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

by · The Cerbat Gem

Madison Square Garden (NYSE:MSGS – Get Free Report) had its target price hoisted by equities researchers at Susquehanna from $388.00 to $404.00 in a report released on Thursday,Benzinga reports. The firm currently has a “positive” rating on the stock. Susquehanna’s target price points to a potential upside of 13.56% from the company’s current price.

A number of other analysts have also recently commented on the company. Seaport Research Partners upgraded Madison Square Garden from a “neutral” rating to a “buy” rating and set a $430.00 price objective for the company in a research report on Friday, April 10th. Guggenheim boosted their price target on shares of Madison Square Garden from $355.00 to $401.00 and gave the stock a “buy” rating in a research report on Tuesday, April 21st. Weiss Ratings upgraded shares of Madison Square Garden from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, March 27th. JPMorgan Chase & Co. lifted their price objective 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. Finally, Wall Street Zen raised Madison Square Garden from a “strong sell” rating to a “hold” rating in a research note on Saturday, February 14th. Three research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $338.00.

Check Out Our Latest Stock Report on MSGS

Madison Square Garden Stock Performance

Shares of NYSE MSGS opened at $355.76 on Thursday. The company has a market cap of $8.56 billion, a PE ratio of -383.88 and a beta of 0.59. The business has a 50-day simple moving average of $325.17 and a two-hundred day simple moving average of $281.14. Madison Square Garden has a fifty-two week low of $186.00 and a fifty-two week high of $348.89.

Madison Square Garden (NYSE:MSGS – Get Free Report) last posted its quarterly 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 business 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% on a year-over-year basis. During the same period in the prior year, the company posted ($0.59) earnings per share. On average, sell-side analysts predict that Madison Square Garden will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Madison Square Garden news, Director Charles P. Dolan sold 5,659 shares of the business’s stock in a transaction on 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 sale, the director directly owned 435 shares in the company, valued at approximately $141,488.10. The trade was a 92.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 19.07% of the company’s stock.

Hedge Funds Weigh In On Madison Square Garden

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Aster Capital Management DIFC Ltd acquired a new position in shares of Madison Square Garden during the 4th quarter valued at about $26,000. Caitong International Asset Management Co. Ltd boosted its position 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 period. SJS Investment Consulting Inc. grew its stake 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 buying an additional 83 shares during the last quarter. Global Retirement Partners LLC increased its position in Madison Square Garden by 1,150.0% in the fourth quarter. Global Retirement Partners LLC now owns 125 shares of the company’s stock worth $32,000 after buying an additional 115 shares during the period. Finally, Accredited Wealth Management LLC increased its position in Madison Square Garden by 524.0% in the third quarter. Accredited Wealth Management LLC now owns 156 shares of the company’s stock worth $35,000 after buying an additional 131 shares during the period. 68.94% of the stock is owned by institutional investors and hedge funds.

About Madison Square Garden

(Get Free Report)

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.

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