$235.72 Million in Sales Expected for The Madison Square Garden Company (MSG) This Quarter
Equities research analysts predict that The Madison Square Garden Company (NYSE:MSG) will report $235.72 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for The Madison Square Garden’s earnings, with the highest sales estimate coming in at $241.84 million and the lowest estimate coming in at $229.60 million. The Madison Square Garden reported sales of $181.70 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 29.7%. The business is expected to issue its next earnings results on Friday, November 3rd.
According to Zacks, analysts expect that The Madison Square Garden will report full year sales of $235.72 million for the current year, with estimates ranging from $1.48 billion to $1.55 billion. For the next fiscal year, analysts forecast that the business will post sales of $1.58 billion per share, with estimates ranging from $1.55 billion to $1.62 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for The Madison Square Garden.
The Madison Square Garden (NYSE:MSG) last released its quarterly earnings data on Thursday, August 17th. The company reported ($3.58) EPS for the quarter, missing the consensus estimate of ($1.10) by ($2.48). The business had revenue of $305.60 million during the quarter, compared to analysts’ expectations of $279.19 million. The Madison Square Garden had a negative net margin of 5.52% and a negative return on equity of 2.43%. The firm’s revenue was up 40.3% on a year-over-year basis. During the same period last year, the company earned ($2.39) earnings per share.
Several equities research analysts have recently weighed in on the company. Zacks Investment Research downgraded The Madison Square Garden from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. BTIG Research set a $260.00 price target on shares of The Madison Square Garden and gave the company a “buy” rating in a research report on Monday, September 11th. Jefferies Group LLC upped their price target on shares of The Madison Square Garden from $185.00 to $200.00 and gave the company a “hold” rating in a research report on Friday, August 18th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $245.00 price target (up previously from $215.00) on shares of The Madison Square Garden in a research note on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $211.50.
A number of large investors have recently added to or reduced their stakes in MSG. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in The Madison Square Garden by 8.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 712 shares of the company’s stock valued at $140,000 after acquiring an additional 58 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of The Madison Square Garden by 5.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 751 shares of the company’s stock worth $148,000 after purchasing an additional 40 shares during the period. Maverick Capital Ltd. acquired a new position in shares of The Madison Square Garden during the 2nd quarter worth $176,000. South State Corp acquired a new position in shares of The Madison Square Garden during the 2nd quarter worth $203,000. Finally, Wittenberg Investment Management Inc. acquired a new position in shares of The Madison Square Garden during the 2nd quarter worth $207,000. Hedge funds and other institutional investors own 70.83% of the company’s stock.
The Madison Square Garden (MSG) opened at 213.21 on Wednesday. The company’s 50-day moving average is $215.46 and its 200-day moving average is $204.80. The Madison Square Garden has a 52-week low of $160.96 and a 52-week high of $226.95. The firm’s market capitalization is $5.02 billion.
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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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