Guggenheim Issues Positive Forecast for Madison Square Garden (NYSE:MSGS) Stock Price

Madison Square Garden (NYSE:MSGS) had its price target boosted by Guggenheim from $355.00 to $401.00 in a research report released on Tuesday,Benzinga reports. Guggenheim currently has a buy rating on the stock.

Several other research analysts have also commented on MSGS. Citigroup raised their price objective on Madison Square Garden from $290.00 to $337.00 and gave the company a “buy” rating in a research report on Friday, February 13th. Seaport Research Partners raised Madison Square Garden from a “neutral” rating to a “buy” rating and set a $430.00 price objective on the stock in a research report on Friday, April 10th. Weiss Ratings raised Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, March 27th. Susquehanna raised their price objective on 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, JPMorgan Chase & Co. raised their price objective on Madison Square Garden from $240.00 to $305.00 and gave the company an “overweight” rating in a research report on Friday, February 6th. Four investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Madison Square Garden presently has an average rating of “Hold” and a consensus price target of $330.20.

Madison Square Garden Price Performance

NYSE:MSGS opened at $334.01 on Tuesday. The business’s 50-day moving average is $318.14 and its two-hundred day moving average is $269.86. Madison Square Garden has a 12 month low of $184.63 and a 12 month high of $345.48. The firm has a market capitalization of $8.04 billion, a PE ratio of -484.07 and a beta of 0.59.

Madison Square Garden (NYSE:MSGS) last released its quarterly earnings data on Thursday, February 5th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.66 by ($0.32). The business had revenue of $403.42 million during the quarter, compared to the consensus estimate of $394.58 million. During the same quarter in the previous year, the business earned $0.05 earnings per share. Madison Square Garden’s revenue for the quarter was up 12.7% compared to the same quarter last year. Equities analysts anticipate that Madison Square Garden will post -0.34 EPS for the current year.

Insider Activity

In other news, Director Charles P. Dolan sold 5,659 shares of Madison Square Garden stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $325.26, for a total transaction of $1,840,646.34. Following the sale, the director directly owned 435 shares of the company’s stock, valued at approximately $141,488.10. The trade was a 92.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 19.07% of the company’s stock.

Institutional Trading of Madison Square Garden

A number of hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its stake in Madison Square Garden by 11.8% in the third quarter. JPMorgan Chase & Co. now owns 117,905 shares of the company’s stock valued at $26,764,000 after acquiring an additional 12,412 shares during the period. Envestnet Asset Management Inc. boosted its stake in Madison Square Garden by 30.6% in the third quarter. Envestnet Asset Management Inc. now owns 15,776 shares of the company’s stock valued at $3,581,000 after acquiring an additional 3,700 shares during the period. Citigroup Inc. boosted its stake in Madison Square Garden by 294.7% in the third quarter. Citigroup Inc. now owns 39,718 shares of the company’s stock valued at $9,016,000 after acquiring an additional 29,656 shares during the period. TD Asset Management Inc acquired a new position in Madison Square Garden in the third quarter valued at approximately $2,052,000. Finally, Assetmark Inc. boosted its stake in Madison Square Garden by 65,330.8% in the third quarter. Assetmark Inc. now owns 8,506 shares of the company’s stock valued at $1,931,000 after acquiring an additional 8,493 shares during the period. 68.94% of the stock is 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.