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

Madison Square Garden (NYSE:MSGS) had its price objective boosted by Citigroup from $355.00 to $360.00 in a research note published on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other analysts have also recently commented on the company. Weiss Ratings upgraded Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, March 27th. JPMorgan Chase & Co. boosted their price target on Madison Square Garden from $240.00 to $305.00 and gave the stock an “overweight” rating in a research report on Friday, February 6th. Seaport Research Partners upgraded Madison Square Garden from a “neutral” rating to a “buy” rating and set a $430.00 price target for the company in a research report on Friday, April 10th. Wall Street Zen upgraded Madison Square Garden from a “strong sell” rating to a “hold” rating in a research report on Saturday, February 14th. Finally, Guggenheim boosted their price target on Madison Square Garden from $355.00 to $401.00 and gave the stock 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 assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $342.20.

Madison Square Garden Price Performance

Madison Square Garden stock opened at $351.33 on Wednesday. The stock has a market capitalization of $8.46 billion, a PE ratio of -377.77 and a beta of 0.59. Madison Square Garden has a 12 month low of $186.00 and a 12 month high of $357.42. The business has a 50 day simple moving average of $326.31 and a 200-day simple moving average of $282.47.

Madison Square Garden (NYSE:MSGS) last posted its quarterly earnings data on Friday, May 8th. The company reported ($0.83) EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($1.39). The firm had revenue of $432.20 million during the quarter, compared to analyst estimates of $429.66 million. During the same period in the previous year, the business earned ($0.59) EPS. Madison Square Garden’s quarterly revenue was up 1.9% on a year-over-year basis. On average, equities research analysts anticipate that Madison Square Garden will post -0.5 EPS for the current fiscal year.

Insider Transactions at Madison Square Garden

In other Madison Square Garden news, Director Charles P. Dolan sold 5,659 shares of the company’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $325.26, for a total value of $1,840,646.34. Following the completion of the sale, the director directly owned 435 shares in the company, valued at $141,488.10. This represents a 92.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 19.07% of the stock is currently owned by insiders.

Institutional Trading of Madison Square Garden

Large investors have recently added to or reduced their stakes in the stock. SJS Investment Consulting Inc. grew its holdings in Madison Square Garden by 488.2% in the 1st quarter. SJS Investment Consulting Inc. now owns 100 shares of the company’s stock valued at $32,000 after buying an additional 83 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in Madison Square Garden in the 4th quarter valued at $26,000. Caitong International Asset Management Co. Ltd grew its holdings in Madison Square Garden by 67.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 122 shares of the company’s stock valued at $32,000 after buying an additional 49 shares in the last quarter. Global Retirement Partners LLC grew its holdings in Madison Square Garden by 1,150.0% in the 4th quarter. Global Retirement Partners LLC now owns 125 shares of the company’s stock valued at $32,000 after buying an additional 115 shares in the last quarter. Finally, Accredited Wealth Management LLC grew its holdings in Madison Square Garden by 524.0% in the 3rd quarter. Accredited Wealth Management LLC now owns 156 shares of the company’s stock valued at $35,000 after buying an additional 131 shares in the last quarter. 68.94% of the stock is currently owned by hedge funds and other 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.