Madison Square Garden (NYSE:MSG) Price Target Raised to $360.00

Madison Square Garden (NYSE:MSG) had its target price boosted by investment analysts at Imperial Capital from $357.00 to $360.00 in a note issued to investors on Wednesday, The Fly reports. The brokerage presently has an “outperform” rating on the stock. Imperial Capital’s target price would suggest a potential upside of 30.54% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Guggenheim set a $350.00 price objective on shares of Madison Square Garden and gave the stock a “buy” rating in a report on Wednesday, August 21st. ValuEngine downgraded Madison Square Garden from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. Finally, Morgan Stanley dropped their target price on Madison Square Garden from $340.00 to $320.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 22nd. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Madison Square Garden currently has a consensus rating of “Buy” and a consensus target price of $343.75.

Shares of NYSE:MSG opened at $275.77 on Wednesday. The company has a market capitalization of $6.69 billion, a price-to-earnings ratio of 574.52 and a beta of 0.56. The company has a 50 day moving average of $272.49 and a two-hundred day moving average of $277.86. Madison Square Garden has a 52-week low of $240.33 and a 52-week high of $315.95. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.10.

Madison Square Garden (NYSE:MSG) last posted its earnings results on Friday, November 8th. The company reported ($3.36) EPS for the quarter, missing analysts’ consensus estimates of ($2.29) by ($1.07). The firm had revenue of $214.78 million for the quarter, compared to analyst estimates of $227.52 million. Madison Square Garden had a negative return on equity of 1.38% and a negative net margin of 2.23%. The company’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.36) earnings per share. On average, equities analysts anticipate that Madison Square Garden will post -0.8 earnings per share for the current year.

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Madison Square Garden by 0.3% in the 2nd quarter. Vanguard Group Inc. now owns 1,602,586 shares of the company’s stock worth $448,627,000 after purchasing an additional 4,972 shares during the last quarter. BlackRock Inc. raised its stake in Madison Square Garden by 8.4% during the second quarter. BlackRock Inc. now owns 1,044,764 shares of the company’s stock valued at $292,473,000 after buying an additional 80,714 shares in the last quarter. Atalan Capital Partners LP raised its stake in Madison Square Garden by 33.3% during the second quarter. Atalan Capital Partners LP now owns 319,900 shares of the company’s stock valued at $89,553,000 after buying an additional 79,900 shares in the last quarter. State Street Corp lifted its holdings in Madison Square Garden by 4.5% during the 3rd quarter. State Street Corp now owns 244,210 shares of the company’s stock worth $64,354,000 after buying an additional 10,537 shares during the last quarter. Finally, UBS Group AG lifted its holdings in Madison Square Garden by 19.9% during the 2nd quarter. UBS Group AG now owns 200,268 shares of the company’s stock worth $56,063,000 after buying an additional 33,288 shares during the last quarter. 70.48% of the stock is owned by institutional investors and hedge funds.

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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