Madison Square Garden (NYSE:MSG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.

According to Zacks, “Shares of Madison Square have outperformed the industry in the past year. The last reported quarter marked Madison Square’s second straight quarter of earnings and revenue beat. Results benefited from robust performance of both the Entertainment and Sports segments. Apart from its strong brand presence, the company’s entertainment business continues to grow on innovative venues and overall positive scenario in the concert market, which is commendable. Also, Madison Square is consistently benefiting from its ongoing efforts to reinstate growth through multi-night and multi-marketing agents. Moreover, continual partnerships to expand its footprint bode well. Estimates have also been revised upward over the past two months. However, intense competition in the sports business remains a concern.”

Several other equities analysts have also recently issued reports on MSG. Morgan Stanley dropped their price target on Madison Square Garden from $320.00 to $310.00 and set an “equal weight” rating on the stock in a research report on Friday, November 30th. Imperial Capital boosted their target price on Madison Square Garden from $372.00 to $383.00 and gave the stock an “outperform” rating in a research report on Thursday, February 14th. Finally, TheStreet upgraded Madison Square Garden from a “c” rating to a “b-” rating in a research report on Thursday, February 14th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $341.50.

Shares of MSG stock opened at $297.30 on Friday. The stock has a market capitalization of $7.06 billion, a P/E ratio of 50.05 and a beta of 0.54. Madison Square Garden has a 52-week low of $236.78 and a 52-week high of $330.00. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08.

Madison Square Garden (NYSE:MSG) last issued its quarterly earnings results on Friday, February 1st. The company reported $3.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.09 by $1.33. The firm had revenue of $632.20 million for the quarter, compared to analysts’ expectations of $589.52 million. Madison Square Garden had a return on equity of 0.48% and a net margin of 0.77%. The firm’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $7.96 EPS. As a group, equities research analysts forecast that Madison Square Garden will post 0.47 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in Madison Square Garden by 5.2% during the 3rd quarter. Vanguard Group Inc. now owns 1,637,350 shares of the company’s stock worth $516,290,000 after purchasing an additional 81,581 shares during the period. Vanguard Group Inc increased its position in Madison Square Garden by 5.2% during the 3rd quarter. Vanguard Group Inc now owns 1,637,350 shares of the company’s stock worth $516,290,000 after purchasing an additional 81,581 shares during the period. BlackRock Inc. increased its position in Madison Square Garden by 9.6% during the 4th quarter. BlackRock Inc. now owns 925,368 shares of the company’s stock worth $247,721,000 after purchasing an additional 81,296 shares during the period. Gabelli Funds LLC grew its holdings in shares of Madison Square Garden by 1.7% in the 4th quarter. Gabelli Funds LLC now owns 526,283 shares of the company’s stock worth $140,886,000 after acquiring an additional 8,950 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in shares of Madison Square Garden by 10.5% in the 3rd quarter. Renaissance Technologies LLC now owns 482,200 shares of the company’s stock worth $152,047,000 after acquiring an additional 46,001 shares during the period. Institutional investors own 76.65% of the company’s stock.

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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