Wall Street Zen Downgrades Madison Square Garden (NYSE:MSGS) to Sell

Madison Square Garden (NYSE:MSGS) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

Several other equities research analysts also recently issued reports on the company. Weiss Ratings upgraded Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, March 27th. Citigroup lifted their price objective on shares of Madison Square Garden from $355.00 to $360.00 and gave the stock a “neutral” rating in a report on Wednesday, May 13th. Seaport Research Partners upgraded shares of Madison Square Garden from a “neutral” rating to a “buy” rating and set a $430.00 target price for the company in a research note on Friday, April 10th. Guggenheim increased their target price on shares of Madison Square Garden from $401.00 to $422.00 and gave the company a “buy” rating in a report on Friday. Finally, JPMorgan Chase & Co. raised their price target on shares of Madison Square Garden from $240.00 to $305.00 and gave the company an “overweight” rating in a research report on Friday, February 6th. Three investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Madison Square Garden has a consensus rating of “Hold” and an average price target of $342.20.

Madison Square Garden Price Performance

NYSE:MSGS opened at $351.33 on Friday. Madison Square Garden has a one year low of $186.00 and a one year high of $357.42. The company has a market cap of $8.46 billion, a PE ratio of -377.77 and a beta of 0.59. The firm has a 50-day moving average of $326.31 and a 200-day moving average of $282.86.

Madison Square Garden (NYSE:MSGS) last issued 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 business had revenue of $432.20 million during the quarter, compared to analysts’ expectations of $429.66 million. The business’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the company earned ($0.59) earnings per share. On average, equities research analysts expect that Madison Square Garden will post -0.5 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Charles P. Dolan sold 5,659 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $325.26, for a total transaction of $1,840,646.34. Following the sale, the director owned 435 shares of the company’s stock, valued at approximately $141,488.10. This represents a 92.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 19.07% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. SJS Investment Consulting Inc. raised its position in shares of Madison Square Garden by 488.2% in the first quarter. SJS Investment Consulting Inc. now owns 100 shares of the company’s stock worth $32,000 after buying an additional 83 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new position in Madison Square Garden in the 4th quarter worth about $26,000. Caitong International Asset Management Co. Ltd increased its stake in Madison Square Garden by 67.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 122 shares of the company’s stock worth $32,000 after acquiring an additional 49 shares during the last quarter. Global Retirement Partners LLC raised its holdings in shares of Madison Square Garden by 1,150.0% in the 4th quarter. Global Retirement Partners LLC now owns 125 shares of the company’s stock valued at $32,000 after acquiring an additional 115 shares in the last quarter. Finally, Accredited Wealth Management LLC raised its holdings in shares of Madison Square Garden by 524.0% in the 3rd quarter. Accredited Wealth Management LLC now owns 156 shares of the company’s stock valued at $35,000 after acquiring an additional 131 shares in the last quarter. 68.94% of the stock is currently owned by hedge funds and other institutional investors.

Madison Square Garden Company Profile

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.