Zacks: Brokerages Anticipate Madison Square Garden Entertainment Corp. (NYSE:MSGE) Will Announce Earnings of -$0.29 Per Share

Wall Street brokerages expect Madison Square Garden Entertainment Corp. (NYSE:MSGEGet Rating) to announce ($0.29) earnings per share for the current quarter, according to Zacks. Three analysts have provided estimates for Madison Square Garden Entertainment’s earnings. Madison Square Garden Entertainment posted earnings of ($4.87) per share during the same quarter last year, which suggests a positive year over year growth rate of 94%. The firm is scheduled to announce its next quarterly earnings report on Monday, January 1st.

On average, analysts expect that Madison Square Garden Entertainment will report full year earnings of ($3.28) per share for the current year. For the next financial year, analysts expect that the firm will report earnings of $0.53 per share. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of research firms that follow Madison Square Garden Entertainment.

Madison Square Garden Entertainment (NYSE:MSGEGet Rating) last posted its quarterly earnings data on Monday, May 9th. The company reported ($0.51) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.55). Madison Square Garden Entertainment had a negative net margin of 16.04% and a negative return on equity of 9.60%. The company had revenue of $460.10 million for the quarter, compared to analysts’ expectations of $441.64 million. During the same quarter last year, the business posted ($3.66) EPS. The business’s quarterly revenue was up 114.7% compared to the same quarter last year.

A number of brokerages have recently commented on MSGE. JPMorgan Chase & Co. reduced their price target on shares of Madison Square Garden Entertainment from $79.00 to $76.00 in a research note on Thursday, April 21st. Oppenheimer dropped their price target on shares of Madison Square Garden Entertainment from $115.00 to $95.00 and set an “outperform” rating for the company in a research report on Thursday, February 10th. Zacks Investment Research upgraded shares of Madison Square Garden Entertainment from a “sell” rating to a “hold” rating in a research report on Wednesday, April 13th. Wolfe Research lowered their target price on shares of Madison Square Garden Entertainment from $88.00 to $73.00 and set a “peer perform” rating on the stock in a report on Thursday, June 2nd. Finally, Jefferies Financial Group decreased their price target on shares of Madison Square Garden Entertainment from $115.00 to $106.00 in a research note on Friday, February 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, Madison Square Garden Entertainment presently has an average rating of “Hold” and a consensus target price of $83.50.

Shares of Madison Square Garden Entertainment stock opened at $66.47 on Wednesday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.51 and a current ratio of 1.51. The stock has a market capitalization of $2.27 billion, a PE ratio of -8.46 and a beta of 1.06. Madison Square Garden Entertainment has a 52-week low of $57.66 and a 52-week high of $92.61. The company has a 50-day simple moving average of $72.02 and a two-hundred day simple moving average of $72.48.

Several hedge funds and other institutional investors have recently modified their holdings of MSGE. Ariel Investments LLC grew its stake in shares of Madison Square Garden Entertainment by 9.4% during the 4th quarter. Ariel Investments LLC now owns 6,173,301 shares of the company’s stock worth $434,230,000 after purchasing an additional 532,859 shares during the period. Alberta Investment Management Corp purchased a new position in Madison Square Garden Entertainment in the 3rd quarter valued at $27,157,000. Norges Bank purchased a new position in Madison Square Garden Entertainment in the 4th quarter valued at $14,658,000. Goldman Sachs Group Inc. raised its holdings in shares of Madison Square Garden Entertainment by 122.1% during the 3rd quarter. Goldman Sachs Group Inc. now owns 193,964 shares of the company’s stock worth $14,096,000 after acquiring an additional 106,644 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Madison Square Garden Entertainment by 23.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 530,171 shares of the company’s stock worth $44,169,000 after acquiring an additional 100,980 shares during the period. 73.12% of the stock is currently owned by institutional investors and hedge funds.

Madison Square Garden Entertainment Company Profile (Get Rating)

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 and hockey, professional bull riding, mixed martial arts, and esports and wrestling in its venues, including 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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