Madison Square Garden (NYSE:MSG) PT Lowered to $362.00 at Imperial Capital

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Madison Square Garden (NYSE:MSG) had its target price lowered by Imperial Capital from $377.00 to $362.00 in a research note released on Wednesday morning, AnalystRatings.com reports. The brokerage currently has an outperform rating on the stock. Imperial Capital also issued estimates for Madison Square Garden’s Q1 2020 earnings at ($2.24) EPS, Q4 2020 earnings at ($2.14) EPS, Q4 2020 earnings at ($2.09) EPS, FY2020 earnings at $0.82 EPS and Q4 2021 earnings at ($2.25) EPS.

Several other research firms have also recently weighed in on MSG. Morgan Stanley increased their price target 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. ValuEngine raised shares of Madison Square Garden from a buy rating to a strong-buy rating in a report on Friday, August 2nd. Finally, Zacks Investment Research lowered shares of Madison Square Garden from a buy rating to a hold rating in a research report on Tuesday, May 14th. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $346.60.

Madison Square Garden stock opened at $254.45 on Wednesday. The stock has a market cap of $6.21 billion, a P/E ratio of 568.35 and a beta of 0.48. The company has a quick ratio of 2.07, a current ratio of 1.86 and a debt-to-equity ratio of 0.02. Madison Square Garden has a twelve month low of $240.33 and a twelve month high of $317.70. The company’s 50-day moving average price is $285.91 and its two-hundred day moving average price is $293.20.

Madison Square Garden (NYSE:MSG) last released its quarterly earnings results on Tuesday, August 20th. The company reported ($3.08) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($2.34) by ($0.74). The company had revenue of $263.56 million during the quarter, compared to the consensus estimate of $270.09 million. Madison Square Garden had a net margin of 0.70% and a return on equity of 0.43%. The firm’s revenue was down 17.1% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.94) earnings per share. Equities analysts anticipate that Madison Square Garden will post 0.69 earnings per share for the current fiscal year.

Large investors have recently made changes to their positions in the business. Treasurer of the State of North Carolina boosted its position in shares of Madison Square Garden by 0.6% during the 2nd quarter. Treasurer of the State of North Carolina now owns 8,972 shares of the company’s stock worth $2,512,000 after acquiring an additional 56 shares in the last quarter. BlackRock Inc. boosted its position in shares of Madison Square Garden by 8.4% during the 2nd quarter. BlackRock Inc. now owns 1,044,764 shares of the company’s stock worth $292,473,000 after acquiring an additional 80,714 shares in the last quarter. Griffin Asset Management Inc. boosted its position in shares of Madison Square Garden by 0.9% during the 2nd quarter. Griffin Asset Management Inc. now owns 5,900 shares of the company’s stock worth $1,652,000 after acquiring an additional 50 shares in the last quarter. Maplelane Capital LLC acquired a new stake in shares of Madison Square Garden during the 2nd quarter worth approximately $13,997,000. Finally, Magnetar Financial LLC boosted its position in Madison Square Garden by 61.8% in the second quarter. Magnetar Financial LLC now owns 1,788 shares of the company’s stock valued at $501,000 after buying an additional 683 shares in the last quarter. Hedge funds and other institutional investors own 72.56% 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.

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