The Madison Square Garden Company (NYSE:MSGS) Receives $260.50 Consensus PT from Brokerages

The Madison Square Garden Company (NYSE:MSGS) has been assigned an average rating of “Hold” from the ten ratings firms that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $261.3333.

MSGS has been the subject of several recent analyst reports. JPMorgan Chase & Co. boosted their target price on Madison Square Garden from $230.00 to $240.00 and gave the stock an “overweight” rating in a research report on Monday, November 3rd. Weiss Ratings reissued a “sell (d+)” rating on shares of Madison Square Garden in a report on Monday. Citigroup raised their target price on shares of Madison Square Garden from $285.00 to $290.00 and gave the company a “buy” rating in a research note on Tuesday. BTIG Research started coverage on shares of Madison Square Garden in a research report on Tuesday, October 7th. They set a “neutral” rating for the company. Finally, Zacks Research raised shares of Madison Square Garden from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th.

Madison Square Garden Trading Up 2.5%

Madison Square Garden stock opened at $241.20 on Friday. Madison Square Garden has a 1-year low of $173.26 and a 1-year high of $243.71. The firm has a market capitalization of $5.79 billion, a PE ratio of -246.12 and a beta of 0.66. The firm’s 50 day simple moving average is $222.87 and its 200 day simple moving average is $210.84.

Madison Square Garden (NYSE:MSGS) last released its quarterly earnings results on Friday, October 31st. The company reported ($0.37) EPS for the quarter, beating analysts’ consensus estimates of ($1.04) by $0.67. The firm had revenue of $39.45 million during the quarter, compared to analyst estimates of $41.41 million. Madison Square Garden had a negative net margin of 2.31% and a negative return on equity of 1.76%. The business’s revenue for the quarter was down 26.0% on a year-over-year basis. During the same period in the previous year, the business earned ($0.31) EPS. Research analysts forecast that Madison Square Garden will post 0.73 earnings per share for the current year.

Institutional Investors Weigh In On Madison Square Garden

A number of large investors have recently added to or reduced their stakes in MSGS. Invesco Ltd. boosted its holdings in shares of Madison Square Garden by 16.7% in the 1st quarter. Invesco Ltd. now owns 97,121 shares of the company’s stock worth $18,911,000 after purchasing an additional 13,863 shares in the last quarter. Nuveen LLC bought a new stake in Madison Square Garden in the 1st quarter worth approximately $8,585,000. Resona Asset Management Co. Ltd. boosted its stake in Madison Square Garden by 2.8% in the first quarter. Resona Asset Management Co. Ltd. now owns 2,873 shares of the company’s stock worth $559,000 after buying an additional 79 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Madison Square Garden by 99.6% in the first quarter. Russell Investments Group Ltd. now owns 1,082 shares of the company’s stock worth $211,000 after buying an additional 540 shares in the last quarter. Finally, Northern Trust Corp grew its position in Madison Square Garden by 15.9% during the first quarter. Northern Trust Corp now owns 135,191 shares of the company’s stock valued at $26,324,000 after acquiring an additional 18,529 shares during the last quarter. Hedge funds and other institutional investors own 68.94% of the company’s stock.

About Madison Square Garden

Madison Square Garden Sports Corp. operates as a professional sports company in the United States. The company owns and operates a portfolio of assets that consists of the New York Knickerbockers of the National Basketball Association (NBA) and the New York Rangers of the National Hockey League. Its other professional franchises include development league teams, the Hartford Wolf Pack of the American Hockey League and the Westchester Knicks of the NBA G League.