Madison Square Garden (NYSE:MSGS) Price Target Raised to $290.00

Madison Square Garden (NYSE:MSGS) had its target price raised by investment analysts at Citigroup from $285.00 to $290.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s target price would suggest a potential upside of 23.76% from the company’s previous close.

A number of other equities research analysts have also weighed in on MSGS. Wolfe Research lowered shares of Madison Square Garden from an “outperform” rating to a “hold” rating in a report on Monday. Weiss Ratings restated a “sell (d+)” rating on shares of Madison Square Garden in a research note on Monday, December 8th. Zacks Research raised Madison Square Garden from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. BTIG Research began coverage on Madison Square Garden in a report on Tuesday, October 7th. They issued a “neutral” rating for the company. Finally, JPMorgan Chase & Co. lifted their target price on shares of Madison Square Garden from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Monday, November 3rd. Five research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Madison Square Garden currently has a consensus rating of “Hold” and a consensus target price of $261.33.

Madison Square Garden Stock Performance

NYSE:MSGS traded down $3.39 during mid-day trading on Tuesday, hitting $234.32. 92,958 shares of the company’s stock traded hands, compared to its average volume of 168,395. The company has a market capitalization of $5.63 billion, a P/E ratio of -239.10 and a beta of 0.66. The company has a fifty day moving average of $222.12 and a 200 day moving average of $210.30. Madison Square Garden has a twelve month low of $173.26 and a twelve month high of $243.71.

Madison Square Garden (NYSE:MSGS) last posted its quarterly earnings data on Friday, October 31st. The company reported ($0.37) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.04) by $0.67. The firm had revenue of $39.45 million for the quarter, compared to the consensus estimate of $41.41 million. Madison Square Garden had a negative net margin of 2.31% and a negative return on equity of 1.76%. The company’s revenue for the quarter was down 26.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.31) earnings per share. On average, research analysts expect that Madison Square Garden will post 0.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Madison Square Garden

A number of institutional investors have recently added to or reduced their stakes in the stock. Independent Advisor Alliance raised its holdings in shares of Madison Square Garden by 2.7% in the third quarter. Independent Advisor Alliance now owns 1,765 shares of the company’s stock valued at $401,000 after buying an additional 46 shares during the last quarter. Two Sigma Investments LP increased its position in Madison Square Garden by 0.4% in the 3rd quarter. Two Sigma Investments LP now owns 11,898 shares of the company’s stock valued at $2,701,000 after acquiring an additional 48 shares during the period. Cibc World Market Inc. raised its stake in Madison Square Garden by 2.8% during the 3rd quarter. Cibc World Market Inc. now owns 1,881 shares of the company’s stock valued at $427,000 after acquiring an additional 51 shares during the last quarter. Sei Investments Co. raised its stake in Madison Square Garden by 1.2% during the 3rd quarter. Sei Investments Co. now owns 4,289 shares of the company’s stock valued at $974,000 after acquiring an additional 52 shares during the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC lifted its position in Madison Square Garden by 1.7% during the 2nd quarter. Pinnacle Wealth Management Advisory Group LLC now owns 3,663 shares of the company’s stock worth $765,000 after acquiring an additional 60 shares during the period. Institutional investors and hedge funds own 68.94% of the company’s stock.

Madison Square Garden Company Profile

Madison Square Garden Sports Corp. operates as a professional sports company in the United States. The company owns and operates a portfolio of assets that consists of the New York Knickerbockers of the National Basketball Association (NBA) and the New York Rangers of the National Hockey League. Its other professional franchises include development league teams, the Hartford Wolf Pack of the American Hockey League and the Westchester Knicks of the NBA G League.