Zacks Investment Research upgraded shares of Madison Square Garden (NYSE:MSG) from a hold rating to a buy rating in a research report report published on Tuesday morning, Zacks.com reports. The firm currently has $344.00 target price on the stock.
According to Zacks, “Shares of Madison Square have outperformed the industry in the past year. The last reported quarter marked Madison Square’s second straight quarter of earnings and revenue beat. Results benefited from robust performance of both the Entertainment and Sports segments. Apart from its strong brand presence, the company’s entertainment business continues to grow on innovative venues and overall positive scenario in the concert market, which is commendable. Also, Madison Square is consistently benefiting from its ongoing efforts to reinstate growth through multi-night and multi-marketing agents. Moreover, continual partnerships to expand its footprint bode well. Estimates have also been revised upward over the past two months. However, intense competition in the sports business remains a concern.”
Other equities research analysts have also issued reports about the company. Imperial Capital restated a buy rating and set a $383.00 price target on shares of Madison Square Garden in a research note on Friday, March 29th. TheStreet lowered Madison Square Garden from a b- rating to a c+ rating in a research note on Tuesday, March 26th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of Buy and a consensus price target of $348.83.
Madison Square Garden stock opened at $309.84 on Tuesday. The firm has a market capitalization of $7.30 billion, a P/E ratio of 52.16 and a beta of 0.54. Madison Square Garden has a 52 week low of $236.78 and a 52 week high of $330.00. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04.
Madison Square Garden (NYSE:MSG) last released its earnings results on Friday, February 1st. The company reported $3.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.09 by $1.33. The firm had revenue of $632.20 million during the quarter, compared to analyst estimates of $589.52 million. Madison Square Garden had a return on equity of 0.48% and a net margin of 0.77%. The business’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $7.96 earnings per share. Research analysts predict that Madison Square Garden will post 0.54 EPS for the current year.
A number of large investors have recently made changes to their positions in the business. Lederer & Associates Investment Counsel CA increased its stake in Madison Square Garden by 0.9% during the fourth quarter. Lederer & Associates Investment Counsel CA now owns 7,483 shares of the company’s stock worth $2,003,000 after acquiring an additional 70 shares during the last quarter. Clarfeld Financial Advisors LLC acquired a new stake in Madison Square Garden during the fourth quarter worth about $27,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Madison Square Garden by 9.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,246 shares of the company’s stock worth $334,000 after acquiring an additional 106 shares during the last quarter. Columbus Circle Investors grew its stake in shares of Madison Square Garden by 0.3% in the fourth quarter. Columbus Circle Investors now owns 38,864 shares of the company’s stock valued at $10,404,000 after buying an additional 120 shares in the last quarter. Finally, Amalgamated Bank grew its stake in shares of Madison Square Garden by 3.7% in the fourth quarter. Amalgamated Bank now owns 3,524 shares of the company’s stock valued at $943,000 after buying an additional 125 shares in the last quarter. Institutional investors own 77.59% of the company’s stock.
Madison Square Garden Company Profile
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.
Further Reading: Day Trading
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Madison Square Garden Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Madison Square Garden and related companies with MarketBeat.com's FREE daily email newsletter.