Susquehanna Issues Positive Forecast for Madison Square Garden (NYSE:MSGS) Stock Price

Madison Square Garden (NYSE:MSGS) had its price target raised by equities research analysts at Susquehanna from $429.00 to $430.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “positive” rating on the stock. Susquehanna’s target price would suggest a potential upside of 17.27% from the stock’s current price.

Other equities analysts also recently issued reports about the stock. Guggenheim raised their target price on shares of Madison Square Garden from $422.00 to $470.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Weiss Ratings raised shares of Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, March 27th. Wall Street Zen lowered shares of Madison Square Garden from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Seaport Research Partners raised their price objective on shares of Madison Square Garden from $430.00 to $435.00 and gave the stock a “buy” rating in a research note on Wednesday, May 27th. Finally, Citigroup lifted their price objective on Madison Square Garden from $355.00 to $360.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 13th. Three equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Madison Square Garden currently has a consensus rating of “Hold” and an average target price of $357.00.

Madison Square Garden Price Performance

MSGS traded down $3.93 during trading on Tuesday, reaching $366.66. 57,280 shares of the stock were exchanged, compared to its average volume of 246,999. The company has a market capitalization of $8.83 billion, a price-to-earnings ratio of -394.23 and a beta of 0.61. Madison Square Garden has a 1 year low of $188.60 and a 1 year high of $397.00. The business’s 50 day moving average price is $354.72 and its two-hundred day moving average price is $310.62.

Madison Square Garden (NYSE:MSGS) last announced its quarterly 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 firm had revenue of $432.20 million during the quarter, compared to analyst estimates of $429.66 million. During the same period in the prior year, the company posted ($0.59) EPS. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. On average, analysts anticipate that Madison Square Garden will post -0.5 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its holdings in shares of Madison Square Garden by 11.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 117,905 shares of the company’s stock worth $26,764,000 after buying an additional 12,412 shares during the last quarter. Gabelli Funds LLC boosted its holdings in Madison Square Garden by 0.9% in the fourth quarter. Gabelli Funds LLC now owns 394,292 shares of the company’s stock valued at $101,984,000 after acquiring an additional 3,607 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings 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 acquiring an additional 3,700 shares during the last quarter. Citigroup Inc. grew its position in Madison Square Garden by 294.7% during the third quarter. Citigroup Inc. now owns 39,718 shares of the company’s stock valued at $9,016,000 after acquiring an additional 29,656 shares during the period. Finally, M&T Bank Corp grew its position in Madison Square Garden by 1,394.6% during the fourth quarter. M&T Bank Corp now owns 16,396 shares of the company’s stock valued at $4,241,000 after acquiring an additional 15,299 shares during the period. Institutional investors and hedge funds 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.