The Madison Square Garden Company (NYSE:MSG) Downgraded by Zacks Investment Research

The Madison Square Garden Company (NYSE:MSG) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday.

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. “

Other equities analysts have also recently issued reports about the company. Bank of America Corporation started coverage on The Madison Square Garden in a research note on Tuesday, May 2nd. They issued a “buy” rating and a $243.00 price target on the stock. Citigroup Inc. reduced their target price on The Madison Square Garden from $102.00 to $93.00 and set a “buy” rating on the stock in a research note on Monday, May 8th. ValuEngine raised The Madison Square Garden from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Jefferies Group LLC reissued a “hold” rating on shares of The Madison Square Garden in a research note on Tuesday, March 21st. Finally, J P Morgan Chase & Co reissued an “overweight” rating and set a $245.00 target price on shares of The Madison Square Garden in a research note on Thursday, April 20th. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $195.90.

Shares of The Madison Square Garden (MSG) opened at 198.25 on Tuesday. The Madison Square Garden has a 52-week low of $160.96 and a 52-week high of $206.60. The firm’s 50-day moving average is $196.91 and its 200-day moving average is $188.74. The firm’s market cap is $4.67 billion.

The Madison Square Garden (NYSE:MSG) last announced its quarterly earnings results on Thursday, May 4th. The company reported ($0.74) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.41) by $0.33. The company had revenue of $386 million during the quarter, compared to analysts’ expectations of $365.57 million. The Madison Square Garden had a negative return on equity of 1.57% and a negative net margin of 3.81%. The Madison Square Garden’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same period last year, the firm earned ($2.47) earnings per share. Analysts anticipate that The Madison Square Garden will post ($0.72) earnings per share for the current year.

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A number of large investors have recently added to or reduced their stakes in MSG. State Board of Administration of Florida Retirement System increased its stake in The Madison Square Garden by 1.4% in the first quarter. State Board of Administration of Florida Retirement System now owns 25,276 shares of the company’s stock valued at $5,048,000 after buying an additional 358 shares during the period. ING Groep NV bought a new stake in The Madison Square Garden during the first quarter valued at approximately $8,133,000. Russell Investments Group Ltd. increased its stake in The Madison Square Garden by 70.0% in the first quarter. Russell Investments Group Ltd. now owns 68,635 shares of the company’s stock valued at $13,705,000 after buying an additional 28,273 shares during the period. Greystone Investment Management LLC increased its stake in The Madison Square Garden by 17.0% in the first quarter. Greystone Investment Management LLC now owns 22,601 shares of the company’s stock valued at $4,514,000 after buying an additional 3,286 shares during the period. Finally, Janney Montgomery Scott LLC increased its stake in The Madison Square Garden by 11.1% in the first quarter. Janney Montgomery Scott LLC now owns 1,666 shares of the company’s stock valued at $333,000 after buying an additional 166 shares during the period. 84.80% of the stock is currently owned by institutional investors and hedge funds.

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.

Analyst Recommendations for The Madison Square Garden (NYSE:MSG)

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