JPMorgan Chase Raises Madison Square Garden Entertainment Price Target to $47

Madison Square Garden Entertainment (NYSE: MSGE) has seen its price target raised from $41.00 to $47.00 by JPMorgan Chase & Co., according to a research report released on October 19, 2023. The investment firm maintains a neutral rating on the stock, reflecting a cautious stance amid mixed analyst sentiments.

Several other research firms have also recently weighed in on Madison Square Garden Entertainment. The Goldman Sachs Group increased its target price from $42.00 to $52.00 and issued a buy rating in a report published on October 1, 2023. In contrast, Wall Street Zen downgraded the company’s rating from hold to sell on the same date as JPMorgan’s report. Additionally, Morgan Stanley raised its price target from $41.00 to $44.00 while maintaining an equal weight rating in an earlier report on August 12, 2023. The firm Weiss Ratings also reiterated a hold rating on October 8, 2023.

Analyst ratings show a divided outlook; four analysts have issued buy ratings, while three have opted for hold ratings. According to data from MarketBeat, Madison Square Garden Entertainment currently holds an average rating of “Moderate Buy” and a consensus target price of $45.50.

Quarterly Earnings Report Highlights

The company announced its quarterly earnings on November 6, 2023, revealing a loss of $0.46 earnings per share (EPS), which surpassed the consensus estimate of $0.59 by $0.13. The firm’s revenue for the quarter was $158.26 million, exceeding analyst expectations of $156.62 million. This marked a 14.1% increase in revenue compared to the same period last year. Notably, during the previous year’s quarter, the company reported a loss of $0.40 per share.

Equities research analysts forecast that Madison Square Garden Entertainment will achieve an EPS of 1.04 for the current fiscal year, indicating potential growth ahead.

Institutional Investment Activity

Recent activity among institutional investors has further influenced the company’s stock dynamics. CWM LLC increased its holdings in Madison Square Garden Entertainment by an impressive 623.8% during the second quarter, acquiring a total of 1,035 shares worth approximately $41,000. Similarly, Cullen Frost Bankers Inc. boosted its stake by 163.0%, now owning 1,086 shares valued around $43,000.

Other hedge funds have also made significant investments in the company. The State of Alaska Department of Revenue and the State of Wyoming each purchased new stakes valued at approximately $59,000 and $62,000, respectively. Collectively, institutional investors own 96.86% of Madison Square Garden Entertainment’s stock.

Founded in 1879 and headquartered in New York, NY, Madison Square Garden Entertainment operates a diverse portfolio of venues including The Garden, Radio City Music Hall, and the Chicago Theatre. As the company continues to navigate the entertainment landscape, its financial performance and analyst ratings will be closely monitored by investors and market watchers alike.