Madison Square Garden (NYSE:MSGS) Upgraded to Hold at Wall Street Zen

Madison Square Garden (NYSE:MSGS) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Saturday.

Several other equities analysts have also weighed in on MSGS. Seaport Research Partners increased their price objective on shares of Madison Square Garden from $430.00 to $435.00 and gave the company a “buy” rating in a research report on Wednesday, May 27th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Madison Square Garden in a report on Wednesday, June 24th. Guggenheim upped their price target on shares of Madison Square Garden from $422.00 to $470.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Citigroup increased their price target on shares of Madison Square Garden from $355.00 to $360.00 and gave the company a “neutral” rating in a report on Wednesday, May 13th. Finally, Susquehanna raised their price objective on shares of Madison Square Garden from $429.00 to $430.00 and gave the stock a “positive” rating in a research report on Tuesday, June 23rd. Four investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Madison Square Garden has a consensus rating of “Hold” and a consensus price target of $403.00.

Madison Square Garden Trading Up 2.2%

MSGS stock opened at $396.04 on Friday. Madison Square Garden has a 1-year low of $188.60 and a 1-year high of $411.73. The business’s 50 day simple moving average is $375.44 and its 200 day simple moving average is $329.94. The firm has a market capitalization of $9.54 billion, a PE ratio of -425.84 and a beta of 0.61.

Madison Square Garden (NYSE:MSGS) last announced its quarterly earnings results on Friday, May 8th. The company reported ($0.83) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($1.39). The business had revenue of $432.20 million during the quarter, compared to analyst estimates of $429.66 million. During the same period last year, the company earned ($0.59) earnings per share. Madison Square Garden’s revenue was up 1.9% on a year-over-year basis. As a group, sell-side analysts predict that Madison Square Garden will post -0.52 EPS for the current fiscal year.

Institutional Investors Weigh In On Madison Square Garden

A number of hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. grew its position in shares of Madison Square Garden by 11.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 117,905 shares of the company’s stock worth $26,764,000 after purchasing an additional 12,412 shares in the last quarter. Gabelli Funds LLC increased its holdings in shares of Madison Square Garden by 0.9% during the fourth quarter. Gabelli Funds LLC now owns 394,292 shares of the company’s stock worth $101,984,000 after purchasing an additional 3,607 shares during the period. M&T Bank Corp raised its position in shares of Madison Square Garden by 1,394.6% in the fourth quarter. M&T Bank Corp now owns 16,396 shares of the company’s stock valued at $4,241,000 after buying an additional 15,299 shares in the last quarter. Assetmark Inc. raised its position in shares of Madison Square Garden by 38.7% in the fourth quarter. Assetmark Inc. now owns 11,794 shares of the company’s stock valued at $3,051,000 after buying an additional 3,288 shares in the last quarter. Finally, Gamco Investors INC. ET AL boosted its stake in shares of Madison Square Garden by 1.1% in the fourth quarter. Gamco Investors INC. ET AL now owns 613,391 shares of the company’s stock valued at $158,654,000 after buying an additional 6,873 shares during the period. Institutional investors and hedge funds own 68.94% of the company’s stock.

Madison Square Garden Company Profile

Madison Square Garden Sports Corp (NYSE: MSGS) is a leading sports and entertainment holding company focused on professional sports franchises and related media assets. The company owns and operates teams such as the NBA’s New York Knicks, the NHL’s New York Rangers and the WNBA’s New York Liberty. Through these flagship franchises, MSG Sports offers a range of products and services including ticketing, premium seating and sponsorship opportunities, targeting fans in the New York metropolitan area and beyond.

In addition to team operations, Madison Square Garden Sports Corp holds a majority stake in MSG Networks, a regional cable network that broadcasts live sporting events, news and original programming.