Brokerages Set The Madison Square Garden Company (NYSE:MSGS) Price Target at $471.20

Shares of The Madison Square Garden Company (NYSE:MSGS) have been given a consensus rating of “Hold” by the nine analysts that are covering the firm, MarketBeat reports. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $471.20.

MSGS has been the topic of several recent analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of Madison Square Garden from $450.00 to $485.00 and gave the stock an “overweight” rating in a research note on Friday, August 14th. Wall Street Zen upgraded shares of Madison Square Garden from a “sell” rating to a “hold” rating in a report on Sunday, August 23rd. Weiss Ratings upgraded Madison Square Garden from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, August 14th. Zacks Research upgraded Madison Square Garden from a “strong sell” rating to a “hold” rating in a report on Friday, August 14th. Finally, Morgan Stanley raised Madison Square Garden from an “equal weight” rating to an “overweight” rating and set a $450.00 price objective for the company in a report on Wednesday, July 15th.

Hedge Funds Weigh In On Madison Square Garden

A number of large investors have recently modified their holdings of MSGS. Sequoia Financial Advisors LLC purchased a new stake in shares of Madison Square Garden in the 2nd quarter worth about $215,000. Engineers Gate Manager LP purchased a new position in shares of Madison Square Garden during the 2nd quarter valued at about $4,331,000. NorthRock Partners LLC bought a new stake in Madison Square Garden in the 2nd quarter valued at $239,000. Integrated Wealth Concepts LLC bought a new stake in shares of Madison Square Garden in the 2nd quarter worth about $218,000. Finally, NewEdge Advisors LLC lifted its holdings in shares of Madison Square Garden by 15.2% in the 2nd quarter. NewEdge Advisors LLC now owns 2,531 shares of the company’s stock worth $1,017,000 after buying an additional 334 shares during the period. 68.94% of the stock is owned by hedge funds and other institutional investors.

Madison Square Garden Price Performance

MSGS stock opened at $398.74 on Monday. Madison Square Garden has a 52-week low of $207.90 and a 52-week high of $438.93. The firm has a market capitalization of $9.60 billion, a P/E ratio of 1,329.17 and a beta of 0.60. The company’s 50 day simple moving average is $395.64 and its 200-day simple moving average is $364.81.

Madison Square Garden (NYSE:MSGS) last announced its quarterly earnings results on Wednesday, August 12th. The company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.52. The company had revenue of $278.75 million during the quarter, compared to analysts’ expectations of $227.67 million. Madison Square Garden had a negative return on equity of 3.47% and a net margin of 0.67%.The business’s quarterly revenue was up 36.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.07) earnings per share. Sell-side analysts predict that Madison Square Garden will post -0.8 EPS for the current fiscal year.

About Madison Square Garden

Madison Square Garden Sports Corp. is a professional sports and entertainment company headquartered in New York. The company owns and operates the New York Knicks of the National Basketball Association and the New York Rangers of the National Hockey League. Through these franchises, it manages team operations, ticketing, sponsorships, media rights, merchandising and other commercial activities connected with professional sports.

Madison Square Garden Sports also owns the Hartford Wolf Pack, a minor-league hockey team affiliated with the Rangers, and has been involved in esports through Knicks Gaming, its NBA 2K League team.