Wall Street Zen lowered shares of Madison Square Garden (NYSE:MSGS – Free Report) from a hold rating to a sell rating in a report issued on Saturday.
Several other brokerages have also recently issued reports on MSGS. Guggenheim upped their price objective on shares of Madison Square Garden from $522.00 to $584.00 and gave the company a “buy” rating in a research note on Friday. Seaport Research Partners raised their target price 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. Morgan Stanley upgraded Madison Square Garden from an “equal weight” rating to an “overweight” rating and set a $450.00 target price on the stock in a report on Wednesday, July 15th. Susquehanna increased their price target on Madison Square Garden from $430.00 to $477.00 and gave the company a “positive” rating in a report on Friday. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Madison Square Garden in a research report on Wednesday, June 24th. Four equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $471.20.
View Our Latest Stock Analysis on MSGS
Madison Square Garden Stock Performance
Madison Square Garden (NYSE:MSGS – Get Free Report) last announced its earnings results on Wednesday, August 12th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.52. The company had revenue of $278.75 million for the quarter, compared to analysts’ expectations of $227.67 million. Madison Square Garden had a net margin of 0.67% and a negative return on equity of 3.47%. The firm’s quarterly revenue was up 36.6% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.07) EPS. As a group, sell-side analysts predict that Madison Square Garden will post -0.64 EPS for the current fiscal year.
Hedge Funds Weigh In On Madison Square Garden
A number of institutional investors have recently bought and sold shares of the company. Aster Capital Management DIFC Ltd purchased a new stake in shares of Madison Square Garden in the 4th quarter valued at approximately $26,000. Caitong International Asset Management Co. Ltd raised its position in shares of Madison Square Garden by 67.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 122 shares of the company’s stock valued at $32,000 after buying an additional 49 shares during the period. SJS Investment Consulting Inc. lifted its holdings in Madison Square Garden by 488.2% in the first quarter. SJS Investment Consulting Inc. now owns 100 shares of the company’s stock valued at $32,000 after acquiring an additional 83 shares during the last quarter. Global Retirement Partners LLC lifted its holdings in Madison Square Garden by 1,150.0% in 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 last quarter. Finally, Salomon & Ludwin LLC grew its position in Madison Square Garden by 33.1% in 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 period. 68.94% of the stock is 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.
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