Zacks Investment Research lowered shares of Madison Square Garden (NYSE:MSG) from a buy rating to a hold rating in a report issued 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. “
Several other analysts have also recently issued reports on the stock. Morgan Stanley cut shares of Madison Square Garden from an overweight rating to an equal weight rating and upped their price objective 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 research note on Monday, September 11th. ValuEngine cut shares of Madison Square Garden from a hold rating to a sell rating in a research note on Friday, December 1st. Loop Capital increased their price objective on shares of Madison Square Garden from $266.00 to $268.00 and gave the stock a buy rating in a research report on Monday, November 6th. Finally, Jefferies Group reaffirmed a hold rating and set a $200.00 price objective on shares of Madison Square Garden in a research report on Tuesday, October 24th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company’s stock. Madison Square Garden presently has a consensus rating of Hold and a consensus price target of $219.00.
Shares of Madison Square Garden (MSG) opened at $220.69 on Tuesday. The firm has a market cap of $5,199.24, a price-to-earnings ratio of 69.62 and a beta of 0.99. Madison Square Garden has a 1-year low of $169.86 and a 1-year high of $231.44. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.04.
Madison Square Garden (NYSE:MSG) last posted its earnings results on Friday, February 2nd. The company reported $3.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.87 by $1.32. The company had revenue of $536.30 million during the quarter, compared to the consensus estimate of $523.45 million. Madison Square Garden had a negative net margin of 4.00% and a negative return on equity of 1.75%. The firm’s quarterly revenue was up 20.5% on a year-over-year basis. During the same period in the previous year, the firm posted $2.39 earnings per share. analysts predict that Madison Square Garden will post 0.58 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Wedge Capital Management L L P NC purchased a new position in shares of Madison Square Garden in the 4th quarter valued at $507,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position 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 valued at $237,000 after buying an additional 344 shares during the last quarter. Cerebellum GP LLC purchased a new position in shares of Madison Square Garden in the 4th quarter valued at $127,000. State of Alaska Department of Revenue grew its position in shares of 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 during the last quarter. Finally, Schwab Charles Investment Management Inc. grew its position in shares of 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 during the last quarter. Institutional investors and hedge funds own 70.95% of the company’s stock.
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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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