Madison Square Garden (NYSE:MSGS) Price Target Raised to $240.00

Madison Square Garden (NYSE:MSGS) had its price target boosted by JPMorgan Chase & Co. from $230.00 to $240.00 in a research note issued to investors on Monday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms have also weighed in on MSGS. Citigroup began coverage on shares of Madison Square Garden in a research report on Tuesday, September 9th. They issued a “buy” rating and a $285.00 price target for the company. Morgan Stanley upped their target price on shares of Madison Square Garden from $215.00 to $220.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 13th. Weiss Ratings upgraded Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Saturday, October 25th. Zacks Research raised Madison Square Garden from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. Finally, BTIG Research assumed coverage on Madison Square Garden in a research note on Tuesday, October 7th. They issued a “neutral” rating for the company. Six research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, Madison Square Garden currently has a consensus rating of “Moderate Buy” and an average price target of $260.50.

Madison Square Garden Stock Down 1.9%

Shares of MSGS opened at $215.57 on Monday. The business has a 50-day simple moving average of $216.84 and a two-hundred day simple moving average of $204.21. Madison Square Garden has a 52 week low of $173.26 and a 52 week high of $237.99. The stock has a market cap of $5.18 billion, a price-to-earnings ratio of -219.97 and a beta of 0.77.

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

Institutional Investors Weigh In On Madison Square Garden

Several large investors have recently made changes to their positions in MSGS. Principal Financial Group Inc. boosted its stake in Madison Square Garden by 2.4% during the first quarter. Principal Financial Group Inc. now owns 83,241 shares of the company’s stock valued at $16,209,000 after buying an additional 1,989 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in Madison Square Garden by 50.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 9,687 shares of the company’s stock worth $1,886,000 after acquiring an additional 3,250 shares during the last quarter. Banque Pictet & Cie SA purchased a new stake in shares of Madison Square Garden during the 1st quarter worth approximately $467,000. MQS Management LLC purchased a new stake in shares of Madison Square Garden during the 1st quarter worth approximately $651,000. Finally, Edgestream Partners L.P. bought a new position in shares of Madison Square Garden during the 1st quarter valued at approximately $1,255,000. 68.94% of the stock is owned by institutional investors.

About Madison Square Garden

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.