Madison Square Garden (NYSE:MSGS) Given New $450.00 Price Target at JPMorgan Chase & Co.

Madison Square Garden (NYSE:MSGS) had its price target lifted by JPMorgan Chase & Co. from $400.00 to $450.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 13.15% from the stock’s previous close.

A number of other equities analysts have also commented on the stock. Seaport Research Partners raised their price objective on shares of Madison Square Garden from $430.00 to $435.00 and gave the company a “buy” rating in a research report on Wednesday, May 27th. Susquehanna upped their target price on shares of Madison Square Garden from $429.00 to $430.00 and gave the stock a “positive” rating in a report on Tuesday, June 23rd. Weiss Ratings reiterated a “hold (c-)” rating on shares of Madison Square Garden in a research note on Wednesday, June 24th. 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 report on Wednesday, May 13th. Finally, Guggenheim boosted their price target on shares of Madison Square Garden from $422.00 to $470.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Four equities research 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. Based on data from MarketBeat.com, Madison Square Garden has a consensus rating of “Hold” and an average price target of $432.00.

Madison Square Garden Stock Performance

NYSE MSGS traded down $0.27 during trading hours on Tuesday, hitting $397.69. The company had a trading volume of 16,870 shares, compared to its average volume of 247,723. Madison Square Garden has a 52 week low of $188.60 and a 52 week high of $411.73. The firm has a 50 day simple moving average of $376.52 and a 200 day simple moving average of $331.41. The firm has a market capitalization of $9.58 billion, a price-to-earnings ratio of -427.62 and a beta of 0.61.

Madison Square Garden (NYSE:MSGS) last posted its earnings results on Friday, May 8th. The company reported ($0.83) earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($1.39). The business had revenue of $432.20 million during the quarter, compared to analyst estimates of $429.66 million. During the same period in the previous year, the firm earned ($0.59) earnings per share. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. On average, research analysts forecast that Madison Square Garden will post -0.52 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. SJS Investment Consulting Inc. increased its position in shares of Madison Square Garden by 488.2% in the first quarter. SJS Investment Consulting Inc. now owns 100 shares of the company’s stock worth $32,000 after purchasing an additional 83 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new stake in Madison Square Garden during the fourth quarter valued at approximately $26,000. Caitong International Asset Management Co. Ltd lifted its position in Madison Square Garden by 67.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 122 shares of the company’s stock valued at $32,000 after purchasing an additional 49 shares during the last quarter. Global Retirement Partners LLC grew its stake in Madison Square Garden by 1,150.0% in the 4th quarter. Global Retirement Partners LLC now owns 125 shares of the company’s stock worth $32,000 after buying an additional 115 shares in the last quarter. Finally, Salomon & Ludwin LLC grew its stake in Madison Square Garden by 33.1% in the 4th quarter. Salomon & Ludwin LLC now owns 157 shares of the company’s stock worth $40,000 after buying an additional 39 shares in the last quarter. Hedge funds and other 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.