Primecap Management Co. CA Sells 5,320 Shares of Sphere Entertainment Co. (NYSE:SPHR)

Primecap Management Co. CA lessened its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR) by 1.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 423,598 shares of the company’s stock after selling 5,320 shares during the quarter. Primecap Management Co. CA’s holdings in Sphere Entertainment were worth $17,079,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Victory Capital Management Inc. lifted its holdings in shares of Sphere Entertainment by 1.2% in the third quarter. Victory Capital Management Inc. now owns 22,438 shares of the company’s stock valued at $991,000 after purchasing an additional 271 shares in the last quarter. US Bancorp DE raised its position in Sphere Entertainment by 3.8% in the 4th quarter. US Bancorp DE now owns 7,511 shares of the company’s stock valued at $303,000 after buying an additional 276 shares during the last quarter. Central Pacific Bank Trust Division lifted its stake in Sphere Entertainment by 5.3% during the 4th quarter. Central Pacific Bank Trust Division now owns 9,946 shares of the company’s stock valued at $401,000 after acquiring an additional 500 shares in the last quarter. Commonwealth Equity Services LLC boosted its holdings in Sphere Entertainment by 10.8% during the 4th quarter. Commonwealth Equity Services LLC now owns 7,411 shares of the company’s stock worth $299,000 after acquiring an additional 721 shares during the last quarter. Finally, Concurrent Investment Advisors LLC grew its stake in shares of Sphere Entertainment by 18.2% in the 4th quarter. Concurrent Investment Advisors LLC now owns 5,793 shares of the company’s stock worth $234,000 after acquiring an additional 893 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SPHR. Macquarie dropped their price target on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 11th. JPMorgan Chase & Co. dropped their target price on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 4th. Finally, Benchmark reaffirmed a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $46.75.

Insider Buying and Selling at Sphere Entertainment

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of Sphere Entertainment stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $33.80, for a total value of $1,872,013.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 25.08% of the company’s stock.

Sphere Entertainment Trading Up 1.9 %

NYSE:SPHR opened at $32.31 on Thursday. The firm’s 50 day moving average is $41.94 and its 200 day moving average is $41.93. Sphere Entertainment Co. has a 12 month low of $30.62 and a 12 month high of $50.88. The stock has a market capitalization of $1.16 billion, a PE ratio of -3.08 and a beta of 1.39. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23.

About Sphere Entertainment

Sphere Entertainment Co 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 The Garden, Hulu Theater, Radio City Music Hall, and the Beacon Theatre in New York City; and The Chicago Theatre.