Insider Selling: Madison Square Garden Entertainment Corp. (NYSE:MSGE) CEO Sells 24,284 Shares of Stock

Madison Square Garden Entertainment Corp. (NYSE:MSGEGet Free Report) CEO James Lawrence Dolan sold 24,284 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $37.31, for a total transaction of $906,036.04. Following the sale, the chief executive officer now directly owns 360,242 shares of the company’s stock, valued at $13,440,629.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Madison Square Garden Entertainment Price Performance

NYSE MSGE traded up $1.16 during midday trading on Wednesday, hitting $38.08. 545,469 shares of the company traded hands, compared to its average volume of 543,434. The company has a market cap of $1.57 billion and a PE ratio of 24.73. Madison Square Garden Entertainment Corp. has a 52 week low of $27.55 and a 52 week high of $40.81. The company’s 50-day simple moving average is $33.89 and its 200-day simple moving average is $32.31.

Madison Square Garden Entertainment (NYSE:MSGEGet Free Report) last released its quarterly earnings results on Wednesday, February 7th. The company reported $2.59 earnings per share for the quarter, beating analysts’ consensus estimates of $1.90 by $0.69. Madison Square Garden Entertainment had a net margin of 8.03% and a negative return on equity of 94.05%. The business had revenue of $402.67 million for the quarter, compared to analysts’ expectations of $385.92 million. During the same period last year, the business earned $1.95 EPS. The company’s revenue was up 13.1% compared to the same quarter last year. On average, research analysts predict that Madison Square Garden Entertainment Corp. will post 1.08 earnings per share for the current year.

Hedge Funds Weigh In On Madison Square Garden Entertainment

Large investors have recently made changes to their positions in the business. Raymond James & Associates increased its position in Madison Square Garden Entertainment by 21.5% during the 1st quarter. Raymond James & Associates now owns 17,863 shares of the company’s stock valued at $1,488,000 after buying an additional 3,156 shares in the last quarter. American Century Companies Inc. lifted its stake in Madison Square Garden Entertainment by 17.8% during the 1st quarter. American Century Companies Inc. now owns 3,937 shares of the company’s stock valued at $328,000 after acquiring an additional 595 shares during the period. HighTower Advisors LLC boosted its holdings in shares of Madison Square Garden Entertainment by 4.8% in the 1st quarter. HighTower Advisors LLC now owns 17,630 shares of the company’s stock valued at $1,460,000 after acquiring an additional 804 shares during the last quarter. Cetera Advisor Networks LLC acquired a new stake in shares of Madison Square Garden Entertainment in the first quarter worth $356,000. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Madison Square Garden Entertainment by 58.3% during the first quarter. PNC Financial Services Group Inc. now owns 7,895 shares of the company’s stock worth $657,000 after purchasing an additional 2,909 shares during the last quarter. 70.02% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. reduced their price objective on Madison Square Garden Entertainment from $38.00 to $36.00 and set a “neutral” rating on the stock in a report on Wednesday, November 8th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $39.83.

Read Our Latest Research Report on Madison Square Garden Entertainment

Madison Square Garden Entertainment Company Profile

(Get Free Report)

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.

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