Zacks Investment Research Downgrades Madison Square Garden (NYSE:MSG) to Hold

Zacks Investment Research cut shares of Madison Square Garden (NYSE:MSG) from a buy rating to a hold rating in a research report sent to investors on Tuesday, January 9th.

According to Zacks, “The Madison Square Garden Company is involved in the sports, entertainment and media industries. The company’s business segment consists of MSG Sports, MSG Media and MSG Entertainment. MSG Sports is involved in live sporting events. MSG Sports owns and operates sports franchises include the New York Knicks, the New York Rangers, the New York Liberty, the Westchester Knicks and the Hartford Wolf Pack. MSG Media is involved in production and content development for multiple distribution platforms. MSG Entertainment creates, produces and presents live productions, hosts live entertainment events. The Madison Square Garden Company is based in New York, United States. “

Other equities research analysts also recently issued reports about the stock. ValuEngine downgraded shares of Madison Square Garden from a hold rating to a sell rating in a research note on Friday, December 1st. Loop Capital upped their target price on shares of Madison Square Garden from $266.00 to $268.00 and gave the company a buy rating in a research note on Monday, November 6th. Morgan Stanley downgraded shares of Madison Square Garden from an overweight rating to an equal weight rating and upped their target price for the company from $218.50 to $245.00 in a research note on Tuesday, December 5th. BTIG Research set a $260.00 price target on shares of Madison Square Garden and gave the company a buy rating in a report on Monday, September 11th. Finally, Jefferies Group reaffirmed a hold rating and issued a $200.00 price target on shares of Madison Square Garden in a report on Tuesday, October 24th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $219.00.

Madison Square Garden (NYSE:MSG) opened at $220.69 on Tuesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.92 and a quick ratio of 1.92. The firm has a market cap of $5,199.24, a P/E ratio of 69.62 and a beta of 0.99. Madison Square Garden has a 52-week low of $169.86 and a 52-week high of $231.44.

Madison Square Garden (NYSE:MSG) last issued its quarterly earnings results on Friday, February 2nd. The company reported $3.19 EPS for the quarter, topping the consensus estimate of $1.87 by $1.32. Madison Square Garden had a negative net margin of 4.00% and a negative return on equity of 1.75%. The firm had revenue of $536.30 million during the quarter, compared to analyst estimates of $523.45 million. During the same quarter in the prior year, the business posted $2.39 earnings per share. Madison Square Garden’s revenue for the quarter was up 20.5% compared to the same quarter last year. analysts forecast that Madison Square Garden will post 0.58 EPS for the current year.

Several hedge funds have recently added to or reduced their stakes in the stock. Wedge Capital Management L L P NC acquired a new stake in shares of Madison Square Garden in the 4th quarter worth about $507,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Madison Square Garden by 44.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,122 shares of the company’s stock worth $237,000 after acquiring an additional 344 shares during the period. Cerebellum GP LLC acquired a new stake in shares of Madison Square Garden in the 4th quarter worth about $127,000. State of Alaska Department of Revenue grew its position in Madison Square Garden by 59.2% in the 4th quarter. State of Alaska Department of Revenue now owns 4,237 shares of the company’s stock valued at $893,000 after buying an additional 1,576 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. grew its position in Madison Square Garden by 12.0% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 89,241 shares of the company’s stock valued at $18,817,000 after buying an additional 9,582 shares in the last quarter. 70.95% of the stock is currently owned by institutional investors and hedge funds.

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Madison Square Garden Company Profile

The Madison Square Garden Company is a holding company, which is engaged in live experiences consisting of celebrated venues, sports teams, and entertainment productions. The Company operates in two segments, which include MSG Entertainment and MSG Sports. The MSG Sports segment includes the Company’s professional sports franchises, which include the New York Knicks (the Knicks) of the National Basketball Association (the NBA), the New York Rangers (the Rangers) of the National Hockey League (the NHL), the New York Liberty (the Liberty) of the Women’s National Basketball Association (the WNBA), the Hartford Wolf Pack of the American Hockey League (the AHL), which is the primary player development team for the Rangers, and the Westchester Knicks, an NBA Development League team.

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