Jefferies Group Equities Analysts Cut Earnings Estimates for The Madison Square Garden Company (MSG)
The Madison Square Garden Company (NYSE:MSG) – Jefferies Group decreased their Q1 2018 earnings per share (EPS) estimates for shares of The Madison Square Garden in a research note issued to investors on Wednesday. Jefferies Group analyst J. Janedis now forecasts that the company will earn ($0.83) per share for the quarter, down from their prior forecast of ($0.73). Jefferies Group currently has a “Hold” rating and a $200.00 price target on the stock. Jefferies Group also issued estimates for The Madison Square Garden’s Q2 2018 earnings at $2.77 EPS, Q3 2018 earnings at $0.19 EPS, Q4 2018 earnings at ($0.81) EPS and FY2018 earnings at $1.32 EPS.
The Madison Square Garden (NYSE:MSG) last announced its quarterly earnings results on Thursday, August 17th. The company reported ($3.58) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.10) by ($2.48). The Madison Square Garden had a negative return on equity of 2.43% and a negative net margin of 5.52%. The firm had revenue of $305.60 million for the quarter, compared to the consensus estimate of $279.19 million. During the same period in the prior year, the business earned ($2.39) earnings per share. The company’s revenue for the quarter was up 40.3% compared to the same quarter last year.
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Several other brokerages have also issued reports on MSG. BTIG Research reiterated a “buy” rating and set a $260.00 target price (up from $240.00) on shares of The Madison Square Garden in a research report on Tuesday, July 25th. Zacks Investment Research raised shares of The Madison Square Garden from a “hold” rating to a “strong-buy” rating and set a $224.00 price target on the stock in a research note on Saturday, July 15th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $245.00 target price (up from $215.00) on shares of The Madison Square Garden in a research note on Tuesday, July 25th. One investment 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’s stock. The company has an average rating of “Hold” and a consensus price target of $211.50.
A number of institutional investors have recently bought and sold shares of MSG. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in The Madison Square Garden by 8.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 712 shares of the company’s stock valued at $140,000 after purchasing an additional 58 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of The Madison Square Garden by 5.6% in the second quarter. The Manufacturers Life Insurance Company now owns 751 shares of the company’s stock valued at $148,000 after purchasing an additional 40 shares during the period. Maverick Capital Ltd. purchased a new stake in shares of The Madison Square Garden in the second quarter valued at $176,000. CGOV Asset Management purchased a new stake in shares of The Madison Square Garden in the first quarter valued at $266,000. Finally, South State Corp purchased a new stake in shares of The Madison Square Garden in the second quarter valued at $203,000. 70.83% 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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