$49.95 Million in Sales Expected for Madison Square Garden Entertainment Corp. (NYSE:MSGE) This Quarter

Equities research analysts expect Madison Square Garden Entertainment Corp. (NYSE:MSGE) to post sales of $49.95 million for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Madison Square Garden Entertainment’s earnings, with the lowest sales estimate coming in at $42.70 million and the highest estimate coming in at $60.40 million. Madison Square Garden Entertainment posted sales of $199.86 million during the same quarter last year, which would indicate a negative year over year growth rate of 75%. The business is scheduled to report its next earnings report on Monday, May 17th.

According to Zacks, analysts expect that Madison Square Garden Entertainment will report full year sales of $156.79 million for the current year, with estimates ranging from $123.27 million to $185.90 million. For the next year, analysts expect that the business will post sales of $993.06 million, with estimates ranging from $936.00 million to $1.05 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that follow Madison Square Garden Entertainment.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings data on Friday, February 12th. The company reported ($5.13) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($3.87) by ($1.26). The firm had revenue of $23.14 million during the quarter, compared to analyst estimates of $18.35 million.

A number of research firms recently weighed in on MSGE. JPMorgan Chase & Co. cut Madison Square Garden Entertainment from an “overweight” rating to a “neutral” rating and upped their price target for the stock from $100.00 to $105.00 in a report on Tuesday, February 16th. Zacks Investment Research raised Madison Square Garden Entertainment from a “sell” rating to a “hold” rating in a report on Thursday, April 15th. Finally, Morgan Stanley upped their price target on Madison Square Garden Entertainment from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 19th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Madison Square Garden Entertainment presently has an average rating of “Buy” and an average price target of $97.63.

A number of institutional investors have recently modified their holdings of MSGE. Morgan Stanley grew its position in Madison Square Garden Entertainment by 2.2% in the third quarter. Morgan Stanley now owns 27,162 shares of the company’s stock worth $1,860,000 after acquiring an additional 581 shares during the period. OLD Mission Capital LLC acquired a new position in Madison Square Garden Entertainment during the third quarter worth $417,000. Schonfeld Strategic Advisors LLC raised its stake in shares of Madison Square Garden Entertainment by 69.3% in the third quarter. Schonfeld Strategic Advisors LLC now owns 52,482 shares of the company’s stock valued at $3,595,000 after acquiring an additional 21,480 shares in the last quarter. California State Teachers Retirement System raised its stake in Madison Square Garden Entertainment by 1.6% in the third quarter. California State Teachers Retirement System now owns 31,815 shares of the company’s stock valued at $2,179,000 after buying an additional 516 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its holdings in shares of Madison Square Garden Entertainment by 164.5% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 91,807 shares of the company’s stock worth $6,288,000 after buying an additional 57,100 shares during the last quarter. Institutional investors own 68.78% of the company’s stock.

NYSE MSGE opened at $85.21 on Wednesday. The stock has a market capitalization of $2.06 billion and a price-to-earnings ratio of -22.91. Madison Square Garden Entertainment has a twelve month low of $62.50 and a twelve month high of $121.42. The company has a current ratio of 2.61, a quick ratio of 2.61 and a debt-to-equity ratio of 0.01. The stock has a 50-day moving average of $97.00 and a 200 day moving average of $91.12.

Madison Square Garden Entertainment Company Profile

Madison Square Garden Entertainment Corp. engages in the entertainment business. It produces, presents, or hosts various live entertainment events, including concerts, family shows, and special events, as well as sporting events, such as professional boxing, college basketball, professional bull riding, mixed martial arts, and esports in its venues, including New York's Madison Square Garden, Hulu Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre, and The Chicago Theatre.

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Earnings History and Estimates for Madison Square Garden Entertainment (NYSE:MSGE)

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