Madison Square Garden (NYSE:MSGS) Stock Rating Upgraded by Morgan Stanley

Madison Square Garden (NYSE:MSGS) was upgraded by Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued on Wednesday, Marketbeat.com reports. The firm presently has a $450.00 price objective on the stock. Morgan Stanley’s target price would suggest a potential upside of 15.96% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. Susquehanna raised their price target on shares of Madison Square Garden from $429.00 to $430.00 and gave the company a “positive” rating in a report on Tuesday, June 23rd. Guggenheim boosted their price objective on shares of Madison Square Garden from $422.00 to $470.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Citigroup increased their price objective on shares of Madison Square Garden from $355.00 to $360.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 13th. Wall Street Zen downgraded shares of Madison Square Garden from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Madison Square Garden in a research report on Wednesday, June 24th. Four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $403.00.

Madison Square Garden Trading Down 0.5%

MSGS stock opened at $388.05 on Wednesday. The company has a market cap of $9.34 billion, a PE ratio of -417.25 and a beta of 0.61. The stock has a 50-day moving average price of $374.09 and a two-hundred day moving average price of $329.47. Madison Square Garden has a 12-month low of $188.60 and a 12-month high of $411.73.

Madison Square Garden (NYSE:MSGS) last released its quarterly earnings data on Friday, May 8th. The company reported ($0.83) EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($1.39). The firm had revenue of $432.20 million during the quarter, compared to the consensus estimate of $429.66 million. Madison Square Garden’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.59) EPS. Equities analysts forecast that Madison Square Garden will post -0.5 EPS for the current fiscal year.

Institutional Trading of Madison Square Garden

Several large investors have recently bought and sold shares of MSGS. JPMorgan Chase & Co. boosted its stake in shares of Madison Square Garden by 11.8% in the third quarter. JPMorgan Chase & Co. now owns 117,905 shares of the company’s stock valued at $26,764,000 after purchasing an additional 12,412 shares during the period. Gabelli Funds LLC increased its stake in Madison Square Garden by 0.9% during the 4th quarter. Gabelli Funds LLC now owns 394,292 shares of the company’s stock worth $101,984,000 after buying an additional 3,607 shares during the period. M&T Bank Corp increased its stake in Madison Square Garden by 1,394.6% during the 4th quarter. M&T Bank Corp now owns 16,396 shares of the company’s stock worth $4,241,000 after buying an additional 15,299 shares during the period. Assetmark Inc. lifted its holdings in Madison Square Garden by 38.7% in the 4th quarter. Assetmark Inc. now owns 11,794 shares of the company’s stock worth $3,051,000 after buying an additional 3,288 shares in the last quarter. Finally, Gamco Investors INC. ET AL lifted its holdings in Madison Square Garden by 1.1% in the 4th quarter. Gamco Investors INC. ET AL now owns 613,391 shares of the company’s stock worth $158,654,000 after buying an additional 6,873 shares in the last quarter. Institutional investors and hedge funds own 68.94% of the company’s stock.

About Madison Square Garden

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.