Madison Square Garden (NYSE:MSGS) Upgraded by Morgan Stanley to “Overweight” Rating

Morgan Stanley upgraded shares of Madison Square Garden (NYSE:MSGS) from an equal weight rating to an overweight rating in a research report report published on Wednesday, Marketbeat Ratings reports. They currently have $450.00 price target on the stock.

Other analysts have also issued research reports about the company. Citigroup increased their price objective on Madison Square Garden from $355.00 to $360.00 and gave the company a “neutral” rating in a research note on Wednesday, May 13th. Guggenheim boosted their target price 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. Weiss Ratings restated a “hold (c-)” rating on shares of Madison Square Garden in a report on Wednesday, June 24th. Seaport Research Partners raised their price target on shares of Madison Square Garden from $430.00 to $435.00 and gave the stock a “buy” rating in a research note on Wednesday, May 27th. Finally, Wall Street Zen downgraded shares of Madison Square Garden from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $403.00.

Madison Square Garden Stock Up 1.9%

NYSE:MSGS opened at $391.57 on Wednesday. Madison Square Garden has a 52-week low of $188.60 and a 52-week high of $411.73. The stock has a fifty day simple moving average of $372.96 and a 200-day simple moving average of $328.57. The company has a market capitalization of $9.43 billion, a PE ratio of -421.03 and a beta of 0.61.

Madison Square Garden (NYSE:MSGS) last issued its quarterly earnings data on Friday, May 8th. The company reported ($0.83) EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($1.39). The company had revenue of $432.20 million for the quarter, compared to analysts’ expectations of $429.66 million. The company’s revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.59) earnings per share. As a group, equities analysts anticipate that Madison Square Garden will post -0.5 earnings per share for the current year.

Institutional Investors Weigh In On Madison Square Garden

A number of institutional investors have recently bought and sold shares of the stock. SJS Investment Consulting Inc. raised its position in shares of Madison Square Garden by 488.2% in the 1st quarter. SJS Investment Consulting Inc. now owns 100 shares of the company’s stock worth $32,000 after buying an additional 83 shares during the period. Aster Capital Management DIFC Ltd acquired a new position in Madison Square Garden in the fourth quarter valued at $26,000. Caitong International Asset Management Co. Ltd grew its position in Madison Square Garden by 67.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 122 shares of the company’s stock valued at $32,000 after acquiring an additional 49 shares during the period. Global Retirement Partners LLC grew its position in Madison Square Garden by 1,150.0% during the fourth quarter. Global Retirement Partners LLC now owns 125 shares of the company’s stock valued at $32,000 after acquiring an additional 115 shares during the period. Finally, Salomon & Ludwin LLC increased its stake in Madison Square Garden by 33.1% during the fourth quarter. Salomon & Ludwin LLC now owns 157 shares of the company’s stock worth $40,000 after acquiring an additional 39 shares during the last quarter. 68.94% of the stock is currently owned by hedge funds and other institutional investors.

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.