Jacobs Levy Equity Management Inc. Lowers Holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE)

Jacobs Levy Equity Management Inc. lowered its holdings in shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 2.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 573,616 shares of the company’s stock after selling 13,280 shares during the quarter. Jacobs Levy Equity Management Inc.’s holdings in Madison Square Garden Entertainment were worth $24,396,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MSGE. Quent Capital LLC boosted its stake in Madison Square Garden Entertainment by 913.8% in the 3rd quarter. Quent Capital LLC now owns 659 shares of the company’s stock worth $28,000 after purchasing an additional 594 shares during the period. DekaBank Deutsche Girozentrale boosted its position in shares of Madison Square Garden Entertainment by 101.6% during the first quarter. DekaBank Deutsche Girozentrale now owns 5,236 shares of the company’s stock worth $207,000 after acquiring an additional 2,639 shares during the last quarter. ArrowMark Colorado Holdings LLC purchased a new position in Madison Square Garden Entertainment during the third quarter valued at $219,000. Captrust Financial Advisors bought a new stake in Madison Square Garden Entertainment in the 3rd quarter valued at $227,000. Finally, OFI Invest Asset Management purchased a new stake in Madison Square Garden Entertainment in the 2nd quarter worth $251,000. Institutional investors own 96.86% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Macquarie cut 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. Morgan Stanley reduced their price objective on 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. Bank of America increased their target price on Madison Square Garden Entertainment from $43.00 to $48.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Finally, Guggenheim reduced their price target on shares of 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. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $46.00.

Madison Square Garden Entertainment Price Performance

NYSE:MSGE opened at $38.87 on Wednesday. The firm has a market capitalization of $1.87 billion, a price-to-earnings ratio of 10.62, a PEG ratio of 3.34 and a beta of -0.04. The business has a 50 day simple moving average of $40.29 and a 200-day simple moving average of $38.46. Madison Square Garden Entertainment Corp. has a 1 year low of $30.00 and a 1 year high of $44.14.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings results on Friday, November 8th. The company reported ($0.40) earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $139.46 million. During the same period last year, the company earned ($0.73) earnings per share. Madison Square Garden Entertainment’s revenue was down 2.5% on a year-over-year basis. As a group, analysts expect that Madison Square Garden Entertainment Corp. will post 1.58 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $42.43, for a total value of $254,580.00. Following the sale, the executive vice president now directly owns 12,192 shares in the company, valued at approximately $517,306.56. This represents a 32.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 17.85% of the stock is owned by corporate insiders.

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.