Madison Square Garden (NYSE:MSGS) Upgraded at Morgan Stanley

by · The Markets Daily

Morgan Stanley upgraded shares of Madison Square Garden (NYSE:MSGS – Free Report) from an equal weight rating to an overweight rating in a research note published on Wednesday morning, MarketBeat.com reports. The firm currently has $450.00 target price on the stock.

Other equities analysts have also recently issued reports about the company. Wall Street Zen cut Madison Square Garden from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. 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 report on Wednesday, May 27th. Guggenheim upped their price target on Madison Square Garden from $422.00 to $470.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Citigroup raised their price objective on Madison Square Garden from $355.00 to $360.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 13th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Madison Square Garden in a research report on Wednesday, June 24th. Four investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $403.00.

Read Our Latest Report on MSGS

Madison Square Garden Trading Up 2.2%

Shares of NYSE MSGS opened at $396.04 on Wednesday. The firm has a 50 day moving average of $375.44 and a 200 day moving average of $329.94. The firm has a market capitalization of $9.54 billion, a price-to-earnings ratio of -425.84 and a beta of 0.61. Madison Square Garden has a 12-month low of $188.60 and a 12-month high of $411.73.

Madison Square Garden (NYSE:MSGS – Get Free Report) last announced its 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 business had revenue of $432.20 million for the quarter, compared to analyst estimates of $429.66 million. The company’s revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.59) earnings per share. Sell-side analysts predict that Madison Square Garden will post -0.52 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Versant Capital Management Inc lifted its position in Madison Square Garden by 2.6% during the second quarter. Versant Capital Management Inc now owns 1,214 shares of the company’s stock valued at $488,000 after acquiring an additional 31 shares during the last quarter. DGS Capital Management LLC grew its holdings in Madison Square Garden by 4.8% in the first quarter. DGS Capital Management LLC now owns 832 shares of the company’s stock worth $267,000 after purchasing an additional 38 shares during the last quarter. Salomon & Ludwin LLC grew its holdings 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 purchasing an additional 39 shares during the last quarter. Allworth Financial LP increased its position in shares of Madison Square Garden by 26.5% during the fourth quarter. Allworth Financial LP now owns 196 shares of the company’s stock worth $51,000 after purchasing an additional 41 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in shares of Madison Square Garden by 35.0% during the first quarter. EverSource Wealth Advisors LLC now owns 162 shares of the company’s stock worth $52,000 after purchasing an additional 42 shares in the last quarter. Institutional investors own 68.94% of the company’s stock.

About Madison Square Garden

(Get Free Report)

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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