MSG moves on asset sales, putting WNBA franchise on the block

CEO of Madison Square Garden David O'Connor

CEO of Madison Square Garden David O'Connor

The Manufacturers Life Insurance Company 's holdings in The Madison Square Garden were worth $148,000 at the end of the most recent quarter. The Manufacturers Life Insurance Company increased its holdings in The Madison Square Garden Company (NYSE:MSG) by 5.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). Finally, Morgan Stanley restated an "overweight" rating and set a $245.00 price objective (up from $215.00) on shares of The Madison Square Garden in a research report on Tuesday, July 25th. Institutional investors and hedge funds own 77.49% of the company's stock.

Shavonte Zellous #1 of the Liberty handles the ball against the Dallas Wings during a WNBA game at Madison Square Garden on Friday, June 2, 2017. 3,803 shares of the company's stock traded hands. The Madison Square Garden has a twelve month low of $166.86 and a twelve month high of $231.44. The company has a market cap of $1,250.00, a price-to-earnings ratio of 7.78, a P/E/G ratio of 8.83 and a beta of 0.95. The stock has a 50 day moving average price of $174.21 and a 200-day moving average price of $174.24. The company reported ($0.47) EPS for the quarter, beating the Thomson Reuters' consensus estimate of ($0.65) by $0.18, Briefing.com reports. The business had revenue of $245.04 million during the quarter, compared to analyst estimates of $237.06 million. During the same period past year, the firm earned ($0.06) EPS.

Thomas, the former Knicks coach and executive who settled an $11.5 million sexual harassment lawsuit with former Garden executive Anucha Browne Sanders in 2007, has ironically been running the Liberty the last two years.

MSGN has been the topic of a number of other research reports. Loop Capital raised their target price on shares of The Madison Square Garden from $266.00 to $268.00 and gave the company a "buy" rating in a report on Monday, November 6th. TheStreet started coverage on shares of Madison Square Garden in a research note on Wednesday, October 19th. ValuEngine cut shares of MSG Networks from a "strong-buy" rating to a "buy" rating in a research report on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of "Buy" and an average price target of $217.78.

The Madison Square Garden Company is a holding company, which is engaged in live experiences consisting of celebrated venues, sports teams, and entertainment productions. Other MSG properties include legendary sports franchises: the New York Knicks (NBA), the New York Rangers (NHL) and the New York Liberty (WNBA); two development league teams - the Westchester Knicks (NBAGL) and the Hartford Wolf Pack (AHL); and one of the leading North American esports organizations, Counter Logic Gaming.

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