Trade Report: The Zacks Investment Research Upgrades The Madison Square Garden Co. (MSG) to Buy

The Zacks Investment Research Upgrades The Madison Square Garden Co. (MSG) to Buy

The Madison Square Garden Co. (NYSE:MSG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The firm presently has a $185.00 target price on the stock. Zacks Investment Research’s price objective suggests a potential upside of 14.61% from the stock’s current price.

According to Zacks, “The Madison Square Garden Company is involved in the sports, entertainment and media industries. The company’s business segment consists of MSG Sports, MSG Media and MSG Entertainment. MSG Sports is involved in live sporting events. MSG Sports owns and operates sports franchises include the New York Knicks, the New York Rangers, the New York Liberty, the Westchester Knicks and the Hartford Wolf Pack. MSG Media is involved in production and content development for multiple distribution platforms. MSG Entertainment creates, produces and presents live productions, hosts live entertainment events. The Madison Square Garden Company is based in New York, United States. “

A number of other equities analysts have also recently issued reports on MSG. Loop Capital reiterated a “buy” rating and issued a $217.00 target price on shares of The Madison Square Garden in a report on Saturday, September 3rd. Jefferies Group cut The Madison Square Garden from a “buy” rating to a “hold” rating and set a $185.00 target price on the stock. in a report on Monday, August 22nd. They noted that the move was a valuation call. Stifel Nicolaus increased their target price on The Madison Square Garden from $190.00 to $210.00 and gave the stock a “buy” rating in a report on Monday, August 22nd. Finally, Albert Fried & Company cut their target price on The Madison Square Garden from $170.00 to $150.00 and set a “market perform” rating on the stock in a report on Wednesday, September 28th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. The Madison Square Garden presently has an average rating of “Hold” and an average target price of $159.86.

The Madison Square Garden (NYSE:MSG) opened at 161.42 on Friday. The firm’s market capitalization is $3.89 billion. The company has a 50 day moving average of $172.55 and a 200 day moving average of $171.12. The Madison Square Garden has a 1-year low of $139.10 and a 1-year high of $188.80.

The Madison Square Garden (NYSE:MSG) last issued its earnings results on Friday, August 19th. The company reported ($2.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.00) by $1.39. The Madison Square Garden had a negative return on equity of 4.58% and a negative net margin of 6.93%. The firm earned $217.80 million during the quarter. During the same quarter in the prior year, the company posted $0.60 EPS. The firm’s quarterly revenue was down 14.6% compared to the same quarter last year. On average, equities research analysts anticipate that The Madison Square Garden will post ($0.38) earnings per share for the current year.

In other The Madison Square Garden news, insider Kathleen Margaret Dolan bought 15,954 shares of the stock in a transaction dated Monday, September 12th. The shares were bought at an average cost of $182.96 per share, for a total transaction of $2,918,943.84. Following the purchase, the insider now directly owns 1,568 shares of the company’s stock, valued at approximately $286,881.28. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 19.61% of the company’s stock.

A number of large investors have recently made changes to their positions in MSG. Citizens Financial Group Inc RI raised its stake in shares of The Madison Square Garden by 1.7% in the first quarter. Citizens Financial Group Inc RI now owns 938 shares of the company’s stock valued at $156,000 after buying an additional 16 shares during the period. Calvert Investment Management Inc. raised its stake in shares of The Madison Square Garden by 2.0% in the second quarter. Calvert Investment Management Inc. now owns 1,635 shares of the company’s stock valued at $282,000 after buying an additional 32 shares during the period. 1st Global Advisors Inc. raised its stake in shares of The Madison Square Garden by 1.6% in the second quarter. 1st Global Advisors Inc. now owns 3,198 shares of the company’s stock valued at $552,000 after buying an additional 49 shares during the period. Legal & General Group Plc raised its stake in shares of The Madison Square Garden by 3.7% in the second quarter. Legal & General Group Plc now owns 1,635 shares of the company’s stock valued at $282,000 after buying an additional 59 shares during the period. Finally, Prudential Financial Inc. raised its stake in shares of The Madison Square Garden by 8.0% in the second quarter. Prudential Financial Inc. now owns 1,356 shares of the company’s stock valued at $234,000 after buying an additional 100 shares during the period. 88.44% of the stock is owned by institutional investors.

The 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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