Madison Square Garden (NYSE:MSGS) Price Target Raised to $401.00

Madison Square Garden (NYSE:MSGS) had its price target increased by Guggenheim from $355.00 to $401.00 in a research report released on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research firms have also recently weighed in on MSGS. Wall Street Zen upgraded Madison Square Garden from a “strong sell” rating to a “hold” rating in a research note on Saturday, February 14th. JPMorgan Chase & Co. increased their price target on Madison Square Garden from $240.00 to $305.00 and gave the company an “overweight” rating in a research note on Friday, February 6th. Seaport Research Partners upgraded Madison Square Garden from a “neutral” rating to a “buy” rating and set a $430.00 price target on the stock in a research note on Friday, April 10th. Citigroup upped their price objective on Madison Square Garden from $290.00 to $337.00 and gave the company a “buy” rating in a report on Friday, February 13th. Finally, Susquehanna upped their price objective on Madison Square Garden from $356.00 to $388.00 and gave the company a “positive” rating in a report on Thursday, April 9th. Three equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $333.80.

Madison Square Garden Trading Down 1.0%

MSGS opened at $331.97 on Tuesday. Madison Square Garden has a 1-year low of $184.63 and a 1-year high of $345.48. The stock’s fifty day simple moving average is $320.33 and its 200 day simple moving average is $270.75. The stock has a market cap of $7.99 billion, a PE ratio of -481.12 and a beta of 0.59.

Madison Square Garden (NYSE:MSGS) last posted its quarterly earnings results on Thursday, February 5th. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.32). The company had revenue of $403.42 million during the quarter, compared to analyst estimates of $394.58 million. During the same quarter in the previous year, the business posted $0.05 EPS. The company’s revenue for the quarter was up 12.7% compared to the same quarter last year. Equities analysts forecast that Madison Square Garden will post -0.34 earnings per share for the current year.

Insider Activity

In other news, Director Charles P. Dolan sold 5,659 shares of the stock in a transaction on Friday, February 20th. The stock was sold at an average price of $325.26, for a total transaction of $1,840,646.34. Following the sale, the director directly owned 435 shares of the company’s stock, valued at approximately $141,488.10. This represents a 92.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 19.07% of the company’s stock.

Institutional Trading of Madison Square Garden

Several large investors have recently modified their holdings of MSGS. JPMorgan Chase & Co. boosted its stake in Madison Square Garden by 11.8% in the third quarter. JPMorgan Chase & Co. now owns 117,905 shares of the company’s stock valued at $26,764,000 after buying an additional 12,412 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in Madison Square Garden by 30.6% in the third quarter. Envestnet Asset Management Inc. now owns 15,776 shares of the company’s stock valued at $3,581,000 after buying an additional 3,700 shares in the last quarter. Citigroup Inc. boosted its stake in Madison Square Garden by 294.7% in the third quarter. Citigroup Inc. now owns 39,718 shares of the company’s stock valued at $9,016,000 after buying an additional 29,656 shares in the last quarter. TD Asset Management Inc acquired a new stake in Madison Square Garden in the third quarter valued at about $2,052,000. Finally, Assetmark Inc. boosted its stake in Madison Square Garden by 65,330.8% in the third quarter. Assetmark Inc. now owns 8,506 shares of the company’s stock valued at $1,931,000 after buying an additional 8,493 shares in the last quarter. 68.94% of the stock is owned by institutional investors and hedge funds.

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.