Putnam Investments LLC lowered its position in Madison Square Garden Co (NYSE:MSG) by 3.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 45,917 shares of the company’s stock after selling 1,800 shares during the period. Putnam Investments LLC owned about 0.19% of Madison Square Garden worth $12,854,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of MSG. Citizens Financial Group Inc RI bought a new stake in Madison Square Garden during the first quarter valued at about $29,000. AdvisorNet Financial Inc bought a new stake in Madison Square Garden during the second quarter valued at about $30,000. Advisory Services Network LLC grew its holdings in Madison Square Garden by 850.0% during the second quarter. Advisory Services Network LLC now owns 171 shares of the company’s stock valued at $48,000 after purchasing an additional 153 shares during the period. Trust Co. of Vermont bought a new stake in Madison Square Garden during the second quarter valued at about $49,000. Finally, Seeyond grew its holdings in Madison Square Garden by 105.4% during the second quarter. Seeyond now owns 267 shares of the company’s stock valued at $75,000 after purchasing an additional 137 shares during the period. 73.02% of the stock is owned by institutional investors.
Several analysts have issued reports on the company. Guggenheim set a $350.00 price target on Madison Square Garden and gave the company a “buy” rating in a report on Wednesday, August 21st. Morgan Stanley cut their price target on Madison Square Garden from $340.00 to $320.00 and set an “equal weight” rating for the company in a report on Thursday, August 22nd. ValuEngine raised Madison Square Garden from a “buy” rating to a “strong-buy” rating in a report on Friday, August 2nd. Finally, Imperial Capital cut their price target on Madison Square Garden from $377.00 to $362.00 and set an “outperform” rating for the company in a report on Wednesday, August 21st. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $346.60.
Madison Square Garden (NYSE:MSG) last released its quarterly earnings data on Tuesday, August 20th. The company reported ($3.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.34) by ($0.74). The business had revenue of $263.56 million during the quarter, compared to the consensus estimate of $270.09 million. Madison Square Garden had a return on equity of 0.43% and a net margin of 0.70%. The business’s revenue was down 17.1% on a year-over-year basis. During the same period last year, the company earned ($1.94) EPS. Analysts anticipate that Madison Square Garden Co will post 0.69 EPS for the current fiscal year.
Madison Square Garden 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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