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Is Madison Square Garden Entertainment Corp. (MSGE) Stock Outpacing Its Consumer Discretionary Peers This Year?

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For those looking to find strong Consumer Discretionary stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Madison Square Garden Entertainment (MSGE - Free Report) been one of those stocks this year? By taking a look at the stock's year-to-date performance in comparison to its Consumer Discretionary peers, we might be able to answer that question.

Madison Square Garden Entertainment is one of 292 individual stocks in the Consumer Discretionary sector. Collectively, these companies sit at #13 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.

The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Madison Square Garden Entertainment is currently sporting a Zacks Rank of #1 (Strong Buy).

The Zacks Consensus Estimate for MSGE's full-year earnings has moved 14.9% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.

According to our latest data, MSGE has moved about 21.1% on a year-to-date basis. In comparison, Consumer Discretionary companies have returned an average of 3.1%. This means that Madison Square Garden Entertainment is performing better than its sector in terms of year-to-date returns.

Another Consumer Discretionary stock, which has outperformed the sector so far this year, is Pactiv Evergreen Inc. (PTVE - Free Report) . The stock has returned 7.6% year-to-date.

The consensus estimate for Pactiv Evergreen Inc.'s current year EPS has increased 9.5% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).

To break things down more, Madison Square Garden Entertainment belongs to the Media Conglomerates industry, a group that includes 15 individual companies and currently sits at #69 in the Zacks Industry Rank. This group has gained an average of 15.6% so far this year, so MSGE is performing better in this area.

In contrast, Pactiv Evergreen Inc. falls under the Consumer Services - Miscellaneous industry. Currently, this industry has 14 stocks and is ranked #99. Since the beginning of the year, the industry has moved +5.8%.

Going forward, investors interested in Consumer Discretionary stocks should continue to pay close attention to Madison Square Garden Entertainment and Pactiv Evergreen Inc. as they could maintain their solid performance.

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