Madison Square Garden (NYSE:MSGS) Coverage Initiated by Analysts at Citigroup

Key Points

• Citigroup has initiated coverage on Madison Square Garden (NYSE:MSGS) with a "buy" rating and a price target of $285.00, suggesting a potential upside of 40.37% from its current price.
• Morgan Stanley raised its price target on MSG shares from $215.00 to $220.00 and rates the stock as "equal weight," indicating mixed sentiments among analysts.
• For the latest quarter, Madison Square Garden posted a revenue of $203.96 million, exceeding expectations significantly, though it reported a negative net margin and earnings per share of ($0.07).

Research analysts at Citigroup assumed coverage on shares of Madison Square Garden (NYSE:MSGS - Get Free Report) in a research note issued on Tuesday, MarketBeat Ratings reports. The brokerage set a "buy" rating and a $285.00 price target on the stock. Citigroup's target price suggests a potential upside of 33.70% from the company's current price.

Separately, Morgan Stanley upped their price objective on Madison Square Garden from $215.00 to $220.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 13th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $258.83.

Madison Square Garden Price Performance

MSGS traded up $1.41 on Tuesday, hitting $213.16. 205,078 shares of the stock were exchanged, compared to its average volume of 184,766. Madison Square Garden has a 12 month low of $173.26 and a 12 month high of $237.99. The business has a 50-day moving average of $201.58 and a two-hundred day moving average of $196.40. The firm has a market capitalization of $5.12 billion, a price-to-earnings ratio of -231.69 and a beta of 0.78.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Pinnacle Wealth Management Advisory Group LLC increased its stake in shares of Madison Square Garden by 1.7% in the second quarter. Pinnacle Wealth Management Advisory Group LLC now owns 3,663 shares of the company's stock valued at $765,000 after buying an additional 60 shares during the period. Westside Investment Management Inc. increased its position in Madison Square Garden by 9.0% during the 2nd quarter. Westside Investment Management Inc. now owns 784 shares of the company's stock valued at $164,000 after purchasing an additional 65 shares during the period. Marest Capital LLC increased its position in Madison Square Garden by 4.1% during the 1st quarter. Marest Capital LLC now owns 1,751 shares of the company's stock valued at $341,000 after purchasing an additional 69 shares during the period. Fifth Third Bancorp increased its position in Madison Square Garden by 59.5% during the 2nd quarter. Fifth Third Bancorp now owns 185 shares of the company's stock valued at $39,000 after purchasing an additional 69 shares during the period. Finally, Resona Asset Management Co. Ltd. increased its position in Madison Square Garden by 2.8% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 2,873 shares of the company's stock valued at $559,000 after purchasing an additional 79 shares during the period. Institutional investors and hedge funds own 68.94% of the company's stock.

Madison Square Garden 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.