Guggenheim Reaffirms Buy Rating for Madison Square Garden Sports (NYSE:MSGS)

Madison Square Garden Sports (NYSE:MSGS)‘s stock had its “buy” rating reaffirmed by investment analysts at Guggenheim in a report released on Tuesday,Benzinga reports. They presently have a $314.00 target price on the stock. Guggenheim’s target price points to a potential upside of 64.78% from the stock’s previous close.

A number of other analysts have also issued reports on MSGS. Macquarie increased their price target on shares of Madison Square Garden Sports from $240.00 to $250.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 25th. Susquehanna assumed coverage on shares of Madison Square Garden Sports in a research note on Monday, April 28th. They set a “positive” rating and a $254.00 target price for the company. Morgan Stanley dropped their price target on shares of Madison Square Garden Sports from $235.00 to $215.00 and set an “equal weight” rating on the stock in a research note on Monday. Finally, JPMorgan Chase & Co. reduced their price objective on Madison Square Garden Sports from $240.00 to $230.00 and set an “overweight” rating for the company in a research report on Monday. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Madison Square Garden Sports has a consensus rating of “Moderate Buy” and an average target price of $252.60.

Madison Square Garden Sports Stock Performance

Madison Square Garden Sports stock opened at $190.56 on Tuesday. The company has a 50 day moving average price of $191.62 and a 200 day moving average price of $210.11. Madison Square Garden Sports has a 52 week low of $173.26 and a 52 week high of $237.99. The firm has a market capitalization of $4.58 billion, a price-to-earnings ratio of 80.41 and a beta of 0.78.

Madison Square Garden Sports (NYSE:MSGS) last issued its quarterly earnings results on Friday, May 2nd. The company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of $1.48 by ($2.07). The business had revenue of $424.20 million for the quarter, compared to analysts’ expectations of $436.84 million. Madison Square Garden Sports had a net margin of 5.33% and a negative return on equity of 20.50%. The business’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.57 EPS. Equities analysts forecast that Madison Square Garden Sports will post 0.73 earnings per share for the current fiscal year.

Insider Activity

In other news, insider F. Dolan 2009 Revocabl Charles sold 31,825 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $189.92, for a total value of $6,044,204.00. Following the sale, the insider now owns 5,097 shares in the company, valued at approximately $968,022.24. This trade represents a 86.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 22.10% of the stock is currently owned by company insiders.

Institutional Trading of Madison Square Garden Sports

A number of hedge funds have recently bought and sold shares of MSGS. T. Rowe Price Investment Management Inc. lifted its stake in shares of Madison Square Garden Sports by 1,854.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 498,607 shares of the company’s stock valued at $112,526,000 after buying an additional 473,090 shares during the period. Victory Capital Management Inc. lifted its position in shares of Madison Square Garden Sports by 523.2% in the 1st quarter. Victory Capital Management Inc. now owns 347,800 shares of the company’s stock worth $67,724,000 after acquiring an additional 291,989 shares during the period. Norges Bank acquired a new stake in shares of Madison Square Garden Sports during the 4th quarter worth approximately $54,052,000. GAMMA Investing LLC increased its position in shares of Madison Square Garden Sports by 14,886.7% during the first quarter. GAMMA Investing LLC now owns 137,278 shares of the company’s stock valued at $26,731,000 after purchasing an additional 136,362 shares during the period. Finally, Empirical Asset Management LLC acquired a new position in shares of Madison Square Garden Sports in the fourth quarter valued at $26,120,000. 68.94% of the stock is owned by institutional investors.

Madison Square Garden Sports Company Profile

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.