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

Madison Square Garden (NYSE:MSGS) had its target price boosted by equities research analysts at Susquehanna from $404.00 to $429.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “positive” rating on the stock. Susquehanna’s price objective would indicate a potential upside of 16.91% from the stock’s previous close.

Several other equities research analysts have also issued reports on the stock. Guggenheim raised their target price on shares of Madison Square Garden from $401.00 to $422.00 and gave the stock a “buy” rating in a report on Friday, May 15th. Citigroup increased their price objective on shares of Madison Square Garden from $355.00 to $360.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 13th. JPMorgan Chase & Co. raised their price objective on shares of Madison Square Garden from $240.00 to $305.00 and gave the stock an “overweight” rating in a research note on Friday, February 6th. Wall Street Zen lowered Madison Square Garden from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Finally, Seaport Research Partners upped their target price on Madison Square Garden from $430.00 to $435.00 and gave the company a “buy” rating in a research note on Wednesday. Three research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $347.20.

Madison Square Garden Stock Performance

NYSE MSGS opened at $366.95 on Thursday. The company has a market cap of $8.84 billion, a P/E ratio of -394.03 and a beta of 0.59. The business’s 50 day moving average price is $332.89 and its 200-day moving average price is $290.54. Madison Square Garden has a fifty-two week low of $186.00 and a fifty-two week high of $370.00.

Madison Square Garden (NYSE:MSGS) last released its quarterly earnings results on Friday, May 8th. The company reported ($0.83) earnings per share for the quarter, missing the consensus estimate of $0.56 by ($1.39). The company had revenue of $432.20 million during the quarter, compared to the consensus estimate of $429.66 million. During the same quarter in the previous year, the firm earned ($0.59) EPS. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. As a group, equities analysts predict that Madison Square Garden will post -0.5 EPS for the current year.

Institutional Trading of Madison Square Garden

Several institutional investors and hedge funds have recently made changes to their positions in MSGS. JPMorgan Chase & Co. lifted its position in Madison Square Garden by 11.8% during the third quarter. JPMorgan Chase & Co. now owns 117,905 shares of the company’s stock valued at $26,764,000 after acquiring an additional 12,412 shares during the last quarter. Envestnet Asset Management Inc. increased its position in shares of Madison Square Garden by 30.6% during the third quarter. Envestnet Asset Management Inc. now owns 15,776 shares of the company’s stock worth $3,581,000 after purchasing an additional 3,700 shares in the last quarter. Gabelli Funds LLC increased its position in shares of Madison Square Garden by 0.9% during the fourth quarter. Gabelli Funds LLC now owns 394,292 shares of the company’s stock worth $101,984,000 after purchasing an additional 3,607 shares in the last quarter. Citigroup Inc. lifted its holdings in shares of Madison Square Garden by 294.7% during the 3rd quarter. Citigroup Inc. now owns 39,718 shares of the company’s stock valued at $9,016,000 after purchasing an additional 29,656 shares during the last quarter. Finally, M&T Bank Corp lifted its holdings in shares of Madison Square Garden by 1,394.6% during the 4th quarter. M&T Bank Corp now owns 16,396 shares of the company’s stock valued at $4,241,000 after purchasing an additional 15,299 shares during the last quarter. 68.94% of the stock is currently owned by institutional investors.

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.