Madison Square Garden (NYSE:MSGS) Given New $422.00 Price Target at Guggenheim

Madison Square Garden (NYSE:MSGS) had its price target upped by stock analysts at Guggenheim from $401.00 to $422.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s price target would suggest a potential upside of 20.96% from the company’s previous close.

A number of other equities analysts also recently commented on MSGS. JPMorgan Chase & Co. lifted their price target on Madison Square Garden from $240.00 to $305.00 and gave the stock an “overweight” rating in a research note on Friday, February 6th. Wall Street Zen raised Madison Square Garden from a “strong sell” rating to a “hold” rating in a report on Saturday, February 14th. Susquehanna lifted their target price on Madison Square Garden from $388.00 to $404.00 and gave the stock a “positive” rating in a research report on Thursday. 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 report on Friday, April 10th. Finally, Citigroup upped their price target on Madison Square Garden from $355.00 to $360.00 and gave the company a “neutral” rating in a research report on Wednesday. Three research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $342.20.

Madison Square Garden Trading Up 0.2%

MSGS stock opened at $348.87 on Friday. The firm has a 50 day simple moving average of $325.71 and a 200-day simple moving average of $281.99. The company has a market capitalization of $8.40 billion, a P/E ratio of -375.12 and a beta of 0.59. Madison Square Garden has a twelve month low of $186.00 and a twelve month high of $357.42.

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

Insider Buying and Selling at Madison Square Garden

In other news, Director Charles P. Dolan sold 5,659 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the director directly owned 435 shares in the company, 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 filing with the SEC, which is accessible through the SEC website. Company insiders own 19.07% of the company’s stock.

Institutional Trading of Madison Square Garden

Several hedge funds have recently added to or reduced their stakes in the business. Aster Capital Management DIFC Ltd bought a new position in shares of Madison Square Garden in the fourth quarter worth $26,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Madison Square Garden by 67.1% during the fourth 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 in the last quarter. SJS Investment Consulting Inc. lifted its holdings in Madison Square Garden by 488.2% in the first 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 lifted its holdings 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 purchasing an additional 115 shares during the period. Finally, Accredited Wealth Management LLC grew its position 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. Institutional investors own 68.94% of the company’s stock.

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.