Zacks Investment Management Reduces Stake in MSG Entertainment (NYSE:MSGE)

Zacks Investment Management lowered its stake in shares of MSG Entertainment (NYSE:MSGE) by 17.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 92,373 shares of the company’s stock after selling 19,314 shares during the period. Zacks Investment Management owned 0.19% of MSG Entertainment worth $3,288,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Exchange Traded Concepts LLC grew its holdings in MSG Entertainment by 111.7% during the fourth quarter. Exchange Traded Concepts LLC now owns 29,860 shares of the company’s stock valued at $1,063,000 after purchasing an additional 15,756 shares during the period. Alliancebernstein L.P. grew its stake in shares of MSG Entertainment by 81.7% during the 4th quarter. Alliancebernstein L.P. now owns 413,042 shares of the company’s stock worth $14,704,000 after acquiring an additional 185,670 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in MSG Entertainment by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 339,977 shares of the company’s stock worth $12,103,000 after acquiring an additional 5,677 shares during the last quarter. Vanguard Group Inc. raised its stake in MSG Entertainment by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 3,917,905 shares of the company’s stock valued at $139,477,000 after acquiring an additional 52,731 shares during the period. Finally, Y Intercept Hong Kong Ltd lifted its holdings in MSG Entertainment by 131.7% during the fourth quarter. Y Intercept Hong Kong Ltd now owns 15,802 shares of the company’s stock valued at $563,000 after purchasing an additional 8,983 shares during the last quarter. Institutional investors own 96.86% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Macquarie reiterated an “outperform” rating and issued a $45.00 target price on shares of MSG Entertainment in a research note on Monday, February 10th. Wolfe Research raised shares of MSG Entertainment from a “peer perform” rating to an “outperform” rating and set a $46.00 target price on the stock in a report on Tuesday, March 11th.

MSG Entertainment Trading Up 2.0 %

Shares of MSGE opened at $30.66 on Friday. MSG Entertainment has a twelve month low of $28.29 and a twelve month high of $44.14. The stock has a market cap of $1.26 billion, a PE ratio of 11.66, a P/E/G ratio of 5.09 and a beta of 0.22. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 56.61. The business’s 50-day moving average price is $33.27 and its 200-day moving average price is $36.16.

MSG Entertainment (NYSE:MSGE) last released its quarterly earnings results on Thursday, February 6th. The company reported $1.56 EPS for the quarter, missing analysts’ consensus estimates of $2.16 by ($0.60). MSG Entertainment had a net margin of 13.15% and a negative return on equity of 323.63%. On average, equities analysts forecast that MSG Entertainment will post 1.04 EPS for the current fiscal year.

Insider Buying and Selling at MSG Entertainment

In other news, insider F. Dolan 2009 Revocabl Charles sold 67,143 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $30.96, for a total transaction of $2,078,747.28. Following the sale, the insider now owns 6,015 shares in the company, valued at approximately $186,224.40. This trade represents a 91.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 17.85% of the company’s stock.

MSG Entertainment 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.