Brokerages Set The Madison Square Garden Company (NYSE:MSGS) PT at $258.83

The Madison Square Garden Company (NYSE:MSGS) has been given an average recommendation of “Moderate Buy” by the nine research firms that are covering the firm, Marketbeat reports. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $258.8333.

A number of research firms have issued reports on MSGS. Zacks Research upgraded shares of Madison Square Garden from a “strong sell” rating to a “hold” rating in a research report on Monday, October 13th. Citigroup began coverage on shares of Madison Square Garden in a research report on Tuesday, September 9th. They set a “buy” rating and a $285.00 target price on the stock. Morgan Stanley upped their target price on shares of Madison Square Garden from $215.00 to $220.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 13th. Weiss Ratings upgraded shares of Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Saturday. Finally, BTIG Research assumed coverage on Madison Square Garden in a research note on Tuesday, October 7th. They issued a “neutral” rating for the company.

Institutional Trading of Madison Square Garden

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Illinois Municipal Retirement Fund lifted its stake in Madison Square Garden by 3.1% in the first quarter. Illinois Municipal Retirement Fund now owns 8,953 shares of the company’s stock valued at $1,743,000 after buying an additional 267 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Madison Square Garden by 2.4% in the first quarter. Principal Financial Group Inc. now owns 83,241 shares of the company’s stock valued at $16,209,000 after buying an additional 1,989 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in Madison Square Garden by 50.5% in the first quarter. Envestnet Asset Management Inc. now owns 9,687 shares of the company’s stock valued at $1,886,000 after buying an additional 3,250 shares in the last quarter. Banque Pictet & Cie SA bought a new position in Madison Square Garden in the first quarter valued at approximately $467,000. Finally, MQS Management LLC bought a new position in Madison Square Garden in the first quarter valued at approximately $651,000. 68.94% of the stock is owned by institutional investors.

Madison Square Garden Stock Up 0.0%

Shares of NYSE MSGS opened at $227.20 on Friday. The firm’s 50-day simple moving average is $214.16 and its 200 day simple moving average is $203.00. The company has a market cap of $5.46 billion, a price-to-earnings ratio of -246.96 and a beta of 0.78. Madison Square Garden has a 12-month low of $173.26 and a 12-month high of $237.99.

Madison Square Garden (NYSE:MSGS) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.35. Madison Square Garden had a negative net margin of 2.16% and a negative return on equity of 1.76%. The business had revenue of $203.96 million for the quarter, compared to the consensus estimate of $151.00 million. During the same quarter in the prior year, the company earned $1.06 EPS. The firm’s quarterly revenue was down 10.3% on a year-over-year basis. On average, equities analysts expect that Madison Square Garden will post 0.73 earnings per share for the current year.

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.