Madison Square Garden (NYSE:MSGS) Releases Quarterly Earnings Results, Misses Expectations By $1.39 EPS

Key Points

• Madison Square Garden Sports reported quarterly EPS of -$0.83, missing analysts’ estimate of $0.56 by $1.39. Revenue came in at $432.2 million, slightly above expectations and up 1.9% from a year earlier.
• Shares of MSGS fell $3.79 on the day to $328.73 after the earnings release, though the stock remains well above its 200-day moving average and near its 52-week high.
• Analyst sentiment is mixed: several firms recently raised targets or upgraded the stock, but the overall consensus remains Hold with an average price target of about $333.80.

Madison Square Garden (NYSE:MSGS - Get Free Report) released its quarterly earnings data on Friday. The company reported ($0.83) EPS for the quarter, missing analysts' consensus estimates of $0.56 by ($1.39), Briefing.com reports. The business had revenue of $432.20 million for the quarter, compared to the consensus estimate of $429.66 million. The company's revenue was up 1.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.59) EPS.

Madison Square Garden Stock Performance

Shares of NYSE MSGS traded down $3.79 during midday trading on Friday, reaching $328.73. 324,907 shares of the stock were exchanged, compared to its average volume of 240,973. The company has a 50 day simple moving average of $323.98 and a 200 day simple moving average of $277.92. The stock has a market capitalization of $7.91 billion, a P/E ratio of -476.42 and a beta of 0.59. Madison Square Garden has a twelve month low of $186.00 and a twelve month high of $345.50.

Analyst Ratings Changes

A number of research firms have commented on MSGS. Weiss Ratings upgraded shares of Madison Square Garden from a "sell (d+)" rating to a "hold (c-)" rating in a report on Friday, March 27th. Seaport Research Partners upgraded shares of Madison Square Garden from a "neutral" rating to a "buy" rating and set a $430.00 price objective for the company in a report on Friday, April 10th. JPMorgan Chase & Co. increased their price objective on shares of Madison Square Garden from $240.00 to $305.00 and gave the company an "overweight" rating in a report on Friday, February 6th. Wall Street Zen upgraded shares of Madison Square Garden from a "strong sell" rating to a "hold" rating in a report on Saturday, February 14th. Finally, Guggenheim increased their price objective on shares of Madison Square Garden from $355.00 to $401.00 and gave the company a "buy" rating in a report on Tuesday, April 21st. Three investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $333.80.

Insiders Place Their Bets

In related news, Director Charles P. Dolan sold 5,659 shares of Madison Square Garden stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $325.26, for a total value of $1,840,646.34. Following the completion of the sale, the director owned 435 shares in the company, valued at approximately $141,488.10. This trade represents a 92.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 19.07% of the company's stock.

Institutional Trading of Madison Square Garden

Several institutional investors have recently added to or reduced their stakes in MSGS. Amundi increased its holdings in Madison Square Garden by 4.7% in the 1st quarter. Amundi now owns 5,643 shares of the company's stock valued at $1,091,000 after purchasing an additional 252 shares during the last quarter. Millennium Management LLC increased its holdings in Madison Square Garden by 8.0% in the 1st quarter. Millennium Management LLC now owns 27,147 shares of the company's stock valued at $5,286,000 after purchasing an additional 2,006 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Madison Square Garden by 28.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 24,807 shares of the company's stock valued at $4,830,000 after purchasing an additional 5,452 shares during the last quarter. United Services Automobile Association acquired a new stake in Madison Square Garden in the 1st quarter valued at approximately $210,000. Finally, Empowered Funds LLC increased its holdings in Madison Square Garden by 10.8% in the 1st quarter. Empowered Funds LLC now owns 2,055 shares of the company's stock valued at $400,000 after purchasing an additional 200 shares during the last quarter. Institutional investors and hedge funds own 68.94% of the company's stock.

Madison Square Garden Company Profile

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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