The Madison Square Garden Company (NYSE:MSGS) Stock Rated "Moderate Buy" by Sell-Side Brokerages

Key Points

• Analysts rate MSGS a “Moderate Buy”: Four analysts recommend buying the stock and four recommend holding it, with an average 12-month price target of $471.20.
• Institutional ownership is significant: Institutional investors hold 68.94% of the company, while several hedge funds—including Renaissance Technologies and Quantinno Capital Management—recently increased their stakes.
• Quarterly results exceeded expectations: Madison Square Garden reported $1.16 in EPS versus the $0.64 consensus estimate and revenue of $278.75 million, up 36.6% year over year and above forecasts.

Shares of The Madison Square Garden Company (NYSE:MSGS - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the eight brokerages that are currently covering the company, MarketBeat reports. Four equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $471.20.

A number of equities analysts have recently weighed in on MSGS shares. Wall Street Zen upgraded Madison Square Garden from a "sell" rating to a "hold" rating in a research note on Sunday, August 23rd. Weiss Ratings raised Madison Square Garden from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, August 14th. Zacks Research upgraded Madison Square Garden from a "strong sell" rating to a "hold" rating in a report on Friday, August 14th. JPMorgan Chase & Co. boosted their price objective on Madison Square Garden from $450.00 to $485.00 and gave the stock an "overweight" rating in a research report on Friday, August 14th. Finally, Susquehanna upped their price objective on Madison Square Garden from $430.00 to $477.00 and gave the company a "positive" rating in a research note on Friday, August 14th.

Hedge Funds Weigh In On Madison Square Garden

Several institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC raised its position in Madison Square Garden by 45.9% in the first quarter. Renaissance Technologies LLC now owns 172,000 shares of the company's stock worth $55,281,000 after acquiring an additional 54,100 shares during the period. Southpoint Capital Advisors LP raised its holdings in shares of Madison Square Garden by 3.3% in the 1st quarter. Southpoint Capital Advisors LP now owns 155,000 shares of the company's stock worth $49,817,000 after purchasing an additional 5,000 shares during the period. Contour Asset Management LLC lifted its stake in Madison Square Garden by 11.7% in the fourth quarter. Contour Asset Management LLC now owns 191,008 shares of the company's stock valued at $49,404,000 after purchasing an additional 19,977 shares during the last quarter. Quantinno Capital Management LP grew its holdings in Madison Square Garden by 76.5% during the first quarter. Quantinno Capital Management LP now owns 104,312 shares of the company's stock valued at $33,526,000 after purchasing an additional 45,223 shares during the period. Finally, Clearline Capital LP grew its holdings in Madison Square Garden by 2.3% during the fourth quarter. Clearline Capital LP now owns 123,880 shares of the company's stock valued at $32,042,000 after purchasing an additional 2,764 shares during the period. Institutional investors own 68.94% of the company's stock.

Madison Square Garden Price Performance

NYSE:MSGS opened at $407.52 on Friday. Madison Square Garden has a one year low of $207.90 and a one year high of $438.93. The company has a market cap of $9.81 billion, a PE ratio of 1,358.46 and a beta of 0.62. The firm has a 50-day moving average of $398.14 and a 200-day moving average of $373.76.

Madison Square Garden (NYSE:MSGS - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.64 by $0.52. Madison Square Garden had a net margin of 0.67% and a negative return on equity of 3.47%. The firm had revenue of $278.75 million for the quarter, compared to the consensus estimate of $227.67 million. During the same period in the previous year, the firm earned ($0.07) EPS. The business's revenue for the quarter was up 36.6% compared to the same quarter last year. On average, equities research analysts expect that Madison Square Garden will post -1.13 earnings per share for the current fiscal year.

Madison Square Garden Company Profile

Madison Square Garden Sports Corp. NYSE: MSGS is a professional sports and entertainment company based in New York. Its principal assets are the New York Knicks of the National Basketball Association and the New York Rangers of the National Hockey League.

The company also owns and operates related sports properties, including the NBA G League's Westchester Knicks, the American Hockey League's Hartford Wolf Pack and the NBA 2K League's Knicks Gaming. Its business activities include team operations, ticket sales, sponsorships, licensing, merchandise and other commercial rights associated with its sports franchises.

Madison Square Garden Sports primarily serves fans and commercial partners in the New York metropolitan area while its teams compete in national leagues with audiences throughout the United States and internationally.

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