Brokerages Set Madison Square Garden Co (NYSE:MSG) Target Price at $355.50

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Madison Square Garden Co (NYSE:MSG) has received an average recommendation of “Buy” from the seven brokerages that are currently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $355.50.

A number of brokerages have weighed in on MSG. ValuEngine upgraded Xylem from a “hold” rating to a “buy” rating in a report on Friday, June 21st. TheStreet lowered Select Medical from a “b-” rating to a “c+” rating in a report on Tuesday, March 26th. Zacks Investment Research lowered Hess Midstream Partners from a “hold” rating to a “sell” rating in a report on Tuesday, May 14th. Morgan Stanley cut their target price on RPC from $12.00 to $9.50 and set an “underperform” rating for the company in a research note on Thursday, April 25th. Finally, Imperial Capital raised their target price on PARKER DRILLING/SH PAR $ from $20.00 to $25.00 and gave the stock an “outperform” rating in a research note on Thursday, May 9th.

Shares of NYSE:MSG traded down $1.58 during midday trading on Friday, reaching $285.39. 2,946 shares of the company’s stock traded hands, compared to its average volume of 156,179. Madison Square Garden has a 1 year low of $240.33 and a 1 year high of $325.96. The stock has a market cap of $6.77 billion, a P/E ratio of 48.04 and a beta of 0.48. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.07 and a current ratio of 2.07. The company has a fifty day simple moving average of $288.56.

Madison Square Garden (NYSE:MSG) last announced its earnings results on Wednesday, May 8th. The company reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.10. The firm had revenue of $517.19 million for the quarter, compared to analyst estimates of $525.06 million. Madison Square Garden had a return on equity of 1.48% and a net margin of 2.29%. The business’s revenue was up 12.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.38 EPS. On average, sell-side analysts forecast that Madison Square Garden will post 1.13 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. increased its position in shares of Madison Square Garden by 4.2% during the 1st quarter. BlackRock Inc. now owns 964,050 shares of the company’s stock worth $282,590,000 after purchasing an additional 38,682 shares during the last quarter. Samlyn Capital LLC acquired a new stake in shares of Madison Square Garden during the 4th quarter worth about $73,639,000. Norges Bank acquired a new stake in shares of Madison Square Garden during the 4th quarter worth about $60,308,000. Geode Capital Management LLC increased its position in shares of Madison Square Garden by 11.2% during the 4th quarter. Geode Capital Management LLC now owns 172,666 shares of the company’s stock worth $46,222,000 after purchasing an additional 17,452 shares during the last quarter. Finally, Scout Investments Inc. increased its position in shares of Madison Square Garden by 11.1% during the 1st quarter. Scout Investments Inc. now owns 142,877 shares of the company’s stock worth $41,882,000 after purchasing an additional 14,219 shares during the last quarter. 72.83% of the stock is owned by institutional investors and hedge funds.

About Madison Square Garden

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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