ValuEngine upgraded shares of Madison Square Garden (NYSE:MSG) from a buy rating to a strong-buy rating in a research note released on Friday morning, ValuEngine reports.
A number of other equities research analysts also recently issued reports on the stock. Imperial Capital lowered their target price on shares of Madison Square Garden from $383.00 to $376.00 and set an outperform rating for the company in a report on Thursday, May 9th. Morgan Stanley boosted their target price on shares of Madison Square Garden from $310.00 to $340.00 and gave the company an equal weight rating in a report on Thursday, April 25th. Finally, Zacks Investment Research downgraded shares of Madison Square Garden from a buy rating to a hold rating in a report on Tuesday, May 14th. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Madison Square Garden presently has a consensus rating of Buy and an average target price of $353.40.
Madison Square Garden stock traded down $0.06 during trading on Friday, reaching $289.53. The company had a trading volume of 124,159 shares, compared to its average volume of 111,963. Madison Square Garden has a 12-month low of $240.33 and a 12-month high of $321.40. The business’s 50 day moving average price is $285.55. The stock has a market capitalization of $6.88 billion, a price-to-earnings ratio of 48.74 and a beta of 0.48. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.03.
Madison Square Garden (NYSE:MSG) last released its earnings results on Wednesday, May 8th. The company reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.10. Madison Square Garden had a net margin of 2.29% and a return on equity of 1.48%. The firm had revenue of $517.19 million during the quarter, compared to the consensus estimate of $525.06 million. During the same period in the previous year, the firm earned $0.38 earnings per share. Madison Square Garden’s revenue was up 12.5% compared to the same quarter last year. Equities analysts expect that Madison Square Garden will post 0.89 earnings per share for the current year.
A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its stake in Madison Square Garden by 4.2% during the first quarter. BlackRock Inc. now owns 964,050 shares of the company’s stock worth $282,590,000 after buying an additional 38,682 shares during the period. Norges Bank purchased a new stake in Madison Square Garden during the fourth quarter worth approximately $60,308,000. Geode Capital Management LLC grew its stake in Madison Square Garden by 11.2% during the fourth quarter. Geode Capital Management LLC now owns 172,666 shares of the company’s stock worth $46,222,000 after buying an additional 17,452 shares during the period. Scout Investments Inc. grew its stake in Madison Square Garden by 11.1% during the first quarter. Scout Investments Inc. now owns 142,877 shares of the company’s stock worth $41,882,000 after buying an additional 14,219 shares during the period. Finally, Janus Henderson Group PLC grew its stake in Madison Square Garden by 9.9% during the second quarter. Janus Henderson Group PLC now owns 126,207 shares of the company’s stock worth $35,330,000 after buying an additional 11,412 shares during the period. Hedge funds and other institutional investors own 72.65% of the company’s stock.
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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