Madison Square Garden (NYSE:MSGS) Price Target Raised to $360.00

Madison Square Garden (NYSE:MSGS) had its target price raised by analysts at Citigroup from $355.00 to $360.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s target price indicates a potential upside of 3.76% from the company’s current price.

MSGS has been the topic of several other reports. JPMorgan Chase & Co. raised their price target on shares of Madison Square Garden from $240.00 to $305.00 and gave the stock an “overweight” rating in a research report on Friday, February 6th. Wall Street Zen upgraded shares of Madison Square Garden from a “strong sell” rating to a “hold” rating in a research report on Saturday, February 14th. Seaport Research Partners upgraded shares of Madison Square Garden from a “neutral” rating to a “buy” rating and set a $430.00 price target on the stock in a research report on Friday, April 10th. Susquehanna lifted their target price on shares of Madison Square Garden from $356.00 to $388.00 and gave the company a “positive” rating in a research report on Thursday, April 9th. Finally, Guggenheim lifted their target price on shares of Madison Square Garden from $355.00 to $401.00 and gave the company a “buy” rating in a research report on Tuesday, April 21st. Three equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, Madison Square Garden has an average rating of “Hold” and a consensus price target of $334.80.

Madison Square Garden Price Performance

NYSE:MSGS traded up $10.83 during midday trading on Wednesday, reaching $346.95. The stock had a trading volume of 182,072 shares, compared to its average volume of 241,511. Madison Square Garden has a 1-year low of $186.00 and a 1-year high of $348.46. The firm’s fifty day simple moving average is $324.79 and its 200-day simple moving average is $280.28. The stock has a market capitalization of $8.35 billion, a P/E ratio of -373.33 and a beta of 0.59.

Madison Square Garden (NYSE:MSGS) last posted its earnings results on Friday, May 8th. The company reported ($0.83) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($1.39). The company had revenue of $432.20 million for the quarter, compared to analyst estimates of $429.66 million. The company’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.59) EPS. On average, equities research analysts anticipate that Madison Square Garden will post -0.34 earnings per share for the current fiscal year.

Insider Transactions at Madison Square Garden

In related news, Director Charles P. Dolan sold 5,659 shares of Madison Square Garden stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $325.26, for a total transaction of $1,840,646.34. Following the completion of the transaction, the director directly owned 435 shares of the company’s stock, valued at $141,488.10. This trade represents a 92.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 19.07% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Madison Square Garden

Institutional investors have recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd bought a new position in Madison Square Garden during the 4th quarter valued at about $26,000. Caitong International Asset Management Co. Ltd lifted its holdings in Madison Square Garden by 67.1% during the 4th 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. SJS Investment Consulting Inc. lifted its holdings in Madison Square Garden by 488.2% during the 1st quarter. SJS Investment Consulting Inc. now owns 100 shares of the company’s stock valued at $32,000 after purchasing an additional 83 shares during the last quarter. Global Retirement Partners LLC lifted its holdings in Madison Square Garden by 1,150.0% during the 4th quarter. Global Retirement Partners LLC now owns 125 shares of the company’s stock valued at $32,000 after purchasing an additional 115 shares during the last quarter. Finally, Accredited Wealth Management LLC lifted its holdings in Madison Square Garden by 524.0% during the 3rd quarter. Accredited Wealth Management LLC now owns 156 shares of the company’s stock valued at $35,000 after purchasing an additional 131 shares during the last quarter. 68.94% of the stock is owned by institutional investors.

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.