Madison Square Garden (NYSE:MSGS) Lowered to Strong Sell Rating by Zacks Research

Key Points

• Zacks Research downgraded Madison Square Garden (NYSE:MSGS) from hold to strong sell in a recent analyst note.
• Despite the downgrade, the stock was up 2.2% and opened at $396.04, close to its 12-month high of $411.73. The company has a market cap of about $9.54 billion.
• Recent earnings showed EPS of -$0.83, missing estimates, while revenue of $432.2 million slightly beat expectations. Analyst sentiment remains mixed overall, with a current consensus rating of Hold and an average target price of $403.

Madison Square Garden (NYSE:MSGS - Get Free Report) was downgraded by equities researchers at Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued to investors on Thursday,Zacks.com reports.

Other equities research analysts also recently issued reports about the stock. Wall Street Zen raised shares of Madison Square Garden from a "sell" rating to a "hold" rating in a research report on Saturday. Citigroup raised their price target on shares of Madison Square Garden from $355.00 to $360.00 and gave the company a "neutral" rating in a research report on Wednesday, May 13th. Seaport Research Partners lifted their price target on Madison Square Garden from $430.00 to $435.00 and gave the company a "buy" rating in a research note on Wednesday, May 27th. Guggenheim increased their price objective on Madison Square Garden from $422.00 to $470.00 and gave the stock a "buy" rating in a research note on Tuesday, June 2nd. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of Madison Square Garden in a report on Wednesday, June 24th. Four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $403.00.

Madison Square Garden Stock Up 2.2%

Shares of MSGS opened at $396.04 on Thursday. Madison Square Garden has a 12-month low of $188.60 and a 12-month high of $411.73. The business's fifty day moving average is $375.44 and its 200 day moving average is $329.94. The stock has a market cap of $9.54 billion, a P/E ratio of -425.84 and a beta of 0.61.

Madison Square Garden (NYSE:MSGS - Get Free Report) last announced its quarterly earnings results 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 for the quarter, compared to analyst estimates of $429.66 million. During the same period in the previous year, the business earned ($0.59) EPS. The company's quarterly revenue was up 1.9% compared to the same quarter last year. On average, analysts expect that Madison Square Garden will post -0.52 EPS for the current year.

Hedge Funds Weigh In On Madison Square Garden

Several hedge funds have recently modified their holdings of the company. Versant Capital Management Inc boosted its holdings in Madison Square Garden by 2.6% in the 2nd quarter. Versant Capital Management Inc now owns 1,214 shares of the company's stock worth $488,000 after buying an additional 31 shares during the period. DGS Capital Management LLC raised its holdings in Madison Square Garden by 4.8% during the first quarter. DGS Capital Management LLC now owns 832 shares of the company's stock valued at $267,000 after acquiring an additional 38 shares during the period. Salomon & Ludwin LLC lifted its position in shares of Madison Square Garden by 33.1% in the fourth quarter. Salomon & Ludwin LLC now owns 157 shares of the company's stock valued at $40,000 after acquiring an additional 39 shares in the last quarter. Allworth Financial LP boosted its stake in shares of Madison Square Garden by 26.5% in the fourth quarter. Allworth Financial LP now owns 196 shares of the company's stock worth $51,000 after acquiring an additional 41 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in shares of Madison Square Garden by 35.0% during the first quarter. EverSource Wealth Advisors LLC now owns 162 shares of the company's stock worth $52,000 after purchasing an additional 42 shares in the last quarter. Institutional investors own 68.94% of the company's stock.

About Madison Square Garden

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.

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