Bank of New York Mellon Corp lifted its holdings in Madison Square Garden Co (NYSE:MSG) by 1.8% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 67,112 shares of the company’s stock after purchasing an additional 1,213 shares during the period. Bank of New York Mellon Corp owned approximately 0.28% of Madison Square Garden worth $20,818,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the stock. Rockefeller Capital Management L.P. acquired a new position in Madison Square Garden during the 1st quarter worth approximately $190,000. Griffin Asset Management Inc. acquired a new position in Madison Square Garden during the 1st quarter worth approximately $204,000. Levin Capital Strategies L.P. acquired a new position in Madison Square Garden during the 1st quarter worth approximately $208,000. Investment House LLC acquired a new position in Madison Square Garden during the 2nd quarter worth approximately $225,000. Finally, CIBC World Markets Inc. purchased a new stake in shares of Madison Square Garden during the 1st quarter worth approximately $231,000. Hedge funds and other institutional investors own 70.45% of the company’s stock.
Several brokerages have recently weighed in on MSG. Guggenheim boosted their price objective on shares of Madison Square Garden to $350.00 and gave the stock a “buy” rating in a research report on Thursday, August 23rd. Imperial Capital began coverage on shares of Madison Square Garden in a research report on Tuesday, August 21st. They set an “outperform” rating and a $372.00 price objective for the company. Morgan Stanley boosted their price objective on shares of Madison Square Garden from $260.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 1st. Macquarie upgraded shares of Madison Square Garden from a “neutral” rating to an “outperform” rating in a research report on Friday, June 29th. Finally, ValuEngine upgraded shares of Madison Square Garden from a “buy” rating to a “strong-buy” rating in a research report on Thursday, June 28th. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Madison Square Garden currently has an average rating of “Buy” and an average target price of $322.17.
Shares of NYSE:MSG opened at $309.10 on Friday. The company has a market cap of $7.37 billion, a PE ratio of 52.04, a P/E/G ratio of 17.14 and a beta of 0.37. The company has a quick ratio of 1.85, a current ratio of 1.85 and a debt-to-equity ratio of 0.04. Madison Square Garden Co has a twelve month low of $205.22 and a twelve month high of $330.00.
Madison Square Garden (NYSE:MSG) last issued its quarterly earnings data on Thursday, August 16th. The company reported ($1.94) earnings per share for the quarter, topping the consensus estimate of ($2.00) by $0.06. The business had revenue of $318.00 million during the quarter, compared to the consensus estimate of $293.32 million. Madison Square Garden had a net margin of 9.08% and a return on equity of 1.10%. The company’s revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($3.58) EPS. equities research analysts forecast that Madison Square Garden Co will post 0.71 EPS for the current year.
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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