Geode Capital Management LLC Purchases 5,012 Shares of MSG Entertainment (NYSE:MSGE)

Geode Capital Management LLC raised its stake in MSG Entertainment (NYSE:MSGE) by 0.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 943,475 shares of the company’s stock after buying an additional 5,012 shares during the period. Geode Capital Management LLC’s holdings in MSG Entertainment were worth $33,596,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Pictet Asset Management Holding SA acquired a new stake in MSG Entertainment during the fourth quarter worth approximately $205,000. EntryPoint Capital LLC bought a new stake in MSG Entertainment during the 4th quarter valued at $221,000. OFI Invest Asset Management purchased a new position in MSG Entertainment in the fourth quarter worth $270,000. KLP Kapitalforvaltning AS purchased a new stake in shares of MSG Entertainment in the 4th quarter valued at $289,000. Finally, Bleakley Financial Group LLC lifted its position in MSG Entertainment by 16.5% in the fourth quarter. Bleakley Financial Group LLC now owns 8,320 shares of the company’s stock valued at $296,000 after purchasing an additional 1,178 shares during the last quarter. 96.86% of the stock is owned by institutional investors and hedge funds.

MSG Entertainment Stock Performance

Shares of MSGE stock opened at $30.22 on Thursday. MSG Entertainment has a 52-week low of $28.29 and a 52-week high of $44.14. The company’s 50 day moving average is $33.41 and its 200 day moving average is $36.24. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of 11.49, a PEG 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.

MSG Entertainment (NYSE:MSGE) last issued its earnings results on Thursday, February 6th. The company reported $1.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.16 by ($0.60). MSG Entertainment had a negative return on equity of 323.63% and a net margin of 13.15%. On average, sell-side analysts anticipate that MSG Entertainment will post 1.04 EPS for the current fiscal year.

Analysts Set New Price Targets

MSGE has been the topic of several recent research reports. Wolfe Research upgraded MSG Entertainment from a “peer perform” rating to an “outperform” rating and set a $46.00 price target on the stock in a research note on Tuesday, March 11th. Macquarie reiterated an “outperform” rating and issued a $45.00 price target on shares of MSG Entertainment in a research note on Monday, February 10th.

Insider Buying and Selling at MSG Entertainment

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

About MSG Entertainment

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.