Madison Square Garden (NYSE:MSGS) Price Target Raised to $450.00

Madison Square Garden (NYSE:MSGS) had its price objective boosted by JPMorgan Chase & Co. from $400.00 to $450.00 in a research report released on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other equities research analysts have also issued reports on the company. Morgan Stanley raised Madison Square Garden from an “equal weight” rating to an “overweight” rating and set a $450.00 price objective for the company in a research note on Wednesday, July 15th. Wall Street Zen raised Madison Square Garden from a “sell” rating to a “hold” rating in a research report on Saturday, July 18th. Seaport Research Partners increased their price target on Madison Square Garden from $430.00 to $435.00 and gave the company a “buy” rating in a report on Wednesday, May 27th. Susquehanna lifted their price objective on shares of Madison Square Garden from $429.00 to $430.00 and gave the stock a “positive” rating in a research note on Tuesday, June 23rd. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Madison Square Garden in a research report on Wednesday, June 24th. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $442.40.

Madison Square Garden Stock Down 0.5%

Madison Square Garden stock opened at $395.25 on Tuesday. The company’s 50-day moving average price is $379.64 and its 200-day moving average price is $334.31. Madison Square Garden has a twelve month low of $188.60 and a twelve month high of $411.73. The company has a market cap of $9.52 billion, a PE ratio of -424.99 and a beta of 0.61.

Madison Square Garden (NYSE:MSGS) last announced its quarterly earnings results on Friday, May 8th. The company reported ($0.83) 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 analysts’ expectations of $429.66 million. The company’s revenue was up 1.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.59) earnings per share. As a group, sell-side analysts expect that Madison Square Garden will post -0.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Madison Square Garden

A number of hedge funds have recently added to or reduced their stakes in MSGS. Aster Capital Management DIFC Ltd bought a new stake in shares of Madison Square Garden during the fourth quarter valued at approximately $26,000. Caitong International Asset Management Co. Ltd grew its stake in Madison Square Garden by 67.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 122 shares of the company’s stock worth $32,000 after purchasing an additional 49 shares in the last quarter. SJS Investment Consulting Inc. increased 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 worth $32,000 after purchasing an additional 83 shares during the period. Global Retirement Partners LLC increased 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 worth $32,000 after purchasing an additional 115 shares during the period. Finally, Salomon & Ludwin LLC raised its position in Madison Square Garden by 33.1% during the 4th quarter. Salomon & Ludwin LLC now owns 157 shares of the company’s stock valued at $40,000 after purchasing an additional 39 shares in 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.