Stock Buyback Program Approved by MSG Networks (MSGN) Board of Directors
MSG Networks (NYSE:MSGN) declared that its board has approved a share repurchase program, which allows the company to buyback $150.00 million in shares on Friday, December 8th, EventVestor reports. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
Several equities research analysts have issued reports on MSGN shares. FBN Securities upgraded shares of MSG Networks from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, August 30th. ValuEngine downgraded shares of MSG Networks from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 1st. Jefferies Group restated a “hold” rating and set a $22.00 price objective on shares of MSG Networks in a research report on Thursday, September 21st. Zacks Investment Research downgraded shares of MSG Networks from a “hold” rating to a “sell” rating in a research report on Wednesday, October 18th. Finally, KeyCorp restated a “hold” rating on shares of MSG Networks in a research report on Tuesday, October 17th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. MSG Networks presently has a consensus rating of “Hold” and a consensus price target of $22.20.
Shares of MSG Networks (MSGN) opened at $19.55 on Thursday. The company has a debt-to-equity ratio of -1.35, a current ratio of 2.75 and a quick ratio of 2.75. MSG Networks has a 1 year low of $16.15 and a 1 year high of $25.30. The firm has a market cap of $1,478.35, a P/E ratio of 8.89, a PEG ratio of 200.31 and a beta of 0.75.
MSG Networks Company Profile
MSG Networks Inc, formerly The Madison Square Garden Company, is engaged in sports production, and content development and distribution. The Company owns and operates two regional sports and entertainment networks, MSG Network (MSGN) and MSG+, collectively MSG Networks. Its networks are distributed throughout its territory, which includes all of New York State and significant portions of New Jersey and Connecticut, as well as parts of Pennsylvania.
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