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

Madison Square Garden (NYSE:MSGS) was upgraded by investment analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a report issued on Wednesday. The firm currently has a $450.00 target price on the stock. Morgan Stanley’s target price would indicate a potential upside of 17.41% from the stock’s previous close.

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

Madison Square Garden Stock Down 0.7%

MSGS opened at $383.26 on Wednesday. Madison Square Garden has a 12-month low of $188.60 and a 12-month high of $411.73. The business has a 50 day moving average of $371.83 and a 200-day moving average of $327.64. The stock has a market cap of $9.23 billion, a price-to-earnings ratio of -412.10 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) 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 analyst estimates of $429.66 million. During the same quarter in the prior year, the business posted ($0.59) EPS. The business’s revenue was up 1.9% compared to the same quarter last year. As a group, analysts expect that Madison Square Garden will post -0.5 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in MSGS. Amundi increased its position in Madison Square Garden by 4.7% in the 1st quarter. Amundi now owns 5,643 shares of the company’s stock valued at $1,091,000 after acquiring an additional 252 shares during the period. Millennium Management LLC grew its stake in shares of Madison Square Garden by 8.0% in the first quarter. Millennium Management LLC now owns 27,147 shares of the company’s stock worth $5,286,000 after purchasing an additional 2,006 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Madison Square Garden by 28.2% in the first quarter. Goldman Sachs Group Inc. now owns 24,807 shares of the company’s stock valued at $4,830,000 after purchasing an additional 5,452 shares during the period. United Services Automobile Association acquired a new stake in Madison Square Garden in the first quarter valued at $210,000. Finally, Empowered Funds LLC raised its position in Madison Square Garden by 10.8% during the 1st quarter. Empowered Funds LLC now owns 2,055 shares of the company’s stock worth $400,000 after purchasing an additional 200 shares during the last quarter. Institutional investors 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.