BlackRock Cuts Stake in Madison Square Garden Entertainment (MSGE)

Fintel reports that BlackRock
has filed a 13G/A form
with the SEC disclosing ownership of
1.76MM
shares of Madison Square Garden Entertainment Corp (MSGE).

This represents 6.4% of the company.

In their previous filing dated February 4, 2022
they reported 1.77MM shares and 6.50% of the company,
a decrease in shares of 0.59%
and
a decrease in total ownership of
0.10%
(calculated as current – previous percent ownership).

Analyst Price Forecast Suggests 17.04% Upside

As of January 27, 2023,
the average one-year price target for Madison Square Garden Entertainment is $61.20.
The forecasts range from a low of $49.49 to a high of $80.85.
The average price target represents an increase of 17.04% from its latest reported closing price of $52.29.

The projected annual revenue for Madison Square Garden Entertainment
is $1,992MM, an increase of 8.77%.

The projected annual EPS
is $-1.92.

Fund Sentiment

There are 409 funds or institutions reporting positions in Madison Square Garden Entertainment.
This is a decrease
of
25
owner(s) or 5.76%.

Average portfolio weight of all funds dedicated to US:MSGE is 0.1877%,
a decrease
of 6.7138%.

Total shares owned by institutions decreased
in the last three months by 0.67% to 32,569K shares.

What are large shareholders doing?

MSGE / Madison Square Garden Entertainment Corp Ownership

Ariel Investments
holds 6,273,867 shares

representing 18.16% ownership of the company.

In it’s prior filing, the firm reported owning 6,199,863 shares, representing
an increase
of 1.18%.

The firm

decreased

its portfolio allocation in MSGE by 8.58% over the last quarter.

ARGFX – Ariel Fund Investor Class
holds 2,309,727 shares

representing 6.69% ownership of the company.

In it’s prior filing, the firm reported owning 2,240,435 shares, representing
an increase
of 3.00%.

The firm

decreased

its portfolio allocation in MSGE by 4.22% over the last quarter.

Price T Rowe Associates
holds 1,547,239 shares

representing 4.48% ownership of the company.

In it’s prior filing, the firm reported owning 1,305,995 shares, representing
an increase
of 15.59%.

The firm

decreased

its portfolio allocation in MSGE by 42.63% over the last quarter.

Channing Capital Management
holds 1,314,947 shares

representing 3.81% ownership of the company.

In it’s prior filing, the firm reported owning 1,272,435 shares, representing
an increase
of 3.23%.

The firm

decreased

its portfolio allocation in MSGE by 8.33% over the last quarter.

Clearbridge Investments
holds 1,098,004 shares

representing 3.18% ownership of the company.

In it’s prior filing, the firm reported owning 1,248,304 shares, representing
a decrease
of 13.69%.

The firm

decreased

its portfolio allocation in MSGE by 20.26% over the last quarter.

Madison Square Garden Entertainment Background Information
(This description is provided by the company.)

Madison Square Garden Entertainment Corp. (MSG Entertainment) is a leader in live entertainment experiences. The Company presents or hosts a broad array of events in its diverse collection of venues: New York’s Madison Square Garden, Hulu Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre; and The Chicago Theatre. MSG Entertainment is also building a new state-of-the-art venue in Las Vegas, MSG Sphere at The Venetian, and has announced plans to build a second MSG Sphere in London, pending necessary approvals. In addition, the Company features the original production – the Christmas Spectacular Starring the Radio City Rockettes – and through Boston Calling Events, produces the Boston Calling Music Festival. Also under the MSG Entertainment umbrella is Tao Group Hospitality, with entertainment dining and nightlife brands including Tao, Marquee, Lavo, Avenue, Beauty & Essex and Cath√©drale.

This story originally appeared on Fintel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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