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

Wall Street Zen upgraded shares of Madison Square Garden (NYSE:MSGS) from a sell rating to a hold rating in a research note issued to investors on Saturday.

Several other brokerages have also recently issued reports on MSGS. Seaport Research Partners boosted their price target on Madison Square Garden from $430.00 to $435.00 and gave the company 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 price objective on the stock in a research note on Wednesday. Guggenheim lifted their price objective on Madison Square Garden from $422.00 to $470.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Citigroup upped their target price on Madison Square Garden from $355.00 to $360.00 and gave the company a “neutral” rating in a research report on Wednesday, May 13th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Madison Square Garden in a report on Wednesday, June 24th. Four research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $403.00.

Madison Square Garden Stock Performance

NYSE:MSGS opened at $396.04 on Friday. Madison Square Garden has a 52 week low of $188.60 and a 52 week high of $411.73. The firm has a market cap of $9.54 billion, a price-to-earnings ratio of -425.84 and a beta of 0.61. The firm’s 50-day simple moving average is $375.44 and its 200 day simple moving average is $329.94.

Madison Square Garden (NYSE:MSGS) last posted its quarterly earnings data on Friday, May 8th. The company reported ($0.83) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($1.39). The business had revenue of $432.20 million for the quarter, compared to analysts’ expectations of $429.66 million. During the same period in the prior year, the company earned ($0.59) earnings per share. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. Sell-side analysts anticipate that Madison Square Garden will post -0.52 EPS for the current year.

Hedge Funds Weigh In On Madison Square Garden

Institutional investors have recently modified their holdings of the business. SJS Investment Consulting Inc. boosted its stake 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 buying an additional 83 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new position in Madison Square Garden during the fourth quarter worth about $26,000. Caitong International Asset Management Co. Ltd raised its stake 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 worth $32,000 after acquiring an additional 49 shares in the last quarter. Global Retirement Partners LLC lifted its holdings in shares of Madison Square Garden by 1,150.0% in the fourth quarter. Global Retirement Partners LLC now owns 125 shares of the company’s stock worth $32,000 after acquiring an additional 115 shares during the last quarter. Finally, Salomon & Ludwin LLC lifted its holdings in shares of 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 last quarter. Institutional investors and hedge funds own 68.94% of the company’s stock.

About Madison Square Garden

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.