Madison Square Garden (NYSE:MSGS) Downgraded to Sell Rating by Wall Street Zen

Wall Street Zen cut shares of Madison Square Garden (NYSE:MSGS) from a hold rating to a sell rating in a research report released on Saturday.

A number of other brokerages have also recently weighed in on MSGS. Guggenheim raised their price objective on shares of Madison Square Garden from $522.00 to $584.00 and gave the stock a “buy” rating in a research note on Friday. Morgan Stanley raised Madison Square Garden from an “equal weight” rating to an “overweight” rating and set a $450.00 target price on the stock in a research note on Wednesday, July 15th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Madison Square Garden in a report on Wednesday, June 24th. Susquehanna raised their price target on Madison Square Garden from $430.00 to $477.00 and gave the stock a “positive” rating in a research report on Friday. Finally, JPMorgan Chase & Co. boosted their price target on Madison Square Garden from $450.00 to $485.00 and gave the stock an “overweight” rating in a report on Friday. Four equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $471.20.

Madison Square Garden Trading Down 1.5%

NYSE:MSGS opened at $406.63 on Friday. The firm has a 50-day moving average price of $389.78 and a two-hundred day moving average price of $347.55. Madison Square Garden has a twelve month low of $191.33 and a twelve month high of $438.93. The company has a market capitalization of $9.79 billion, a P/E ratio of 1,355.48 and a beta of 0.62.

Institutional Investors Weigh In On Madison Square Garden

Large investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its position in Madison Square Garden by 67.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 699,378 shares of the company’s stock valued at $180,895,000 after acquiring an additional 282,318 shares in the last quarter. Reinhart Partners LLC. purchased a new position in shares of Madison Square Garden in the fourth quarter valued at $55,586,000. Norges Bank acquired a new stake in Madison Square Garden during the 4th quarter valued at $51,107,000. TOMS Capital Investment Management LP grew its holdings in Madison Square Garden by 82.7% during the 4th quarter. TOMS Capital Investment Management LP now owns 329,705 shares of the company’s stock valued at $85,278,000 after purchasing an additional 149,205 shares in the last quarter. Finally, Millennium Management LLC increased its stake in Madison Square Garden by 182.0% during the 4th quarter. Millennium Management LLC now owns 131,123 shares of the company’s stock worth $33,915,000 after buying an additional 84,628 shares during the period. Institutional investors and hedge funds own 68.94% of the company’s stock.

More Madison Square Garden News

Here are the key news stories impacting Madison Square Garden this week:

• Positive Sentiment: Spin-off advances: MSG Sports publicly filed a Form 10 registration statement for the proposed separation of its New York Rangers business from its New York Knicks business. The transaction is intended to create two separately traded companies, potentially making each business easier to value and giving investors greater strategic flexibility. MSG Sports Form 10 Registration Statement
• Positive Sentiment: Analysts raised targets: Guggenheim increased its target to $584 and reiterated a “buy” rating, while JPMorgan raised its target to $485 with an “overweight” rating and Susquehanna lifted its target to $477 with a “positive” rating. The revisions indicate improving expectations for MSGS’s earnings and asset value. Analyst price-target revisions
• Positive Sentiment: Quarterly results beat expectations: Fiscal fourth-quarter earnings were approximately $1.16–$1.19 per share, versus consensus estimates ranging from $0.64 to $0.72, while revenue reached $278.75 million, up 36.6% year over year and well above the $227.67 million estimate. The earnings improvement was linked in part to the Knicks’ championship-related boost. MSG Sports beats fourth-quarter estimates
• Neutral Sentiment: Strong sports performance is helping near-term results: Coverage highlighted the Knicks’ success as a major contributor to the quarterly beat and recent stock momentum. However, championship-related revenue and enthusiasm may be difficult to repeat at the same level in future periods. Knicks power MSG Sports toward fourth win in five sessions
• Negative Sentiment: Valuation concerns remain: Commentary argued that the Knicks’ championship-driven earnings beat does not necessarily establish a durable investment case, suggesting investors may be cautious about one-time benefits and the stock’s elevated valuation. Knicks’ win does not support an investment case

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.