Alliancebernstein L.P. Acquires 185,670 Shares of MSG Entertainment (NYSE:MSGE)

Alliancebernstein L.P. raised its holdings in shares of MSG Entertainment (NYSE:MSGE) by 81.7% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 413,042 shares of the company’s stock after purchasing an additional 185,670 shares during the period. Alliancebernstein L.P.’s holdings in MSG Entertainment were worth $14,704,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of MSGE. Swiss National Bank increased its holdings in MSG Entertainment by 0.9% during the fourth quarter. Swiss National Bank now owns 76,959 shares of the company’s stock valued at $2,740,000 after buying an additional 700 shares during the period. Bleakley Financial Group LLC increased its holdings in shares of MSG Entertainment by 16.5% in the 4th quarter. Bleakley Financial Group LLC now owns 8,320 shares of the company’s stock valued at $296,000 after acquiring an additional 1,178 shares during the period. Principal Financial Group Inc. raised its position in shares of MSG Entertainment by 8.0% in the 4th quarter. Principal Financial Group Inc. now owns 20,011 shares of the company’s stock worth $712,000 after acquiring an additional 1,479 shares in the last quarter. Handelsbanken Fonder AB lifted its stake in shares of MSG Entertainment by 21.1% during the 4th quarter. Handelsbanken Fonder AB now owns 9,200 shares of the company’s stock worth $328,000 after purchasing an additional 1,600 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its position in MSG Entertainment by 0.6% during the fourth quarter. New York State Common Retirement Fund now owns 472,232 shares of the company’s stock valued at $16,811,000 after purchasing an additional 2,971 shares in the last quarter. Institutional investors own 96.86% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on MSGE. Wolfe Research upgraded shares of MSG Entertainment from a “peer perform” rating to an “outperform” rating and set a $46.00 target price for the company in a report on Tuesday, March 11th. Macquarie reissued an “outperform” rating and set a $45.00 target price on shares of MSG Entertainment in a research report on Monday, February 10th.

MSG Entertainment Trading Down 2.0 %

Shares of NYSE:MSGE opened at $28.91 on Wednesday. The business’s 50-day moving average is $34.12 and its 200 day moving average is $36.68. The company has a debt-to-equity ratio of 56.61, a current ratio of 0.54 and a quick ratio of 0.54. MSG Entertainment has a 1 year low of $28.29 and a 1 year high of $44.14. The firm has a market capitalization of $1.18 billion, a P/E ratio of 10.99, a P/E/G ratio of 5.09 and a beta of 0.22.

MSG Entertainment (NYSE:MSGE) last posted its quarterly earnings data 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 net margin of 13.15% and a negative return on equity of 323.63%. On average, research analysts predict that MSG Entertainment will post 1.04 earnings per share 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 MSG Entertainment 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 completion of the sale, the insider now directly owns 6,015 shares in the company, valued at approximately $186,224.40. The trade was a 91.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 17.85% of the stock is currently owned by company insiders.

MSG Entertainment Company 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.