Madison Square Garden Co (MSG) Receives “Overweight” Rating from JPMorgan Chase & Co.
JPMorgan Chase & Co. restated their overweight rating on shares of Madison Square Garden Co (NYSE:MSG) in a research report report published on Thursday. They currently have a $245.00 price target on the stock.
Several other brokerages have also recently commented on MSG. Zacks Investment Research raised Madison Square Garden from a hold rating to a buy rating and set a $229.00 target price for the company in a research report on Tuesday, April 11th. Jefferies Group LLC reissued a hold rating on shares of Madison Square Garden in a research report on Tuesday, March 21st. Bank of America Corp initiated coverage on Madison Square Garden in a research report on Tuesday, January 31st. They set a buy rating for the company. Macquarie restated a hold rating and set a $182.00 target price on shares of Madison Square Garden in a report on Monday, February 6th. Finally, Albert Fried & Company restated a hold rating on shares of Madison Square Garden in a report on Wednesday, January 11th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. Madison Square Garden currently has a consensus rating of Buy and an average price target of $207.64.
Madison Square Garden (NYSE:MSG) traded down 0.28% during mid-day trading on Thursday, reaching $200.39. The company’s stock had a trading volume of 43,022 shares. The firm’s 50 day moving average price is $198.01 and its 200 day moving average price is $178.51. The firm’s market capitalization is $4.80 billion. Madison Square Garden has a 52 week low of $156.01 and a 52 week high of $206.60.
Madison Square Garden (NYSE:MSG) last issued its earnings results on Friday, February 3rd. The company reported $2.39 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.02 by $0.37. The business earned $445.20 million during the quarter, compared to analysts’ expectations of $440.08 million. Madison Square Garden had a negative return on equity of 2.55% and a negative net margin of 7.63%. Madison Square Garden’s revenue was up 8.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.74 earnings per share. On average, analysts anticipate that Madison Square Garden will post ($0.75) EPS for the current fiscal year.
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In other news, SVP Joseph F. Yospe sold 1,500 shares of Madison Square Garden stock in a transaction dated Friday, March 10th. The stock was sold at an average price of $204.17, for a total value of $306,255.00. Following the transaction, the senior vice president now directly owns 7,433 shares in the company, valued at $1,517,595.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 18.64% of the company’s stock.
Several institutional investors have recently bought and sold shares of MSG. US Bancorp DE raised its position in Madison Square Garden by 8.7% in the third quarter. US Bancorp DE now owns 837 shares of the company’s stock worth $142,000 after buying an additional 67 shares during the last quarter. CGOV Asset Management acquired a new position in Madison Square Garden during the first quarter worth approximately $266,000. Advisor Group Inc. raised its position in Madison Square Garden by 1.8% in the third quarter. Advisor Group Inc. now owns 1,226 shares of the company’s stock worth $208,000 after buying an additional 22 shares during the last quarter. M&T Bank Corp acquired a new position in Madison Square Garden during the third quarter worth approximately $221,000. Finally, First Allied Advisory Services Inc. raised its position in Madison Square Garden by 1.0% in the fourth quarter. First Allied Advisory Services Inc. now owns 1,353 shares of the company’s stock worth $232,000 after buying an additional 14 shares during the last quarter. Institutional investors and hedge funds own 86.31% of the company’s stock.
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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