Madison Square Garden (NYSE:MSGS) Announces Quarterly Earnings Results

Key Points

• Madison Square Garden reported earnings per share of ($0.07) for the quarter, exceeding expectations by $0.19 despite a 10.3% decline in revenue compared to the same quarter last year.
• The company's stock has a market capitalization of $4.84 billion, with a price-to-earnings ratio of 962.71 and a 1-year high of $237.99.
• Analysts have set varying price targets for MSGS, with a consensus rating of "Moderate Buy" and an average price target of $252.60.

Madison Square Garden (NYSE:MSGS - Get Free Report) released its quarterly earnings data on Tuesday. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.19, RTT News reports. Madison Square Garden had a net margin of 0.45% and a negative return on equity of 1.76%. During the same quarter in the prior year, the company earned $1.06 earnings per share. The company's revenue was down 10.3% compared to the same quarter last year.

Madison Square Garden Stock Performance

Shares of NYSE:MSGS opened at $201.74 on Tuesday. The stock has a market capitalization of $4.84 billion, a price-to-earnings ratio of 962.71 and a beta of 0.79. Madison Square Garden has a 1-year low of $173.26 and a 1-year high of $237.99. The company's fifty day moving average is $200.98 and its two-hundred day moving average is $198.26.

Institutional Trading of Madison Square Garden

A number of institutional investors and hedge funds have recently modified their holdings of MSGS. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Madison Square Garden by 13.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 49,822 shares of the company's stock worth $9,701,000 after acquiring an additional 5,896 shares during the period. Goldman Sachs Group Inc. increased its stake in Madison Square Garden by 28.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 24,807 shares of the company's stock valued at $4,830,000 after buying an additional 5,452 shares during the period. Millennium Management LLC increased its stake in Madison Square Garden by 8.0% during the 1st quarter. Millennium Management LLC now owns 27,147 shares of the company's stock valued at $5,286,000 after buying an additional 2,006 shares during the period. United Services Automobile Association acquired a new position in Madison Square Garden during the 1st quarter valued at about $210,000. Finally, Amundi increased its stake in Madison Square Garden by 4.7% during the 1st quarter. Amundi now owns 5,643 shares of the company's stock valued at $1,091,000 after buying an additional 252 shares during the period. 68.94% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MSGS has been the subject of several research reports. Morgan Stanley decreased their price objective on shares of Madison Square Garden from $235.00 to $215.00 and set an "equal weight" rating for the company in a research note on Monday, May 5th. Susquehanna initiated coverage on shares of Madison Square Garden in a research note on Monday, April 28th. They set a "positive" rating and a $254.00 price objective for the company. Guggenheim restated a "buy" rating and issued a $314.00 target price on shares of Madison Square Garden in a research note on Tuesday, May 6th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Madison Square Garden from $240.00 to $230.00 and set an "overweight" rating for the company in a research note on Monday, May 5th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Madison Square Garden currently has a consensus rating of "Moderate Buy" and an average price target of $252.60.

About Madison Square Garden

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.

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