JPMorgan Chase & Co. Cuts Madison Square Garden Sports (NYSE:MSGS) Price Target to $230.00

Madison Square Garden Sports (NYSE:MSGS - Get Free Report) had its price target cut by investment analysts at JPMorgan Chase & Co. from $240.00 to $230.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target points to a potential upside of 23.83% from the company's previous close.

MSGS has been the topic of a number of other research reports. Macquarie upped their price objective on Madison Square Garden Sports from $240.00 to $250.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 25th. Susquehanna started coverage on shares of Madison Square Garden Sports in a research note on Monday, April 28th. They issued a "positive" rating and a $254.00 price target for the company. Finally, Morgan Stanley dropped their target price on shares of Madison Square Garden Sports from $235.00 to $215.00 and set an "equal weight" rating on the stock in a report on Monday.

Madison Square Garden Sports Price Performance

NYSE:MSGS traded down $1.62 during trading hours on Monday, reaching $185.74. 9,209 shares of the stock were exchanged, compared to its average volume of 112,610. Madison Square Garden Sports has a twelve month low of $173.26 and a twelve month high of $237.99. The stock has a market cap of $4.46 billion, a PE ratio of 78.26 and a beta of 0.78. The firm has a 50 day moving average of $192.36 and a 200 day moving average of $210.59.

Madison Square Garden Sports (NYSE:MSGS - Get Free Report) last released its earnings results on Friday, May 2nd. The company reported ($0.59) earnings per share for the quarter, missing analysts' consensus estimates of $1.48 by ($2.07). Madison Square Garden Sports had a net margin of 5.33% and a negative return on equity of 20.50%. The business had revenue of $424.20 million during the quarter, compared to the consensus estimate of $436.84 million. During the same period last year, the business posted $1.57 EPS. The firm's revenue for the quarter was down 1.3% on a year-over-year basis. Equities research analysts anticipate that Madison Square Garden Sports will post 0.73 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider F. Dolan 2009 Revocabl Charles sold 31,825 shares of the firm's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $189.92, for a total transaction of $6,044,204.00. Following the transaction, the insider now directly owns 5,097 shares of the company's stock, valued at approximately $968,022.24. This trade represents a 86.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 22.10% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. OFI Invest Asset Management acquired a new stake in Madison Square Garden Sports during the fourth quarter worth approximately $1,032,000. Proficio Capital Partners LLC acquired a new stake in shares of Madison Square Garden Sports during the 4th quarter worth $3,413,000. Levin Capital Strategies L.P. increased its position in shares of Madison Square Garden Sports by 118.5% in the fourth quarter. Levin Capital Strategies L.P. now owns 3,039 shares of the company's stock worth $686,000 after purchasing an additional 1,648 shares during the period. Wealthfront Advisers LLC acquired a new position in Madison Square Garden Sports in the fourth quarter valued at about $16,844,000. Finally, SG Americas Securities LLC bought a new stake in Madison Square Garden Sports during the fourth quarter worth about $685,000. Institutional investors and hedge funds own 68.94% of the company's stock.

About Madison Square Garden Sports

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.