Madison Square Garden Sports (NYSE:MSGS) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research downgraded shares of Madison Square Garden Sports (NYSE:MSGS) from a strong-buy rating to a hold rating in a report released on Wednesday morning, Zacks.com reports.

According to Zacks, “Madison Square Garden Sports Corp. is a professional sports company, with a collection of assets which includes the New York Knicks and the New York Rangers as well as development league teams – the Westchester Knicks and the Hartford Wolf Pack; and esports teams. The company also owns professional sports team performance centers – the MSG Training Center in Greenburgh, NY and the CLG Performance Center in Los Angeles, CA. Madison Square Garden Sports Corp., formerly known as Madison Square Garden Company, is based in New York, United States. “

Several other equities research analysts have also recently commented on the company. Morgan Stanley cut Madison Square Garden Sports from an overweight rating to an equal weight rating and dropped their target price for the stock from $230.00 to $200.00 in a report on Wednesday, December 15th. JPMorgan Chase & Co. boosted their target price on shares of Madison Square Garden Sports from $190.00 to $220.00 and gave the company an overweight rating in a research note on Monday, November 1st. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Buy and a consensus target price of $210.20.

Shares of NYSE MSGS opened at $167.40 on Wednesday. The stock has a 50 day simple moving average of $174.95 and a 200-day simple moving average of $175.87. Madison Square Garden Sports has a 12-month low of $152.42 and a 12-month high of $207.09.

Madison Square Garden Sports (NYSE:MSGS) last issued its quarterly earnings data on Wednesday, November 10th. The company reported ($0.68) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.12) by $0.44. The business had revenue of $18.79 million for the quarter, compared to analyst estimates of $23.77 million. During the same quarter in the prior year, the firm posted ($1.18) earnings per share. On average, analysts predict that Madison Square Garden Sports will post 0.67 earnings per share for the current year.

A number of institutional investors have recently modified their holdings of MSGS. Advisor Group Holdings Inc. grew its stake in shares of Madison Square Garden Sports by 7.0% during the second quarter. Advisor Group Holdings Inc. now owns 1,595 shares of the company’s stock valued at $275,000 after purchasing an additional 105 shares during the last quarter. Teacher Retirement System of Texas boosted its stake in Madison Square Garden Sports by 17.6% in the second quarter. Teacher Retirement System of Texas now owns 2,047 shares of the company’s stock valued at $353,000 after acquiring an additional 306 shares during the last quarter. HighTower Advisors LLC boosted its stake in Madison Square Garden Sports by 1.6% in the second quarter. HighTower Advisors LLC now owns 9,832 shares of the company’s stock valued at $1,696,000 after acquiring an additional 153 shares during the last quarter. WINTON GROUP Ltd boosted its stake in Madison Square Garden Sports by 47.2% in the second quarter. WINTON GROUP Ltd now owns 5,370 shares of the company’s stock valued at $927,000 after acquiring an additional 1,721 shares during the last quarter. Finally, Rockefeller Capital Management L.P. boosted its stake in Madison Square Garden Sports by 67.3% in the second quarter. Rockefeller Capital Management L.P. now owns 368 shares of the company’s stock valued at $63,000 after acquiring an additional 148 shares during the last quarter. 73.46% of the stock is currently owned by hedge funds and other institutional investors.

About Madison Square Garden Sports

Madison Square Garden Sports Corp. is a professional sports company. It owns and operates a portfolio of assets featuring some of the teams in all of sports, including the New York Knickerbockers (the Knicks) of the National Basketball Association (NBA) and the New York Rangers (the Rangers) of the National Hockey League (NHL).

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