Tributary Capital Management LLC cut its stake in shares of Madison Square Garden Co (NYSE:MSG) by 15.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 4,400 shares of the company’s stock after selling 800 shares during the quarter. Tributary Capital Management LLC’s holdings in Madison Square Garden were worth $1,387,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new stake in Madison Square Garden during the 2nd quarter valued at about $118,000. Massey Quick Simon & CO. LLC purchased a new stake in Madison Square Garden during the 2nd quarter valued at about $206,000. Investment House LLC purchased a new stake in Madison Square Garden during the 2nd quarter valued at about $225,000. Comerica Bank purchased a new stake in Madison Square Garden during the 2nd quarter valued at about $237,000. Finally, BNP Paribas Arbitrage SA boosted its holdings in Madison Square Garden by 837.0% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 759 shares of the company’s stock valued at $235,000 after acquiring an additional 678 shares during the period. Institutional investors own 70.42% of the company’s stock.
MSG has been the subject of several analyst reports. Imperial Capital initiated coverage on Madison Square Garden in a report on Tuesday, August 21st. They set an “outperform” rating and a $372.00 target price for the company. Jefferies Financial Group raised Madison Square Garden from a “hold” rating to a “buy” rating and upped their price target for the company from $233.00 to $350.00 in a research report on Thursday, June 28th. ValuEngine raised Madison Square Garden from a “buy” rating to a “strong-buy” rating in a research report on Thursday, June 28th. Morgan Stanley upped their price target on Madison Square Garden from $260.00 to $315.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 1st. Finally, Macquarie raised Madison Square Garden from a “neutral” rating to an “outperform” rating in a research report on Friday, June 29th. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Madison Square Garden presently has a consensus rating of “Buy” and a consensus price target of $322.17.
MSG opened at $292.16 on Thursday. The company has a market cap of $7.46 billion, a price-to-earnings ratio of 48.90, a price-to-earnings-growth ratio of 17.34 and a beta of 0.36. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.85 and a quick ratio of 1.85. Madison Square Garden Co has a one year low of $205.22 and a one year high of $330.00.
Madison Square Garden (NYSE:MSG) last released its quarterly earnings results on Thursday, August 16th. The company reported ($1.94) EPS for the quarter, beating analysts’ consensus estimates of ($2.00) by $0.06. The business had revenue of $318.00 million during the quarter, compared to analyst estimates of $293.32 million. Madison Square Garden had a return on equity of 1.10% and a net margin of 9.08%. Madison Square Garden’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($3.58) EPS. Equities research analysts forecast that Madison Square Garden Co will post 0.71 EPS for the current fiscal year.
About Madison Square Garden
The Madison Square Garden Company, together with its subsidiaries, engages in live sports and entertainment businesses in the United States. The company operates in two segments, MSG Sports and MSG Entertainment. The MSG Sports segment owns and operates professional sports franchises; and promotes, produces, and/or presents an array of other live sporting events, including professional boxing, college basketball, college hockey, professional bull riding, mixed martial arts, esports, tennis, and college wrestling.
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