678 shares during the period. Lazard Asset Management LLC lifted its position in shares of Madison Square Garden Entertainment by 284.9% in the 2nd quarter. Lazard Asset Management LLC now owns 55,171 shares of the company's stock worth $2,204,000 after buying an additional 40,839 shares during the last quarter. Finally, Sandler Capital Management bought a new position in shares of Madison Square Garden Entertainment in the 2nd quarter worth about $1,850,000. 96.86% of the stock is currently owned by institutional investors.

Madison Square Garden Entertainment Company Profile

Madison Square Garden Entertainment Corp. engages in the provision of entertainment services. Its portfolio of venues includes The Garden, Radio City Music Hall, the Beacon Theatre, The Theater at Madison Square, and The Chicago Theatre. The company was founded in 1879 and is headquartered in New York, NY.

Featured Articles

• Five stocks we like better than Madison Square Garden Entertainment
• Dividend Screener: How to Evaluate Dividend Stocks Before Buying
• Rivian’s Chart Says Go, But Some Analysts Still Say No
• What Are Growth Stocks and Investing in Them
• e.l.f. Sell-Off Is a Good Time to Buy, According to Analysts
• What is a penny stock? A comprehensive guide
• T-Mobile Is The Most Oversold Mega-Cap Stock—Time to Buy?

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Should You Invest $1,000 in Madison Square Garden Entertainment Right Now?

Before you consider Madison Square Garden Entertainment, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Madison Square Garden Entertainment wasn't on the list.

While Madison Square Garden Entertainment currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here